anyone built their own house? advice needed on buying plots , funding etc etc

[belcantwait]

or, what i really mean, had someone build one for them?

dh and i are currently thinking about buying a plot of land (its in a village we desperately want to move to) and having a house built there. the land is being sold w/o pp but dh is a planning expert so shouldnt be a prob there.

its a sealed bids thing which worries me slightly at where we should pitch our bid and also how we should get the money from to purchase it? we need to have the finances sorted before we put in our bid. should we get some knid of bridging loan so we can repay it when we sell our house?

no idea about any of this really but its something we have always said we want to do at some point in our lives and it just so happens this perfect plot has come up in our dream village (we tried to buy a house just some 20 yds away from the plot back in march but it fell through- this feels like it was meant to be!)

any advice gratefully received

bump

my sister built her own house - i think they had aa self build mortgage which releases staged payment.

i will post later when im on desktop as keyboard is still knackered

I don't think you can get a mortgage on land that does not have PP so you will have to find cash somewhere. If you can do that, then there are a lot of lenders who offer self-build mortgages (a company called buildstore.com specialise in finding one for you) and, as Jampot says, the money is released in stages Ie, when you start foundations, when you get to such a height, first fix etc which means you aren't paying the interest on the full price of the build until the end. Bear in mind you will be paying large mortgage payments towards the end of the build PLUS renting/paying mortgage on the home you are still living in. You can make an incredible home and, having just got back from a trip visiting loads as part of my work, I am deeply that you have the chance of buying a plot. (One near me that I would have liked to buy half of, I just found out sold for £8 million last summer - probably only worth about 10p now of course...)

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