I am a first time self builder (potentially!) and I have a question about self build mortgages versus traditional mortgages.
We have located a plot and building which is a single story converted barn set on around half an acre which had been used as an office. The building has approved planning permission for a single story side and rear extension to the existing building which would create a 3 bedroom home.
Currently the building is configured as an office but in October 2013 prior notification was granted to turn the building from an office to a single dwelling. It has a kitchen and washroom (although no shower or bath) and two large office spaces which are connected via a hallway. In addition it is connected to all services. In my opinion it is habitable right away it is just that the change of use has not physically been acted upon in the building.
So my question is, will a traditional lender lend against this, or would it be self build lenders only? Our position is that really we only require funding to acquire the land as the renovations could be completed using the equity from the sale of our currently property which will go through in due course.
As we are short on time I want to ensure that we chose the correct route at the outset!
Thanks so much,