Can I use a mortgage to buy a site?

R

Rocky1500

Guest
Hi,
I can't seem to find any info on this and would appreciate a bit of advice if anyone can help!! Firstly I'm married with one child and held off buying in the town as I wanted to build close to the folks home. I have local need thought it would be a good move. I have secured the site subject to planning but I can't afford the site without drawing down its cost on a mortgage!! Obviously if I get planning the site will be worth a lot more. .Can I use this fact to get the money to pay for the site?I have mortgage approval for the money needed to pay for the site and build. Has anyone any suggestions on how I can do this? Thanks
 
Don't think you could get a 100% mortgage but it would be standard enough to obtain a mortgage to buy a site and build, and depending on your circumstances ( salary, any other debts, savings) that would dictate the type of mortgage you would get. Anyway you dont pay anything except the intial 10% deposit upfront before you get your planning which presumably will take at least six months to obtain.
 
EBS have a self build mortgage product, but you need 10% deposit for the site.

I suppuse you could take out the 10% deposit for the site and spread over 10 year term.
 
I went to EBS and found them very good. You will need the 10% deposit, planning permission approved and a quote from a builder before you can draw down the cost of the site.
 
EBS will lend you 90% of the purchase price of the site and 100% of the cost of the build.

That is providing you tick all the right boxes of course.

Cheers,

J
 
Thanks everyone for your help on this. That clears up a lot for me. Much appreciated...
 
You must log in or register to reply here.
Back
Top