How soon after a new build is complete can i re-mortgage?

[LeeWoods]

I need to raise finance on a property I am building for my family but REALLY want to avoid the hassle of a Self Build Mortgage. We can get the property to 70-80% completed on savings but want to finance the rest with a re-mortgage ideally. Let's say we did manage to get it finished with our existing budget i.e. building regs sign off (albeit with absolutely minimal inside). How soon after we get the completion certificate/building regs sign off can we look at re-mortgaging? Is it true that some lenders won't lend on a property until it is 6 months old?

Thanks

Lee

 

[chappers]

I've mortgaged a property we developed within 6 months of finishing it.
Some will have different criteria on what they call mortgageable.
The other option is to get to practical completion and then take out some short term development or bridging finance, before re-financing to a conventional residential mortgage.

 

[LeeWoods]

Thanks for the info Chappers, Can i ask who that mortgage was with?

 

[eddieed]

I am about to do this - thankfully I have enough equity in my property to ask for the mortgage before I start building (that was part of the plan). What I need to ensure is they will lend me the extra money...at some point I am going to have to bite the bullet and ring the mortgage company.

 

[Brigade77]

What sort of sums are we talking here?

If you can self build to 70-80% using savings, then why can't you simply borrow the remainder on a personal loan?

Why would you be looking to "re-mortgage" anyway? What is the status of the current mortgage?

 

[chappers]

Thanks for the info Chappers, Can i ask who that mortgage was with?

Santander, but it was Abbey National at the time

 

[mfarrow]

I would try and find the 20% bridge, you'll be surprised how much needs to be done before the BC sign off. Electrics, plumbing... you'll be doing things in the wrong order (eg electric sign of before plastering) and not really saving yourself a lot in the long run.