Can I do a 'Self Build' if I'm not sure whether I'm going to live in it ?

Posted on 20 August 2013 by Chris

Hi, I am looking to buy a building plot to self build. I am currently investigating finance options. It seems that the maximum LTV is much greater if the property is considered to become my 'main residence'. However I may not yet certain if I will live in the property. What constitutes 'main residence' and what should I do? Chris


Your main residence is exactly that, the prinicpal property where you live, are registered to vote and spend the overall majority of your time.

If the property you are looking to build won't be your main residence, then lenders would class it as a commercial transcation, rather than a 'self-build'.

I would suggest it's worth having a discussion with one of our consultants reagrding the pro's and con's of Self-Bulid vs Commercial, and how likely it is that you won't use the property as your main residence.

If you'd like to do so, then please let me know and I'll arrange a convenient time.



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