Building your own home - How mortgages work?
08 January 2008, 03:01 PM
#1
Scooby Regular
Thread Starter
iTrader: (23)
Join Date: May 2006
Location: Rota Subzeros FOR sale!
Posts: 3,701
Likes: 0
Received 0 Likes
on
0 Posts
Building your own home - How mortgages work?
We are thinking of building our own house, ie get abit of land and get a compnay to build it for us lol
Does anyone know how mortgages work for this or is it the same as a normal house buying mortgage.
Thanks for your help.
S!
Does anyone know how mortgages work for this or is it the same as a normal house buying mortgage.
Thanks for your help.
S!
08 January 2008, 03:13 PM
#3
Scooby Regular
Join Date: Feb 2005
Location: Derbyshire
Posts: 12,304
Likes: 0
Received 0 Likes
on
0 Posts
I don't think you'll get a standard mortgage for a self build. What you will get is a staged payment, where funds are released in stages tied to showing that key stages of the build are complete e.g. land purchase, footings, first floor, second floor, finishing - for example.
14 January 2008, 10:56 PM
#4
Scooby Regular
Join Date: Nov 2005
Posts: 81
Likes: 0
Received 0 Likes
on
0 Posts
but is it a good time to do this with all the costs of things. Land/ materials.
you could wait and get a better deal later as they say house prices will drop.
I could be wrong though.
you could wait and get a better deal later as they say house prices will drop.
I could be wrong though.
14 January 2008, 11:09 PM
#5
BANNED
I don't think you'll get a standard mortgage for a self build. What you will get is a staged payment, where funds are released in stages tied to showing that key stages of the build are complete e.g. land purchase, footings, first floor, second floor, finishing - for example.
Thread
Thread Starter
Forum
Replies
Last Post
Wingnuttzz
Member's Gallery
30
26 April 2022 11:15 PM
matt12
ScoobyNet General
59
08 November 2015 09:15 PM