Mortgage Timing
Good afternoon; this is my first question here, and is the one that prompted me to join The Hub!
My partner and I are so very much hoping to start building on our plot this autumn/winter. We have enough savings to get the groundworks (foundations, drainage...) done (estimated at about £37,000), and our builder has said he could get that done in the autumn. Good. The we can get started on the build in early spring.
We need a mortgage to complete the build, but are very unsure as to when
Just a word of caution about delaying the draw-down of an agreed mortgage. To part-fund our build I needed to borrow around £100k. Rather than get a self-build mortgage (because they are expensive and attract massive fees from the few brokers that specialise in them) I opted to mortgage our existing house (we had no mortgage on it, and intended to sell it after the build anyway). I shopped around, and Santander, who happened to be our bank at the time, agreed to lend £100k without any problem
