A self build house project diary
by Oliver Cannell
Tuesday 10th September 2013
(published/edited Saturday 28th December 2013)

Self build mortgage gets the go-ahead… although I’m not counting chickens yet!

Great news today - today I received a letter from the building society which confirms the loan amount for mortgage.

Having submitted my mortgage application information and supporting documents on 2nd September 2013... which consisted of a lot of bank statements, copies of company accounts (as I work for my own Limited company) and various other bits and bobs... I today received forms and documents from Earl Shilton confirming that they are willing to lend the required amount for the mortgage!! Awesome news! Although I'm definitely not couting any chickens yet, as there are still possible stumbling blocks to overcome before actually being able to celebrate.

In order to keep costs down, they have agreed to an Interest Only mortgage during the actual build, which will then switch to a Repayment mortgage once the house is complete. I was hoping this might mean we'd only be paying about half the monthly amount during the build (as a the full Repayment mortgage monthly premiums) but it works out at more like three quarters. This is still good, as we'll obviously still be renting a place and having to make the monthly self build mortgage payments at the same time, so every little helps.

So far, Earl Shilton Building Society have been superb in their speed and efficiency at processing the paperwork, making decisions about what's doable for me and their help over the phone. I've been in direct contact with the lady who is actually making the decision on the mortgage (not some operative in a call centre) which has been extremely reassuring. From my previous experiences with the dealing with lenders and brokers, I feel like so much time and effort was waisted before, as it took weeks for any decisions to be made or feedback to be passed back. Plus, there has been little in the way of flexibility when it came to the figures and what the previous potential provider was able to lend... but Earl Shilton have been willing stretch beyond their normal boundaries to cater for my needs. Bravo!

So, the next step is to complete the forms and requests for further info, and get the back in the post to Earl Shilton.

Next entry: Hiring a solicitor for a self build (Thursday 19th September 2013)

Previous entry: Researching other Self Build mortgage lenders (Tuesday 27th August 2013)

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