Wood89

Self build mortgage where to start

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On 02/07/2019 at 23:40, Thedreamer said:

 

If you haven't already done so I would recommend opening a help to buy ISA. If your a first time buyer then you should be able to get a bonus when you make the purchase. Ideally you would have wanted to be saving a few years before to maximise the bonus.

 

Your in Aberdeenshire so your mortgage possibilities will be limited. Scottish Building Society, Ecology, Buildstore or Scottish Government self build loan scheme (borrow £175k for construction). All of these had different advantages and disadvantaged for us, but we decide on SBS,

 

I am also a first time self build and buyer. Just out of curiosity how did you decide on self building? 

I'd never heard of the Scottish Government self build loan scheme. I have googled it but cant see any reference to the interest rate. Does anyone know what it is? Also is it only for bare plots as our plan is to knock down our existing house and build a new one?

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20 hours ago, markharro said:

I'd never heard of the Scottish Government self build loan scheme. I have googled it but cant see any reference to the interest rate. Does anyone know what it is? Also is it only for bare plots as our plan is to knock down our existing house and build a new one?

 

https://www.mygov.scot/self-build-loan-fund/

 

https://www.hscht.co.uk/uploads/4/6/8/5/46858349/sblf_-_fact_sheet_for_general_information__may_2019_.pdf

 

https://www.hscht.co.uk/scotland-self-build-loan-fund.html

 

Hope that's helpful, not sure what the interest rate is at the moment, but the key bit is that if the project exceeds the agreed timescales it increases to 9%. This didn't work for me as generally a quick build is an expensive build!

 

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