I own a piece of land with planning permission worth £600000. Can I fund a self build by borrowing the value of the land?
I can't see why you shouldn't be able to get a self build build mortgage. Most lenders will look at lending against the end value of the new property, and will release the monies to you in stages. Typically you could release between 60% - 75% of the value of the land initially, with the rest of the funds being released at different stages to be agreed.
We have access to a variety of lenders who all do self build cases depending on the actual details of your application, so whether you're looking to move into the new property, sell it on, or rent it out, we have a lender who can help you. If you'd like to talk through some of the different options, then please let me know and I'll organise a convenient time for you to speak to one of our consultants who specialises in this area.
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Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
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