90% self build / conversion mortgage?
Discussion
Does this still exist anywhere? Apparently the buildstore used to offer one, but now it seems to be 80-85% max. Ecology have one, but it seems to be strictly arrears payments with them wanting evidence of plenty of capital to work with.
How exactly does the deposit work on a staged release mortgage anyway? Do we need 15% of each stage at release? Or 15% of the final total at the beginning?
Basically an opportunity has come up to buy a small barn for conversion, owned by a family member. They have had it valued at 250k by an estate agent, who estimated a value of ~350k once it’s done. They’ll sell it to us for 220k (my uncle is very particular about his neighbours…). We think 70k for the conversion, including a fairly generous contingency.
Unfortunately we can only lay our hands on about 30k. Renting currently. We're saving a decent amount each month, but can't keep them hanging for 12 months while we sort out the rest of it.
How exactly does the deposit work on a staged release mortgage anyway? Do we need 15% of each stage at release? Or 15% of the final total at the beginning?
Basically an opportunity has come up to buy a small barn for conversion, owned by a family member. They have had it valued at 250k by an estate agent, who estimated a value of ~350k once it’s done. They’ll sell it to us for 220k (my uncle is very particular about his neighbours…). We think 70k for the conversion, including a fairly generous contingency.
Unfortunately we can only lay our hands on about 30k. Renting currently. We're saving a decent amount each month, but can't keep them hanging for 12 months while we sort out the rest of it.
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