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Found 5 results

  1. Yay. 1st in topic. Given that the mortgage and house market has changed rapidly recently, and may change some more, I think we perhaps need a thread mainly about different ways of financing self-build. I'll do a separate thread about tips and tricks to cope with the volatile environment at present. This post is a combination of what I know, and questions where I don't really know. Note that this area may change rapidly, and for each category all kinds of limitations apply and homework is critical. It would be useful if others could add more specific comments for each category, perhaps particularly about specific Buillding Societies and other gaps. This post is a list of thoughts - not financial advice. Savings The most traditional route. Perhaps pension draw-down (you can currently have 25% of your pension pot tax free at age 55) comes into this category. Normal Mortgage Take out a normal mortgage on your existing home. Self-build Mortgage. The best known providers are probably Buildstore (who are a broker (?) working with financial institutions) and the Ecology Building Society. Differences are that some providers will insist you start the build yourself before financing, which reduces your savings and your flexibility. Some providers may let you borrow against the value of your plot, eg when Outline Planning has been achieved. Local and regional building societies may have offerings for their area. Buy to Let Mortgage If you make your project (or your current house while living in a caravan) a rental, Buy to Let mortgages can be available. In the current market interest rates from around 3 per cent are availalble, with a brokers fee of perhaps £500, which (from where I am sitting) seems cheaper than self-build mortgages. You will need to talk to a broker. Build to Let Mortgage This is a possible future market segment. Make your project a rental, and then pay off the mortgage with a normal one once it is built. You will need to talk to a broker. Worthy of note for some expenses: In a low interest rate envirnoment there are other options for some expenditure: Personal Loan. Currently available at around 3-3.5%. At present packages are sometimes done for loyal customers - move your account some time before, or take out another one? Credit Card Balance Transfer or Interest Free introductory purchases. These are available for up to around 2 years at present for as little as a 0% fee, or for longer periods as a eg 2% fee. Ali-Shuffle: Buy something else at as % interest rate, eg car or nearly new car, to free up the cash for your build. It goes without saying that the more solid a credit rating you have, the better. Ferdinand
  2. Yesterday afternoon, we found out that the funding for our project was cancelled. For over two years we thought (were repeatedly assured) we had our build financed but we were wrong. The nitty gritty doesn't matter: in fact to describe how and why it happened would be inappropriate. The money isn't there. It's not as if we weren't warned by Aesop: The Milkmaid and Her Pail Welcome, therefore, to the full-on-self-build-experience. Oh Kevin McCloud , where are you when there's a true bit of drama? My trite Army-learned 'Can't take a joke, shouldn'a started ' doesn't even begin to cut it. Whisky, tears, drunken babbling, sleeplessness, listlessness, anger. The pair of us red-eyed, swearing and staring at spreadsheets lead to the following conclusions; Sell our cottage in good order next Spring - divert current funds to that end With minimal help, do lots of jobs myself Where possible and safe, cut corners: focus on good quality infrastructure: extend the term of the full build Sell the digger I'm really not sure I can take much more sleeplessness. Been catching up from the last disaster in July. And we were so ecstatic after our final pour on Friday. The shell of the house is up and safe. Scaffolding on its way down. And still many people would give their eye teeth to have the opportunity we have been given. Especially neighbours. It's the Do Lots Of Jobs Myself bit that scares me. I'm not asking for sympathy, just understanding when I post how-to-do-this-really-cheaply-and-on-my-own questions. More to follow tomorrow. Ian
  3. I'm looking for any suggestions on insurers who can provide site insurance... can anyone help? My mortgage provider requires me to have site insurance during my build. I got rather shafted by Buildstore and have had various issues with them so it would massively pain me to give them any more money! Can anyone suggest someone who other that Buildstore that provides this insurance at a reasonable price? Thanks in advance for any thoughts.
  4. Wondering if anyone has any words of experience/wisdom on release of mortgage funds and whether lenders are ever flexible... We agreed our mortgage with Chorley Building Society via BuildLoan last summer. Unfortunately because of a few delays our builder fell through and we'd had to find a new one. With exchange rate fluctuations etc, material costs have gone up, and the project is now looking like it'll eat up our £25k contingency before we start... not an encouraging position. I'd like to be a bit flexible and delay some of the non-essentials if needed (e.g. Some of the plastering and internal stuff). But our mortgage funds are released in chunks on completion of certain stages, withholding 10% until the end of the project, and it looks like they require plastering to be done and essentially for everything except floor coverings to be completed. Does anyone have experience of a similar problem? I'm wondering how they inspect, how rigorously they apply their payment stage criteria and whether there is likely to be room for manoeuvre. Didn't want to steam in and ask them for fear of scaring the horses!
  5. How Much? A simple list

    Here it is: as accurate as I can get it. No pretense of getting it done cheaper than anyone else. Just the raw numbers and a few words to explain context if necessary (why did I buy a chain-hoist for example). Yes, you'll probably get it cheaper. That's excellent. The point is openness and telling it like it is. March 2014 Home Building and Renovation Show NEC: £100, including fuel and tickets Phone calls about £15:00 extra, and about £70:00 fuel. July 2014 Land: already owned Planner: £1050, plus £70 initial consultation fee, (in cash). LPA Outline Planning Application fee £770 Phone calls: about £15:00 extra, and about £50:00 fuel. August 2014 Ecologist: £1390.15 (works out at about £1 per Great Crested Newt – a further £2000 budgeted for. But see below June 2016) November 2014 Topographical Survey: £540 January 2015 Trips to Timber frame companies and various local suppliers : £50 fuel Subscriptions to various magazines: £70(ish) February 2015 Architect: £4000 (design plus all other matters up to and including submission for Full PP application) QS: £630 – feasibility study Legal: £360; altering title LPA fees: £385 Structural Engineer: £1782; foundations calculations Land registry Fee: £40 Contamination Desk Study and Geophysics : £1260 (plus possible indeterminate decontamination costs) Phone calls: about £20:00 extra, and very little fuel. March 2015 Discharge of Conditions Fee £97.00 Health and Safety Services are being handled for free by a colleague: I’m coding his website in exchange. Notice: no site insurance yet……. :huh: I’m just too mean. Projected cost £568.65 (May 2015) August 2015 Architects fees £2000; from award of Outline PP to Full PP (6th of August) and £40 for bottle of champagne to thank our him: his judgement in relation to what would pass was exactly right. Read paragraph 9 of the Delegated Report (here) Trip to Swindon to visit the NSBRC Fuel £36, overnight stay £85 Strimmer: Polycut head, and set of knives for strimmer £46.60. (No lawn for Salamander Cottage: at last, no mowing…… bliss) September 2015 Legal Fees; alteration to title status £232 October Purchase a four wheel trailer (new) £2500 Purchase a Mutts Nuts (Nick’s term, not mine) Bosch Laser Level £250 First Aid Course (ref. H+S policy) £80 Chainsaw Course £130 December Off mains drainage legal agreement Legal fees and £1000 for access to the land to discharge to stream (wayleave?): £1862 (£300 over budget) Cladding Preparation for processing the wood; Serious Stihl saw (660) and ancillary equipment £2000 (resale value £1000) Trips to open passivhauses £50 + Off – road parking (ground matz) £2800 (resale value £2500) January 2016 SPONS Architects and Builders’ Price Guide 2016. Can’t do without it. And there’s an App that goes with it. £150 Small shipping container (for tools) £300 (resale value £400) Base for container: 4 tons of 20 mm to dust from my mate: £35, yep £35 New wheelbarrow £97 (French made Hammerlin: two flat tyres (in 2 weeks) and a stupidly forward C of G so the damn thing tips forward ON ITS OWN... sodding thing) Local Oak trees (for the shakes and cladding) £1200 (1 square meter of oak shakes retails for £100!) T.K Knipe Allithwaite. £100s of pounds worth of free advice. 1 Sweet Chestnut tree (high tannin content) £140 5 local oak trees £100 (they were going to be cut up for fire wood - I kid you not) Another container (you can't have too many): £1000 (resale value £1000) February 2016 Small hand tools and boys toys £1500 May 2016 2.5 tonne Mini Digger = £14,000 (PV Dobsons, Levens) EPS Licence £1200 (I still haven't paid the bill - because of some really unprofessional behaviour.) Red Diesel £15 120 meters of Temporary Amphibian Fencing (TAF), 80 stakes (37 by 37 by 700) £267.37 Lifting gear: a 2 tonne chain block and tackle 2 shackles, and two beam clamps £181.03 (to run on the RSJs below) 2 RSJs, (6 meters long to span between the two containers) £230 +VAT Filing frame to assist sharpening my chainsaw chains £97 Site signage (ebay) £10 for several (more needed) Plastic Barrier Fencing Safety Mesh Fence Netting Net With Metal Pins £50.95 (for the edge of the car park and pedestrian walkway) Three stillage cages to store material on the site (one cage fitted inside the container) £50 Another two stillage cages today. £25 And £80 worth of 2 inch wire mesh so I can weld it to the stillage cages: slows light fingers down Two (full-on-big-boys) deck brooms £24 A grease gun for my digger and two cartridges of grease £22 Another High Security Digital padlock and hardened, sheathed, hardened chain to secure the buckets (that aren't hooked up) for my digger £55 A 2 Tonne x 1.5 meter Leverhoist £79.95 2 off 2 tonne Beam Clamps £25.98 4 off 2 Ton Alloy Bow Shackles, with Safety Pins £11.96 The above is initially for lifting trees and heavy objects safely off the trailer (on my own) Later the hoist and clamps will do the same job, but in a small purpose-built workshop. 100 meters of 16 amp electricity cable. £71.89 Building Control Fees £600 Red Diesel £18.21 June 2016 Two more stillage cages £25 A Douglas Fir tree and a Larch tree. £40 (Fir tree £10) Will produce stock worth about double that (conservative estimate) 20 8" coach screws £4. 4 sheets of reinforcing mesh £20 (16 by 8 foot for welding to the stillage cages to slow down thieves ) Structural Engineer £1774. And worth every penny (so far) First Aid Kit (10 person HSE Approved) £7.57 (tried getting one locally, couldn't get one for love nor money) Security marker pens £1.99 (a requirement of the Site Insurance: all scaffolding poles must be security marked - not the digger or the saws!) "Curiouser and curiouser" Wood for lining my container £81 HERAS panels, feet, clips, struts, pins for the struts £200 Some steel stock to practise welding £12 (making a small tool table for my SuperJaws clamp: cost on the open market £30) Four Point Lifting Chains ('shorten-able') £139. Fed up of worrying about the webbing strops - they are quite worn already Site H+S sign. £24 ( and I begrudge every penny: it's expensive wallpaper... why do I say that - read on - last but one point) 2 tins of Hammerite for the rust spots on the container. £28 The ecologist had the good grace to halve his bill given the less than prompt approach to fulfilling his contract. £900 July Builder's Merchant bill: £704 - bits and bobs, sand 25mm water pipe and stuff like that August Builder's Merchant bill: < £100 all sorts of tiny things September Builder's Merchants bill £1379.24, Ply wood for the stillage and to make some internal storage in the container, a DeWalt nailer (luxury beyond compare) It starts to get serious now........... Piling will be about £6000, Groundwork price yet to come in, site clearance - I've hired a lumberjack who's coming from Canada - muscles coming out of his ears - off mains drainage and site drainage.... Off to Harrogate next week. (4th of November)