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Found 19 results

  1. Hi, My husband and I are looking for funding to convert our barn into a bigger family home. We already have planning. The cottage we live in now is on the same plot/under the same title and has a covenant on it to stop us splitting the plot up. We are assuming the trust that placed the covenant on it when it was sold to us would want a pay out if we were to have it removed so we want to avoid that. We could borrow against the cottage, but it won't give us enough funds to complete the barn project. Any suggestions?
  2. Hi, Just wondering if anybody body has any tips on changing from a self build mortgage to a standard high mortgage once you are in receipt of your building certificate ? Thanks in advance Mac
  3. Hi, We've just been granted planning permission - the 'granted' bit makes it all sound a bit medieval - which it is - took us 3 years and an appeal..... That aside, we now need to make sure the finance is in place. We can cover all but about £100k and have been looking at how to find this part. We own our current house outright and it's worth about £450k, so naturally we would look to a mortgage on this rather than a self build mortgage as the rates are much better. So the question is how do you convince a bank or building society to loan you that kind of money on a new mortgage on the current house? Speaking to brokers some time ago, as soon as we mentioned financing a self build, there was much sucking of teeth and quotes for bridging loans at extortionate rates. I noticed someone on a post a couple of years ago saying they had said they wanted to buy a 2nd home. We have rental properties, so I guess we could say it was for a deposit on a new rental property. Is there any experience of raising money on your own home and if so how did you do it? And which bank/building society did you use? Thanks in advance for any help. Simon
  4. Hi there Any help with the enclosed would be massively appreciated. I'm currently in the process of purchasing a new build property that has a Buildzone warranty with a value of £150,000. The purchase price of the house is in excess of £500,000 and the rebuild cost according to the BCIS webiste is £363,000. We are at exchange of contracts stage and our solicitor has flagged that our mortgage company has stated that the certifcated value is not enough. With this in mind they won't proceed with the mortgage offer. We've used a mortage broker who has stated that the market is severly limited due to the value on the certifcate so much so that he can't guarantee that we can even get a mortgage with the current certificate value in place. My question is this; can the builder raise the cost on the certificate (and obviously incur costs) or is this a value that is set by Buildzone? Buildzone won't talk to me as the builder is obviously the warranty holder. If the value can be raised what would the expected premium be (appreciate these can vary)? Many thanks for reading and I hope I've made sense. Thanks
  5. Hello all, First Post!! My girlfriend and I have our properties on the market, with the mortgage in principle and our equity we are looking at a sum of £600k very max. with almost 50% deposit. I have found a beautiful 6 acre plot in a rural location. It has a basic structure (an old small barn) which is being used as present accommodation for the current owners and it has all utilities. I must emphasise this is very basic and small but could do for a year! The plot has PP and the footings are complete. I don’t fully agree with the house design that was submitted, but the foot print is suitable, it’s just the first floor we want to change. This is such a beautiful spot and I would love to grab it! However the plot is funnily enough £600k! I even have my doubts the bank will agree to this for the mortgage in principle. Does anyone have any experience with this? Also.. we need money to build the house, maybe another 350k… I am in no doubt that once complete, with properties to compare with in the area, we would be looking at a final property of between 1.5 - 2 million. This is for our forever home though and we are not looking to profit from the development. How on earth can we source the additional funding? Parents can’t help, are there some sorts of loans instead of a mortgage that would allow for the final build and then…?! I have no experience at this! I have a reasonable salary and my GF has an ok salary, the amount we could borrow with mortgage in principle was the most for our salaries combined. I have about £70k in shares, but am not willing to sell due to the hammering they have had this year, if I wait a couple of years I’m hoping they will be double if not more once they have recovered. So my shares are a no go at the moment. We just have no more equity.. Is it possible, or are we dreaming?
  6. Just thought I'd post it there for all those planning their finances for the self-build. We've got our Accelerator SB mortgage via Buildloan (who've been very helpful throughout), successfully received the initial drawdown to repay previous mortgage on our bungalow, and then promptly in due course applied for and drawn the next installment for foundations. All was going jolly well, and now time has come to request the next drawdown, per our agreed and approved schedule, to commense wall plate and structure. Buildloan did state that processing a request by the lender takes about a week, so we applied well in advance, and just sat there, so proud of ourselves. Five weeks on, still no drawdown issued. First they "lost" the survey report which was produced for this stage. Ok, found it in a few days. Then another week's silence, started chasing them, found out that they "suddenly" discovered that we cancelled the basement. OK, we brought up all the paperwork showing why, when and how we cancelled the basement, all the final iterations of plans, of costings, of approvals to confirm that this was all shown upfront and calculated BEFORE we even applied for the mortgage. Another week of silence, apparently lots of to-and-fro-ing between the Lender and their surveyor, finally it seems they managed to read the docs and confirmed they are happy that there is no basement. Great. Another few days wait - now it seems no one can establish from three sets of plans they've got (planning permission plans, SE plans and buid regs) what is the GEA of the house plus garage. Not obvious from plans. And no one can tell us, whose job it is to bloody look at plans with a calculator, read the numbers and get the GEA. It's between the Lender and the Surveyor. In the meantime we keep waiting (nailbiting taken to a pro level), it's been 6 weeks now (instead of 5 days). Cannot talk to the surveyor directly (they are employed by Lender so refuse to talk to us), cannot talk to the Lender directly, our only channel is the Stage Release team at Buildloan who are really very sweet (never answer the phone but to respond in writing to voicemails every couple of days), but it seems there is not much they can do, they're just a messenger. Luckily we managed to negotiate the very first drawdown to be quite significant, and together with the 2nd one and our savings it has lasted us so far, but the whole situation does not really help a healthy cashflow. All the above - as a warning to those planning their stage finance: it may all look great on paper, but our Accelerator product turned out to be a massive arrears one. Plan for contingency and have a massive cash cushion for cases like this. (we ask for your prayers this Christmas time so that someone somewhere between London, Bornmouth and Newcastle finally looks in the right place on the plans, and presses the right button)...
  7. Hi all, I'm currently in the process of finalising buying my plot of land which I will purchase outright with savings. UPDATE: I do have a fairly comprehensive budget together already for the total development costs and also basing on £1200/m^2 for a 200/m^2 house. So I have a pretty accurate understanding of what I will need. I've previously interfaced with Buildstore and went through with an advisor for pre-application advice. Kind of like an agreement in principle over the phone to say how much we can possibly get which seems fine. However I stopped the process at that time as I hadn't finalised a land purchase and didn't want to apply. However my question is - when would you do (or when did you do) the formal application and would you do it with a number of companies?. I would think I should wait until the land transaction is complete - but I see some post saying it can take 5-6 months?. Also can you do the application then get approved but not actually take the money straight away? you just remain approved until the point you require the money? In my timeline, I plan to complete transaction for land within the next 8 weeks, then from there start to progress the design with an architect / AD / Timber frame company. Then I will get everything in place and I would think break ground maybe next summer once I have fully planned the build. So any advice, pitfalls and pearls of wisdom greatly appreciated.
  8. Hello Folks, So we are about to start the mortgage application process in the next couple of weeks. Bit worried about this part given it is the most important aspect of the whole project but we have been told we 'should' be able to lend what we need...fingers crossed everything goes to plan! In regards to the application the lender will carry out a valuation on the land (we already own). I wanted to ask if there was any advice in regards to the condition of the land to get a fair valuation. For example should we be clearing the land in question before the valuation? We have some building materials lying in corners (pallets, slabs, bricks etc) - would this effect the valuation? We also have some neighbouring trees running down one side of the plot (owned by the neighbour), should we be cutting back the overhang? I am probably being too picky but I really want to avoid anything which would compromise the valuation! Thanks!
  9. Hi, I completed a new build last year and was fortunate enough to be able to borrow money from family to complete the build, not I am trying to mortgage it and have hit a blocker on the fact that many mortgage companies don't like Timberframe construction with a modern render system outer leaf. We used a closed panel Timber Frame which was then battened out and had Knauf Aquapanel and Knauf render applied to it, I am told by various people at Buildstore this is one of the best Render systems on the market and I am trying to find people who have been through mortgaging these types of build and who they used for the mortgages. I find it so frustrating how Lenders are so far behind the new techniques which are often a necessity to meet building codes.
  10. So as the property market continues to flop in our neck of the woods, we have decided not to sell our current property and instead rent it out. ....which then raises the issue on how to finance the rest of our self build... realistically we are about 70% complete but as we cannot release the equity from our current home are now looking at self build mortgages... Our main issue appears to be warranty. We have literally self built (joiner) , so apart from building control have no certifications. "Only" looking for about £50k against what will hopefully be a £400k/450k property, but it's clearly not finished. How finished does a house need to be for a normal mortgage?!
  11. We have full planning permissions to demolish a stone built cottage and rebuild it with block and render. In addition we will extend, at the same time. Both the cottage and the extension will be a timber kit. The extension will give an addition 100% floor space to the property, and it will be clad in Siberian larch timber. We are currently trying to mortgage through Buildstore. They are quite adamant that any mortgage we take will require the extension to have a block work skin. Is this correct? Has anyone else come up against this? Is there a way round it?
  12. Hi Folks, What I would like to know more about is the options available to fund a self build where you already own the land? many self build mortgages assume you are buying a plot plus building. I have heard that you can use' the value of the plot towards your mortgage to fund the build however I do not know the details of this. For example what percentage of the land value can go towards as a deposit so to speak for the self build mortgage? If the land was worth 100k for example. Im sure there has been many of you that has been in the same situation as myself, any advice or experiences would be hugely helpful for us! Thanks!
  13. Not sure what the best place for this is and don't want to split into separate posts. As if our planning issue was not annoying enough, one new new problem arose linked to another one that I deferred considering while I could. The news is that in spite of previous verbal assurance from the architect that MBC would take on the extension for us thanks to his involvement in other projects with them they refused to do it. Quoted for a new build only - and I wish I could take that quote. The old one is the mortgage. I read this thread We may have a similar issue even if we only try to extend as the roof will have to come down. I had the same phone conversation where they said "of course, you are going to make it better, just send us PP". Based on our current 1.29% fixed for another 4+ years vs 4.69%+ that self-build mortgage would cost (forgetting about early redemption charges and potential rate rises) if feels satisfying almost any condition set by the current lender will be cheaper than switching the mortgage. @Bitpipe , you mentioned your bank requested professional supervision - was it about having a Project Manager? Was this or the overpayment money you mentioned the deal breaker for you? Our mortgage is roughly 50% LTV, the land alone certainly covers but will likely be below 60% LTV required. Feels like a vicious circle at the moment. Add to that that we have a covenant that requires us to request a permission for works from the company that used to own the land over 60 years ago (and is dormant) - and the light ahead is hardly visible. We are not even close to starting yet :-)
  14. Does anyone have a self-build mortgage via BuildLoan/Buildstore? I'm wondering what our chances are of getting them to release funds early (so not borrowing more money but just changing the timing). Our mortgage is with Chorley Building Society via BuildLoan. They release funds in several stages, and the issue is that they withhold the final 10% until completion (ie building regs sign-off). We've had our early funds released and the next stage is the pemultimate one: "water tight". We should be there by the end of this week (wohoo!)... However, there have been some unexpected costs (we found a well under the new This takes us over our contingency. We can afford this in the long term (ie once the last 10% of mortgage funds have been released), but the phasing means that in the short term we'll go £15k into the red for a few weeks, which would mean having to beg/borrow from relatives to tide us over. Ideally I'd like to drawn down more funds to avoid that. Does anyone know my chances of getting the to release more in the next (penultimate) stage? I am worried that if they always insist on withholding 10% then it isn't worth mentioning it to BuildLoan (who do the admin on the stage releases) because it might just freak them out. If, on the other hand, there is a chance they may be helpful, then I want to bring it up. Dilemmas...
  15. I'm hoping to begin a major build in around three months from now but am still waiting for initial building regs approval which is a precondition of the mortgage that I need. The plans were rejected just before Christmas though the inspector commented that this was mainly because otherwise he would miss a deadline to respond back. However, he had raised around 36 issues that needed to be addressed. When I spoke to the structural engineer about this (who to be honest has been dragging his feet terribly and caused a lot of delay) he told me: final building reg approvals is normally achieved well into the contract as relies lots on sub contractors input I can see where he's coming from but I can't start the build without some kind of approval as it'll hold up funding. Does anyone have any experience of this?
  16. So, I've just purchased a house that comes with a nice side garden to build on...and started the 19 year mortgage to pay for it all....! I want to build a house on that garden, so plan to do up the current house and sell it. I was planning to rent it back from the new owners for 6 months, immediately start the new build and move in when ready but timing the financing with a timber framed kit would be difficult. The problem as I see it is the lead time for the timber frame, windows and the builder. While I could afford the deposits, until I pay off the old mortgage I can't draw down any funds to pay the balance as things arrive onsite. Options: I could have everything lined up for the date I expect the sale to close, place deposits for everything, book builder, but end up having no way of funding the build should the buyer or bank delay or worse, pull out. Alternatively and more realistically, I wait until the sale closes, pay off the existing mortgage and THEN book everything but it would be 3-6+ months before anything happens on site. I could convert my mortgage into a buy to let and also get a self build mortgage but based on figures I saw this morning that would only provide about half of what I'd need to finish the new house. It would drag the build out over a few years at best, stretch me and finances but I'd end up with two houses when I eventually finish. And that's if the sums work! It looks unlikely I'll be able to stay in the current house to see the build through. I'll have to manage access to services with the new owners and all the noise & mess without falling out with them. I have a friend around the corner and a sister living nearby so I'll have a roof over my head at least, rather than a caravan, and can keep an eye on things that way. There are other construction options which don't have such a high initial cost but I'd prefer a factory built house and get as near to Passive as I can. I suppose I've 19 years to think about it but would like to move in sooner than that!
  17. 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.
  18. 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.
  19. 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!