View Full Version : New Build Bungalow
Gallagher
26-Jul-12, 21:02
Not anytime too soon but in the the 2-3 years I'm planning to build a house. Theres a few things I don't really understand though so I thought I'd see if your good selfs could pass on any advice. :) How does the process go, is it normal to buy the land yourselves first & then apply for a mortgage or do people use their mortgage to buy the land? What sort of price all in are we talking about to build a 3 bedroom bungalow (not including the labour) ie materials etc? Any tips, information etc would be much appreciated.
It might have changed recently with the financial crisis etc. but you'll find it hard to get a mortgage on a plot. Generally you'll have to remortgage any existing property and do it that way.
During the build process you will need a specific building mortgage (if they still do them) or in effect a business loan until the property is complete and then convert to a mortgage.
Gallagher
27-Jul-12, 21:03
It might have changed recently with the financial crisis etc. but you'll find it hard to get a mortgage on a plot. Generally you'll have to remortgage any existing property and do it that way.
During the build process you will need a specific building mortgage (if they still do them) or in effect a business loan until the property is complete and then convert to a mortgage.
Thanks very much for your reply. I did think the financial crisis would play a major part on the way to go about things.
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