Looking like we’ve sold our house so will be cracking on with the build in the new year. 
 

Or at least living in a caravan on site !! 
 

Couple of questions regarding mortgage and when the bank release funds etc. 
 

Ok, I’ve looked at bigger builders and some smaller ones. Are the bank involved in who I choose to build the house as I’d really like my local small builder who’s done jobs for me before to build for me. 
 

if for instance the bank pay for the work in arrears and it’s been signed off, does it matter who’s done it. They are good builders who I trust and are more than capable. 
 

if I funded the first stage, £30k - £50k for example,  for the first 4-6 weeks,  would the bank then release the first payment ?? 
 

Any help or advice appreciated ??
 

 

Edited November 22, 20196 yr by Tonymac01

Get who you want to build your house. It's been on larger jobs, but normally the bank send out a valuation clerk, who will confirm that you at at a certain stage, and release the money into your account.

Enjoy your build, plan and try and think ahead. Building a brand new house, you lucky blighter.

10 minutes ago, Tonymac01 said:

Looking like we’ve sold our house so will be cracking on with the build in the new year. 
 

Or at least living in a caravan on site !! 
 

Couple of questions regarding mortgage and when the bank release funds etc. 
 

Ok, I’ve looked at bigger builders and some smaller ones. Are the bank involved in who I choose to build the house as I’d really like my local small builder who’s done jobs for me before to build for me. 
 

if for instance the bank pay for the work in arrears and it’s been signed off, does it matter who’s done it. They are good builders who I trust and are more than capable. 
 

if I funded the first stage, £30k - £50k for example,  for the first 4-6 weeks,  would the bank then release the first payment ?? 
 

Any help or advice appreciated ??
 

 

 

All depends on the lender.

 

My self build mortgage works in arrears. I had the choice between a big builder, architect or RICS surveyor. I went down the surveyor route, works out at about £1,500 to tick that box.

 

My surveyor does about four or five inspections during the build, prepares a certificate. I then pay £50 for the valuer different type of surveyor to inspect the property and the mortgage stage is released.

 

Which lenders are you looking at @Tonymac01 and where are you based?

9 minutes ago, Thedreamer said:

 

All depends on the lender.

 

My self build mortgage works in arrears. I had the choice between a big builder, architect or RICS surveyor. I went down the surveyor route, works out at about £1,500 to tick that box.

 

My surveyor does about four or five inspections during the build, prepares a certificate. I then pay £50 for the valuer different type of surveyor to inspect the property and the mortgage stage is released.

 

Which lenders are you looking at @Tonymac01 and where are you based?

Halifax mate, not chosen the lender yet.  
 

Plans all sorted but we’re putting them back in for amendments so have a while to sort things. 

Just now, Tonymac01 said:

Halifax mate, not chosen the lender yet.  
 

Plans all sorted but we’re putting them back in for amendments so have a while to sort things. 

 

That's good you will have more choice in England. We live in Scotland and barely a handful of lenders.

 

Watch out for buildstore and their endless fees!

 

When are we going to see some pictures?

 

If your interested I keep a blog here for our build.

 

 

house_mockup_drawing.pdf

Look good @Tonymac01

 

Is this your first self build?

Yes ???

8 minutes ago, Tonymac01 said:

Yes ???

Seems like a nice plot you have found there.

 

When I started I read the home builder bible, costs about £15 and gives a good understanding.

 

Edited November 22, 20196 yr by Thedreamer

Cheers ??

What's the build budget?

 

Are you planning to do any of the work?

 

I have worked on a individual contractor basis and supplied materials.

1 minute ago, Tonymac01 said:

Cheers ??

 

I take it from your photo that you are a younger self builder?

Special ‘helper’ ? 

 

I won’t be doing any work so all contractors. 
 

build budget of £150-£200k (I hope ??) 

Same here, two young contractors who put on their builders hats and do a couple of minutes work ?

 

I wouldn't rule out doing any work, even using a brush is an important job.

 

Don't know your spec, but I would say that is going to be tight. 

 

How many m2? 

 

I'm building 138m2, probably going to be just under £200,000.

 

 

 

11 hours ago, Thedreamer said:

 

All depends on the lender.

 

My self build mortgage works in arrears. I had the choice between a big builder, architect or RICS surveyor. I went down the surveyor route, works out at about £1,500 to tick that box.

 

My surveyor does about four or five inspections during the build, prepares a certificate. I then pay £50 for the valuer different type of surveyor to inspect the property and the mortgage stage is released.

 

Which lenders are you looking at @Tonymac01 and where are you based?

I used ecology and there was no valuation or staging - they just let me take the cash as and when I needed it - as drawdown raises interest I took 50% initially and then 25/25%. We burned through some savings first but probably should have drawn down a nominal sum at the start to get the clock ticking on the 2 year lock in.

 

Enjoy the caravan - we did 18 months in ours with two kids, was not a bad as you think. A dehumidifier is key to prevent damp in winter, the gas fire will create a lot of water vapour which then condenses out at night.

I'll still owe £50K on the land when we start, how/when would this be included in the mortgage and when could i get it ?

 

ta.