mortgage on land only to start with

[TheSalopian]

We've placed an offer on a plot with outline planning permission recently approved. The vendor wants a fast completion by end of financial year.

 

How feasible is it for places like Buildstore to focus a mortgage application on the land purchase only at the initial stage?

 

We're not likely to get detailed costings for build work in a short time - other than general fag-packet calculations which aren't worth much these days!

 

EDIT: Once securing the plot, we'd then look towards detailed plans and tender costings for build costs - to proceed with the next stage of the self-build mortgage? or a totally new mortgage (I'm not sure!).

Edited January 7, 2023 by TheSalopian

[nod]

Depending on how much of the value of the land you will borrow They will probably want detailed costing 

For a fee you can get these online 

[MikeSharp01]

You can get mortgages on land only, so you could go almost anywhere for that and then pay that off with a self build mortgage when you are ready. 

[Conor]

Fyi land only mortgages tend to require a high LTV, typically 50% (that's all we could find). You'd only get a self build mortgage once you have FULL planning and detailed costings.

 

Do you have the cash to pay for half of the plot price? Once you have a mortgage from the likes of ecology, you'll get most of this back as you'll have a more typical 80% LTV loan.

 

Find a broker that specialises in these sorts of loans, normal residential ones typically don't.