Self Build Finance - Help Required

[anonymous-user]

I have just put my property on the market with the aim of moving into rented while I buy a plot to build my own home. As often happens with these things timing can sometimes catch you out - a developer friend of mine has told me of a plot that is currently available and I am seeing the owner tomorrow.

The plot should be available for around £440K including stamp duty and the build cost around £300K. My house sale plus savings will easily cover this but in the short term, until I sell my house, I only have around £250K in savings meaning a shortfall of around £190K for the plot purchase.

So, can anyone recommend a lender who deals with land purchases as I may need to go down this route.

Many thanks
Gary

[anonymous-user]

Speak to Buildstore. Most of the self build lenders will lend up to 70% of the plot price. Buildstore is a financial service that deals with the self build market so they often have offers with lenders. It'll be a higher rate than the high street but will do the job for you in the short term.
That's the second time I've mentioned them today, I'm in no way affiliated with them, just building/restoring our house so went through the financing options a while ago.

[anonymous-user]

Thanks - I should have mentioned I'm talking to them on Monday. Thought I'd see if there were any others to consider.

[anonymous-user]

burwoodman said:

Best of luck Gary. I remember a few build threads a year ago!

Cheers! This is 15 years in the making so just looking for some relief

[anonymous-user]

Thank you so much for all the replies.

Saw the plot today and it's perfect for me. Will talk to Buildstore and others mentioned on here tomorrow.

[anonymous-user]

I spoke to Norwich & Peterborough - they couldn't offer a better deal than Buildstore (Ipswich Building Soc). They're not very flexible either - and we've been customers for years... Saffron BS pretty good too and just announced a massive fund for self build but I'm not sure whether they have a 'distance from Saffron Walden' policy like some of the BS lenders.