Land & Self Build Mortgages - Minimising chain

[EngineerUK]

Hi all,

 

My partner and I are looking at a site with planning permission on which to self build our main home. Currently my partner has a mortgage on the house that we currently live in, whereas I have no debt and do not own any property.

 

The plot I think should be affordable for me in isolation, but the plot+build (with a self build mortgage) would require our joint incomes, and hence necessitate selling our current house.

 

I'm wondering how feasible it would be for me to acquire the plot with a land mortgage, and then to subsequently re-mortgage with a self build mortgage jointly once the house is sold. The benefit being that we reduce the chain, and ensure that we manage to secure the plot.

 

Does this sound sensible? Has anyone got any experience of doing similar or have any lenders to recommend?

 

Thanks very much for any information.

[Ralph]

I'm not sure if that is feasible but I would highly recommend giving Ecology a call and talking it over with them, they are excellent to deal with.