When Can i get a normal mortgage ?

[bob the builder 2]

Hi All

 

I am hoping to stretch my limited finances out to the point where a conventional residential mortgage is possible 

 

Any one got a view on what stage i need to be at ?

 

Do i need a completion certificate ?

 

Many hanks 

 

Bob

[nod]

Once your  build is signed off 

You can swap your self build mortgage or your borrowing against your home to a conventional mortgage 

[Conor]

Yeah, you just need building control sogn off. We changed our focus abcknin May to BC completion jobs only and got signoff end of July. Waiting for mortgage to come through to finish the rest of the house.

[Thedreamer]

23 hours ago, bob the builder 2 said:

Hi All

 

I am hoping to stretch my limited finances out to the point where a conventional residential mortgage is possible 

 

Any one got a view on what stage i need to be at ?

 

Do i need a completion certificate ?

 

Many hanks 

 

Bob

 

Some lenders will not provide finance straight after completion. RBS mentioned to me that it was two years after completion. 

 

To be honest I would make sure your figures are spot on as the worst point to be, is applying for finance mid way through a build. 

[Conor]

29 minutes ago, Thedreamer said:

 

Some lenders will not provide finance straight after completion. RBS mentioned to me that it was two years after completion. 

 

To be honest I would make sure your figures are spot on as the worst point to be, is applying for finance mid way through a build. 

This is why we went through a broker. She sorted the wheat from the chaff. The two year thing is very common. For a new ICF build with basement and no structural warranty, we got a grand total of 7 offers back. Luckily, the best one was only 0.3% higher than the best generic money supermarket search result, so happy enough.

[bob the builder 2]

HI All

 

Any recommendations on who / how to approach for a mortgage on a part completed project ?

 

thanks

 

Bob