Mike_scotland Posted August 25, 2019 Share Posted August 25, 2019 Hi, Who has had a self build mortgage? im just wondering is it just like a standard mortgage you show them your p60 for the year and 3 months wage slips or how does it work with a self build mortgage? do they want a contract of employment or do they want a letter from your work saying your employed there or what? Cheers, Mike Link to comment Share on other sites More sharing options...
Jeremy Harris Posted August 25, 2019 Share Posted August 25, 2019 IIRC, they wanted the normal ID checks, plus proof of earnings in the form of pay slips and bank statements. I don't think they needed loads of stuff about income, maybe three months worth. They did do an employment check on my wife, IIRC, for me they were happy with my annual pension statement. It didn't seem any more onerous than a normal mortgage in most respects. This was from the Ecology Building Society. Link to comment Share on other sites More sharing options...
Mike_scotland Posted August 25, 2019 Author Share Posted August 25, 2019 what is IIRC? that not problem JSHARRIS - me and my wife have decent income and we have already done a how much we can borrow from build store and its more than we need is what they will give us but i just had a thought of how agonizing the process is for gaining the funding. Link to comment Share on other sites More sharing options...
Jeremy Harris Posted August 25, 2019 Share Posted August 25, 2019 Just now, Mike_scotland said: what is IIRC? that not problem JSHARRIS - me and my wife have decent income and we have already done a how much we can borrow from build store and its more than we need is what they will give us but i just had a thought of how agonizing the process is for gaining the funding. IIRC = If I Remember Correctly Sorry. Just trying to help by giving the info that they requested from us when we applied, which is what I thought you were after. Link to comment Share on other sites More sharing options...
Mike_scotland Posted August 25, 2019 Author Share Posted August 25, 2019 Yes thats perfect its answers my question thanks alot! Link to comment Share on other sites More sharing options...
Declan52 Posted August 25, 2019 Share Posted August 25, 2019 They might as for a costings for your build so you can prove that you can build and finish your house for the amount of money you are looking to borrow. Link to comment Share on other sites More sharing options...
Oz07 Posted August 25, 2019 Share Posted August 25, 2019 As declan says I had to provide costings for build. I presume they just check it to some m2 rate (contentious subject atm) and see it's within parameters. Also I was advised I would be best to say I would be living with family while building and not carrying on renting therefore increasing affordability. Mortgage fraud anyone?! Link to comment Share on other sites More sharing options...
Mike_scotland Posted August 25, 2019 Author Share Posted August 25, 2019 haha little white lie ! well me and the wife are in a lucky enough position to have a small flat we are moving too it costs around 300 a month to run with the mortgage and elecy so not too bad! Thanks for all the advice guys Link to comment Share on other sites More sharing options...
Thedreamer Posted August 25, 2019 Share Posted August 25, 2019 When I had a chat with buildstore I needed to get a piece of paper to records all the fees. Not many lenders in Scotland. We got ours from the Scottish Self Building Society, took a while but it was the best one for us. Link to comment Share on other sites More sharing options...
Mike_scotland Posted August 26, 2019 Author Share Posted August 26, 2019 does the scottish building society not require a project manager on site ? Link to comment Share on other sites More sharing options...
Thedreamer Posted August 26, 2019 Share Posted August 26, 2019 4 hours ago, Mike_scotland said: does the scottish building society not require a project manager on site ? We have a RICS Quanity Surveyor as the project manager, he reviewed costings I prepared before the application was finalised. He has done three or four inspections/certificates and I'm nearly at finished first fix. We agreed an hourly rate for any further involvement but to date this has not been necessary. Using a house designer, structural engineer and quantity surveyor. I will pay around £3,800 for professional fees. This includes drawings for planning and building warrant. Structural drawings Inspections during build and review of costs and ticking the box as project manager The only other indirect cost is when a valuation surveyor reports to the bank, but it is not much and I have only had one to date. As I had bespoke drawings I was able to stick build our timber frame and this was done by two experienced joiners. Having the ability to review the timber and choose the fixings provided enough quality control whilst saving money. If you are at an early stage my best advice is to become a sponge. Soak up information everywhere, look at as many blogs as possible, historic threads, magazines, other local self build etc. Everybody on here as different reasons for self building and all the projects are bespoke. E.g. I'm 33 and can't afford a reasonable property locally so had to build out of necessity. The journey to date is documented here. https://forum.buildhub.org.uk/blogs/blog/28-self-build-on-skye/ Link to comment Share on other sites More sharing options...
Mike_scotland Posted August 26, 2019 Author Share Posted August 26, 2019 Hi Dreamer, Im 30 and my wife is 28 and we just want to build as it will cost around the same as a new build(cala home or whatever) and ours will be built alot nicer i believe as in correct insulation etc. Link to comment Share on other sites More sharing options...
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