Paying off self build mortgage in full after completion ?

[Fi and J]

Hi 

 

I’m hoping to split deeds, build a new home in my garden, move into the new home and sell the original house (which I own outright), using the proceeds to pay off the self build mortgage. 

I’m in my 50s so lenders understandably don’t want to offer a 25 year mortgage. A 15 year mortgage pushes up repayments and reduces the amount I can borrow.
 

I suspect lenders will only lend for standard long-duration mortgages and will frown on my plan, so I’ll have to proceed as if I intend to keep the mortgage long term. Am I missing something? Are there any other options? 
 

thank you 

 

[Thorfun]

Ask for interest only

[Alan Ambrose]

>>> I suspect lenders will only lend for standard long-duration mortgages and will frown on my plan

 

That might not be a good assumption - the market seems to be set-up these days for re-mortgage churn every few years with all the ‘fixed for a couple of years deals’. I suspect the number of people who have the same mortgage company for 25 years is miniscule.

 

A broker might have some useful insight as yours are particular circumstances.