Edme

I will admit, I don’t fully understand the self build mortgages. My interpretation was generally need 20% deposit of purchase price, pay a higher interest rate e.g. 6% they release the fund in stages or all together depend on lender. Once the build is complete you can pay a ERC and go a find a lower interest mortgage? In discussion with mortgage broker, we discussed and discounted a bridging or renovation loan, they told us it would be too expensive. We have sent them photo of the site, they are going to have another meeting to see what our next move would be

Hi everyone After being a long time reader, finally a ‘suitable plot’ has come. It’s a steel portal barn which has been used as a boarding kennels with full planning for conversion to residential. The walls are double leaf full fill insulation. It has a fully functioning toilet, It has ASHP for heating with electric and water onsite…… plus 8 neat holes in the external wall for the pups to explore the field. the kicker is we can only afford to buy on ‘residential’ mortgage leaving us with fund to renovate. If we get a selfbuild the added deposit and added interest would wipe out our funds. Does anyone have any experience on what would be required for a lenders to give a standard residential mortgage?