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Showing results for tags 'mortgages'.
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Hi, wondering if anyone had experience of getting a self-build mortgage on a timber clad house? All the TF designs we've been considering are timber clad (its for a rural part of Scotland and these seem pretty attractive to the planners and I also prefer it over block and render), however I understand that only 2 or 3 lenders will offer a mortgage on a fully timber clad house. I've love to hear if people know who these lenders are and if this is an issue folks have come up against. Thanks
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Anyone had experience of this crowd?
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Chatting today with friends thinking about sorting out their housing situation before retirement, they are trying to find a way out of rental. The position is that they potentially have a significant deposit (for round here), and are looking to buy/renovate/extend or potentially self-build. The complications are: 1 - He is a self-employed professional driver, aged just over 60. A couple of years of accounts + several years employed beforehand. 2 - She is not gainfully employed at present. State and professional pensions will be along in a few years. The mortgage size is not a problem to manage if they can get a decent length of term, but the first broker contacted commented that the medical tests around being a professional driver would prevent mortgage lenders allowing a term beyond the age of 70. That makes the length of mortgage a problem, as a 10 year mortgage *would* be a strain. Therefore they are looking for lenders who: 1 - Will consider self-employed. 2 - Will consider either pro-drivers beyond 70, or take pensions into account for the latter part of a mortgage term. It is likely that he will continue beyond 70 full or part time, but that does not shift the criteria. Does anyone know of any possibilities? I see that Cumberland Building Society will lend beyond 70, so they are one to contact for a start - but being a (relative) whippersnapper it is not an area I have researched before. Any others? Cheers Ferdinand
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I have an offer accepted on a plot, subject to planning permission. To complete the purchase of the land I need finance along with my deposit. The broker I have spoken to said I need planning permission and detailed costings before they will lend against it (standard I assume). Does this need to be by a qualified person? There seems to be a bit of a circle here, I have a budget which I need to stick to, so I need to get the planning through with a design I think will be on budget, then get it costed and hope it comes out on budget. I then have to hope the mortgage company will accept the expected build cost. There feels like there are so many hurdles (probably more that I don't know about) which could trip up the whole process. I really don't want to be in a situation where I've got planning permission, paid all the costs, then for something to mean I can't complete the transaction. The contract says I have to complete within 7 days of gaining planning permission. Surely there is an easy way to do this and I'm over thinking it? It's stressing me out a little, so any help will be much appreciated. Sadly I don't quite have enough to buy the land outright.