The opportunity has come up to possibly get a but of land with outline planning permission for a 4 bedroom house and I am sorely tempted to have a go at getting my dream house this way.
Obviously (to anyone that knows me) I won't actually be building the house myself but getting a builder to do it but my question is really about a self build mortgage.
Looking about the marketplace these seem to be quite a niche product and not offered by a lot of the bigger lenders. Where you can get them the rates seem to be a good deal higher than other mortgages, obviously because the risk is higher.
My question really is about whether it would work for me to get a self build mortgage on a two year term and then after the house is built and the term comes to an end I could re-mortgage with a mainstream lender? I can't see any reason why not as the house would be a normal house, I wouldn't be going for anything off Grand designs, but I just wanted to check that I wasn't missing anything?
Obviously (to anyone that knows me) I won't actually be building the house myself but getting a builder to do it but my question is really about a self build mortgage.
Looking about the marketplace these seem to be quite a niche product and not offered by a lot of the bigger lenders. Where you can get them the rates seem to be a good deal higher than other mortgages, obviously because the risk is higher.
My question really is about whether it would work for me to get a self build mortgage on a two year term and then after the house is built and the term comes to an end I could re-mortgage with a mainstream lender? I can't see any reason why not as the house would be a normal house, I wouldn't be going for anything off Grand designs, but I just wanted to check that I wasn't missing anything?