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Self build mortgage with low termination fee?


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We are carrying out a knock down & rebuild for our project, and own the land outright & have 50% of the funds to knockdown/build...the issue we have is we are £250k short of completing it...basically run out of cash 4 months before the end. 


Our main option looks to be self build mortgage at 4.5% for the 250k...to cover the 4 month shortfall...but then we pay the higher rates for 2 years.  This is opposed to a standard mortgage @ completion which would be at 0.95%. It's a stiff pill to swallow for just 4 months coverage.


I am wondering if its worth taking out a self build mortgage, use it for 4 months, then on completion remortgage at 0.95% (ish), pay off the self build mortgage & continue onwards at 0.95%.


What pitfalls am I missing with the above? Does anyone know of any firms with a low early repayment fee? Can anyone suggest any other ways around this?  Anyone have £250k free for 4 months!? ? ? 



Edited by Andehh
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