self build/restoration mortgages

[glayzell]

has anyone got any experience of such mortgages, have you had any difficulty in getting a mortgage and how long does it take to process...

I am particularly thinking about the buildstore mortgages, i am in the bizarre situation where i have exchanged contracts on a property without having a mortgage (i do have a contingency plan). The house is in a right old state and conventional high st lenders deemed the property un mortgagable. Buildstore give the impression that they will lend on anything, well, providing they see it a sound investment, is this the case? Has anyone any experience of their valuations/surveys?

 

[andrew gayton]

try the 'ecology building society'

 

[Nemesis]

Norwich and Peterborough also will lend on a wreck ...

 

[Roger H]

Skipton sorted me out for conversion to residential of a wreck.

 

[Nemesis]

Skipton has been mentioned before by others.

 

[Roger H]

One thing to look out for is to make sure that they are happy with your choice of Building Indemnity Insurers (NHBC-type certificate providers). Skipton were not that happy initially with mine but eventually came 'round. Day before completion of sale.

 

[frederick]

This is an issue that often comes up in the self-build magazines. I recall that the Ecology are quite geared up to doing mortgages on self-build and refurbishment projects.

 

[Maris]

We used the Ecology and they have been excellent. Very friendly and efficient. They will require copies of building plans, proof of planning permission and listed buliding consent if its likely to be required, and they are obviously very keen on restoration and low-impact materials. Their interest rate has risen recently so I don't know how competitive they are, but then I suppose its not impossible to look for a better deal once the house is fully restored.

 

[Penners]

I'm told that NFU Mutual tend to be more sensible about "unique" properties than some others.

 

[DaveBrigg]

I was in the same situation, and borrowed with the Scarborough. The amount needed for renovation was a bit less than the property cost, so they were on a fairly safe bet. I did have to get a second, proper, survey done though, which clearly explained the extent of the work without recommending virtual demolition. Having the rewiring and heating estimates to hand also helped.

 

[glayzell]

i am going through a broker whoassures me 'i'll get you the money', which is all i want.....

...i guess i am worried as the property is an C19 timber framed house, it is literally 6x4 timber frame with lime render/plaster either side, there is some rot in places, which is dueto some numpty painting the whole house in a btumine type paint in the 60's or 70's (which i am currently painstakingly scraping off). I am in a bizarre situation as i have exchanged contracts but dont complete for 6 months.....so i can start on the work to aviod delay....it is comlicated.....

any reason asside from my earnings why i mave any problems????

 

[biffvernon]

any reason asside from my earnings why i mave any problems????

Only with spelling and grammar. Now where did Mr and Mrs P. Edant go? How we miss them.

Do tell us a little more about the house as timber framing in the 19th century was not so very common.

 

[glayzell]

Sorry for the poor spelling and grammar, i have just read though the post, it is late.

The house was built circa 1820. It is quite bizzare, the only bricks are in the front bay and the chimney stacks.

here is a link to our planning/LBC application drawings, which i
have recieved approval for this week.

http://www.ukplanning.com/ukp/showCaseFile.do;jsessionid=48278CA38EAD78387E47E59C34199616.wam2?action=show&appType=planning%20folder&appNumber=SW/06/1217

the drawings dated 20.12 are the approved drawings.

The house has quite a history, apparently it was originaly double fronted, but there was a fire, so the uilding was effectively cut in half. Inside there are archways that would have linked through to the other side of the house, and one of the first floor windows is an afterthought.

 

[Penners]

Your link produces an error report "Unable to find case file". Are you sure you didn't simply dream your LBC?! :wink:

The house was built circa 1820. It is quite bizzare, the only bricks are in the front bay and the chimney stacks.

Actually that's not really bizarre. Chimneys in timber-frame houses will invariably be brick (for obvious reasons!) and many will have additions in brick or other masonry.