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ravedave

New Build Mortgages

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Hi,

I'm looking into mortgages for parents. They are thinking of building a new house on some land they have and are requiring a mortgage for it. Wat are the options - must they opt of a new build mortgage?

What are the main difference between a NBM and repayment mortgages? It is just the uncertainty over the property value or is it that the money is released in phases depending on the work carried out?

Thanks.

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I'm no expert but self build mortgages are normally released in faese`s as the work is completed and are easier to obtain if you already own the plot

New build is generally for house`s already built(but new)

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I'm no expert but self build mortgages are normally released in faese`s as the work is completed and are easier to obtain if you already own the plot

New build is generally for house`s already built(but new)

Yes sorry, I meant 'self build'.

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Hi,

I'm looking into mortgages for parents. They are thinking of building a new house on some land they have and are requiring a mortgage for it. Wat are the options - must they opt of a new build mortgage?

What are the main difference between a NBM and repayment mortgages? It is just the uncertainty over the property value or is it that the money is released in phases depending on the work carried out?

Thanks.

I had enquired about this a few weeks ago myself. I was told that there are only 2 compaines (can't remember who) that offer mortgages for self build. They will release in phases prior to the work. Downside is that because there is hardly anyone offering a self build mortgage their interest rate is around 4.5% which is a few percent higher than the most competitive mortgage for a normal mortgage.

Your best bet is to speak to an independant financial advisor. They normally don't charge a fee (they get some commision from the company they refer you to) and they can explain your options.

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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