Finance for building new house
I am thinking of selling my house, buying a plot and building a new house. This would wipe out my considerable 20 year mortgage. We would have to rent for at least 6 months leaving our 'just finished contemporary house. Any thoughts....is it worth the hassle to start afresh in a new house with no mortgage? Additionally, I need to sell my house to buy a plot and build a new house. With the plot and build cost I would have a shortfall of c. £100-150K. How do I raise the money before I sell my current house, redeem the mortgage and start building? Terrence
Hi Terrence. This is quite a complex but really exciting project. I would suggest that you speak to an IFA (Independent Financial Advisor) as they have their finger on the mortgage pulse and know which firms are lending in the more unusual circumstances. Bear in mind the legal issues may be considerable, bumping up your conveyancing fees.
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