Incipiens Mox

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  1. Self build mortgages for contractors

    Just had a conversation with Mowbray. Very sketchy at the moment and no guarantee that they'll take me on. However, I feel I've got at least as far in a 25 minute phone call as I have in the last 3 months with the broker.
  2. Self build mortgages for contractors

    Thanks for the feedback. I'll certainly try making enquiries with the lenders mentioned. I have generally used a broker in the past as they often get a wider choice and somewhat better rates (even from lenders who had rejected me when I went direct) though that was for a standard house purchase - not a self build. I've never had a broker act so lethargically before and I'm anxious that I might start to get close to the demolition / build date without even an agreement in principle. Regarding the 75% of LTV / 75% per stage restriction, I wasn't sure whether this was normal for self-build in general or whether I was getting a bad deal through lack of competition. It doesn't sound great to be honest but it emphasises how careful I will have to be with stage estimates.
  3. I'm in the early stages of a project to demolish our family home and rebuild the house on the same plot. I've already got planning permission and am in the process of getting building regs through as well as party wall agreements with neighbours etc. I'm lucky enough to own the current property outright, but will need a mortgage for the build. One of the problems I hit when I looked into this is that I am a freelance contractor and finding a lender who will lend on both self-build and to a contractor is quite limiting. I started looking into this in May and found a specialist broker for contractors who would also deal with self build. However, he was only able to find one lender, Halifax, who would lend to contractors on a self-build. I was a bit concerned about this but went with it. Since then, he's done virtually nothing and I've had to push all the time. I've provided a full credit check and lots of other details, but I'm trying to push to get to a stage where they're got enough information to make a formal offer so I can move ahead with the project and plan accordingly. I have still not had anything written from the lender at all to confirm the terms, the amount they will lend or even whether they will lend at all. I've only got from him that they will only lend on 75% of each stage. Is this reasonable when I own the plot? I'm getting to the stage where I would like to bin this broker and go for something else, but I don't know of anything out there. I'm wondering if anyone else (a contractor) has had a similar experience, whether there are other lenders or sources of finance out there? Alternatively, is there anything I can do to speed things up and / or get some certainty? Thanks.
  4. Building Control Cost

    My structural engineer has recommended using a private contractor for the Building Regs mainly because they respond much faster than the local authority. The quote came back at £2,100 which compared to the plan and inspection service that the LE are offering for just under £800, seems pretty steep. True, the LE have quoted 3-8 weeks turnaround to check the plan but as my build is not likely to start for quite sometime I'm not too bothered by the delay. Are there other considerations than cost though? Might it be a false economy to go with the LE in the long run?