Self Builder Newbie

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Smooth criminal said:
Well were doing the research at the moment for a specialist mortgadge lender all options seem very similar to a bridging loan with much higher er payments.. So looking at the option to save for the land and plod on from there.. Been interesting to see it all so far.
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From what I've been told there are very few companies that will lend money to both purchase the land and build a property. That's why so many people doing self builds live in a caravan on site.
I've known a couple of people who have been through the process three times and end up with a nice house and no mortgage.
 
Smooth criminal said:
Well were doing the research at the moment for a specialist mortgadge lender all options seem very similar to a bridging loan with much higher er payments.. So looking at the option to save for the land and plod on from there.. Been interesting to see it all so far.
Click to expand...
We looked into the mortgages etc and ended up saving instead. Thankfully we have been able to stop in our existing house as not sure if we could have done the caravan on site thing. And by doing lots of the work myself and taking my time I've managed to keep the finances in check. Good luck with yours and like I said just message if you want I will do my best to share any experience I have gained.
 
essexandy said:
From what I've been told there are very few companies that will lend money to both purchase the land and build a property. That's why so many people doing self builds live in a caravan on site.
I've known a couple of people who have been through the process three times and end up with a nice house and no mortgage.
Click to expand...
I wish I had had the money / knowledge when I was younger as it's definitely a great way to build up equity. Could have been living in a mansion by now. :ROFLMAO:
 
essexandy said:
From what I've been told there are very few companies that will lend money to both purchase the land and build a property. That's why so many people doing self builds live in a caravan on site.
I've known a couple of people who have been through the process three times and end up with a nice house and no mortgage.
Click to expand...
The caravan on sites definately an option weve looked at weve even thought about a farm and growing are vegetables alot of loopholes but can build on certain types after three years providing you can earn 25,000 off the land agriculture...
Been good going through the process were even looking into a church renovation smaller scale at first then go bigger.
 
sparkypenguin said:
We looked into the mortgages etc and ended up saving instead. Thankfully we have been able to stop in our existing house as not sure if we could have done the caravan on site thing. And by doing lots of the work myself and taking my time I've managed to keep the finances in check. Good luck with yours and like I said just message if you want I will do my best to share any experience I have gained.
Click to expand...
Thats appreciated thankyou.. Will be good to see yours develop anyway
 
Smooth criminal said:
The caravan on sites definately an option weve looked at weve even thought about a farm and growing are vegetables alot of loopholes but can build on certain types after three years providing you can earn 25,000 off the land agriculture...
Been good going through the process were even looking into a church renovation smaller scale at first then go bigger.
Click to expand...
Just beware, I've lost count of the number of selfbuilds I've worked on where they live in a caravan and end up with one or two extra kids during that time.
 
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