- Product Type: Self Build Mortgage
- Location: Cambridgeshire
- Loan amount: £231,000
- Term/LTGDV: 24 years and 27% LTGDV
The Scenario – First-Time Self Builder
Our client was a first time self builder, who had already purchased some land and had commenced the ground up self build. He came to us looking for finance to complete the build after a change of design.
The Challenge - Changes to design and planning mean a new finance application
Part way through the build the client changed the design of the building and resubmitted planning. This meant that the application for finance had to be resubmitted also. The planning process caused a lengthy delay but the client continued to build the project, spending his own funds. This caused challenges with the lenders underwriting process due to the complex nature of the clients build schedule.
Our Solution – New Self Build Mortgage
After lengthy negotiations with the lender, we were able to secure a self build mortgage offer for our client and he was able to begin drawdowns for the build.
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