Self-Build Mortgages  Buying Land for Self-Build

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The very first stage with a self-build property is to select the appropriate plot of land. Arguably, this is the most important element of the project because, once you have selected your plot and location, there is no going back. If you select a plot that is unsuitable for planning permission, then the project is almost certain to fail, before it ever gets off the ground!

Issues to Consider When Purchasing Land
Choosing a plot of land is far more complicated than merely finding a suitable looking area of open space. One of the first considerations should be the planning permission that is obtainable on the land. Many plots of land will be sold with planning permission included, which offers great security, but will also increase the price that you have to pay for the land, in the first place. Outline planning permission is often the preferred option for those looking to sell land. This because such plots are much quicker and cheaper to acquire, as well as offering the purchaser an indication of the type of full planning permission that is achievable.

Next, consider the issue of access. The build costs will be substantially higher for a plot of land that is difficult to reach or requires specialist machinery. Plots that are on a hill or steep slope may also pose additional difficulties for the builder and increase your overall costs, substantially.

When selecting a plot, it is also important to consider the anticipated overall layout and proportions once the property has been built. A plot may look extremely large when it is completely empty, but once you have added a four bedroom house, consider how much land you will be left with and decide whether this will be proportional to the size of the house. If in doubt, take some flour and mark out the corners of where the property will stand; this will give you a good idea of the final size and overall situation of the build.

Summary
Bullet Point Selecting the correct plot of land is the single largest decision that you will have to make as part of a self-build project;
Bullet Point key considerations include the type of planning permission that can be achieved or has already been obtained, the access that is available for the site and the surrounding area after the house has been built;

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Typical Interest Payments

First Time Buyers

2.89%

Purchased Fixed

2.89%

Discounted Rate

2.99%

Buy To Let

2.99%

Commercial

3%

 

 

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