billy_bob_2020 Posted November 16, 2020 Share Posted November 16, 2020 Hello all, Just wondering about people's experiences of time taken to get to agreement in principle on a self build mortgage...? A plot has come up but the deadline is in two weeks. I think they have deliberately given a very short window in order to deter anyone who is not a cash buyer. Is there any chance of getting my mortgage sorted in that time? Or does it generally take much longer? Many thanks Link to comment Share on other sites More sharing options...
nod Posted November 16, 2020 Share Posted November 16, 2020 Most seem to be doing that quite a few banks pulling funds We are on one today 6000 sq foot Trying to sell as is Link to comment Share on other sites More sharing options...
PeterW Posted November 16, 2020 Share Posted November 16, 2020 2 hours ago, billy_bob_2020 said: plot has come up but the deadline is in two weeks. I think they have deliberately given a very short window in order to deter anyone who is not a cash buyer. What is wrong with it ..?? You will struggle to get searches done in that time, sounds like they are hiding something as you cannot complete on a sale in 2 weeks anyway as solicitors don’t work that quick. Even auctions that have a full legal pack take 4 weeks to complete minimum. Link to comment Share on other sites More sharing options...
billy_bob_2020 Posted November 16, 2020 Author Share Posted November 16, 2020 I don't think there is anything wrong with it. It has full planning permission and has had all environmental surveys etc done. The estate agents are just saying they will not accept an offer unless I can prove I have the finances in place and they are expecting it to go to a cash buyer. The self build mortgage companies I spoke to said I have to have full building regulation drawings done before they can even give an agreement in principle. Link to comment Share on other sites More sharing options...
nod Posted November 16, 2020 Share Posted November 16, 2020 3 minutes ago, billy_bob_2020 said: I don't think there is anything wrong with it. It has full planning permission and has had all environmental surveys etc done. The estate agents are just saying they will not accept an offer unless I can prove I have the finances in place and they are expecting it to go to a cash buyer. The self build mortgage companies I spoke to said I have to have full building regulation drawings done before they can even give an agreement in principle. Yes basically they are telling you to buy the plot before coming to them for a mortgage Link to comment Share on other sites More sharing options...
Mr Punter Posted November 16, 2020 Share Posted November 16, 2020 I aim to exchange on plots within 2 weeks of receipt of full legal paperwork but it can stretch to 4. We expect the other side to get back immediately with replies to enquiries. You normally need cash to buy a plot. Link to comment Share on other sites More sharing options...
Mr Punter Posted November 16, 2020 Share Posted November 16, 2020 2 hours ago, nod said: Most seem to be doing that quite a few banks pulling funds We are on one today 6000 sq foot Trying to sell as is Not exactly cosy! It has the essence of a car showroom. Link to comment Share on other sites More sharing options...
PeterW Posted November 16, 2020 Share Posted November 16, 2020 14 minutes ago, billy_bob_2020 said: The self build mortgage companies I spoke to said I have to have full building regulation drawings done before they can even give an agreement in principle. Building Regs or Planning Permission ..? Not seen a request for BRegs drawings before ..? Link to comment Share on other sites More sharing options...
Temp Posted November 16, 2020 Share Posted November 16, 2020 I'm hearing there are delays for regular mortgages. On the radio they warned some might not make the stamp duty deadline. Link to comment Share on other sites More sharing options...
billy_bob_2020 Posted November 16, 2020 Author Share Posted November 16, 2020 7 hours ago, PeterW said: Building Regs or Planning Permission ..? Not seen a request for BRegs drawings before ..? It was a conversation with the advisor at The Melton BS. She said they needed to see a full set of building plans. Link to comment Share on other sites More sharing options...
PeterW Posted November 16, 2020 Share Posted November 16, 2020 4 minutes ago, billy_bob_2020 said: It was a conversation with the advisor at The Melton BS. She said they needed to see a full set of building plans. Yes they need to see the planning permission floor plans and elevations. They also want to see a set of costings and a breakdown on stages. (I know this as a client has their self build mortgage with MBS) Link to comment Share on other sites More sharing options...
billy_bob_2020 Posted November 16, 2020 Author Share Posted November 16, 2020 7 hours ago, Mr Punter said: You normally need cash to buy a plot. That's what it is looking like to me. The self build mortgages say they will lend 80% on the plot value but I can't see how you would ever be able to produce the information they require in time to purchase a plot on the open market. Link to comment Share on other sites More sharing options...
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