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Warrior89

Self Build to Standard Mortgage

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Hello, just looking for some advice about whether a completion certificate is required before moving onto a standard mortgage? Or would they be happy with a temporary occupation cert?

 

My building warrant plans show a house and detached garage.  My thinking is that I could get a self build mortgage for the house and get that completed then move onto a standard mortgage prior to completing the garage if that makes sense.

 

It may not be doable or I'm not understanding it correctly but just looking at ways to reduce the time/amount on a self build mortgage.

 

Thanks in advance

 

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My mortgage company wanted a completion certificate but I suspect it is just luck of the draw if they actually ask for it. As far as the bank is concerned there is still a risk without completion certificate that the house will never pass building regs and be worth less than the valuation.Why cant you just get completion certificate before the garage is completed? This will cause you a vat reclaim issue for the garage though.

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I was under the impression that if the house had been signed off completed then I would need to resubmit a planning application for the garage but come to think of if it maybe not. I'll have a look deeper into it.

 

Taking the hit with the garage vat was one of the issues I had thought about and might just have to deal with. Thanks

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22 minutes ago, Warrior89 said:

Taking the hit with the garage vat was one of the issues I had thought about and might just have to deal with.

 

You could buy the materials for the garage  before you put the reclaim in, or if it’s supply and fit, or labour only just show them the PP if asked and get it zero rated. They won’t know that it has been signed off. 

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