Self build mortgage

[Lacey]

Hello myself and my husband are hoping to build a house in the blackisle highlands .we have a plot and planning but I wondered how hard people have found it to get mortgages ? Have you needed huge deposits and contingency funds? Had anyone managed to sue there land as a deposit? Thanks 

[ProDave]

Hi I can't answer your mortgage question but just to say hi from the other side of the Cromarty Firth.

[SuperJohnG]

I used ecology, straightforward and no major issues. It's based on affordability with them not multiples of wages. 

 

They are very good to deal with and I would highly recommend. 

 

I have stayed in our current house (paid off) while we build. 

 

I havent looked at the budget since started because we are in it now and just need to keep going till at least its fully complete outside. 

[Bozza]

Go to Ecology, they are quite superb.   I also owned the plot so just had to lend for the actual build.  Obviously they will value the proposed finished build and lend on that basis.  They will check you are able to afford the mortgage payments.  If you already own a house that you intend to sell they can lend that amount of equity on an interest only basis, meaning you have lower monthly payments whilst owning one house while building another.  Then when finished building you can sell your own house that equity can pay off the interest only element of your self build loan.

 

You’ll only struggle to get a self build mortgage if your project values don’t add up, or there is an affordability issue.

 

I actually found dealing with Ecology for a self build mortgage easier than previous traditional lenders / mortgages.  Phone them, you’ll be surprised that you can actually speak to a knowledgeable member of staff who answers the phone, as opposed to a generic call centre.  They seem to be a small and thus personable company.  

 

 

[Conor]

Ecology should be your first and last stop. No other lender was as flexible as them (taking over a residential mortgage as a self build at the same LTV) and ever since they have been amazing. 

[LA3222]

Ecology. Nuff' said.