Changing Plans

[Ralfbean]

Hi all, 

I am currently in the process of purchasing a plot with existing planning on and I am going to borrow the money to build the house.

After being approved for the finance would it be possible to put in a different planning application? Although we will have existing plans to fall back on I am concerned that the building society will say no or make us do another mortgage application as it will be a completely different end product.

Has anyone else done this or know if this would be possible?

Thanks!

[Thedreamer]

When we applied for ours we had a valuation of the plot and estimated value of the house when completed, is your change going to affect the valuation when completed?

 

Also is the change going to be more expensive, are you able to meet this within your budget?

[Ralfbean]

Thanks for the reply!
The reason we are doing it is because the original plan is a bungalow with a basement, has a large footprint and requires a retaining wall, the new plans will be a house with a similar square footage but will not require structural works and therefore be more cost effective in terms of ground works and probably roof. Our concern is that we spend ALOT of the budget on ground works on the existing plans.

We estimate the finished product to be more valuable as the layout will be more appealing to a future buyer.

 

My concern is that we are borrowing money to build one thing then once approved we move the goalposts etc. Did you alter your plans once your finance had been approved and signed and was it difficult to do?

 

Thanks!

[Thedreamer]

@Ralfbean

 

I altered the plans through a non material variation for free before we got confirmed our mortgage. I mentioned it in my blog entry below.

 

 

I struggled with getting the mortgage finance and was able to use my contingency and more money I saved to upgrade the budgeted low spec stuff (thicker slates, aluclad triple windows, solid oak stairs etc). I'm hopeful it will raise my original valuation, although no intention to sell and my equity/loan ratio will be good when finished.