You're in fantasy land. Nobody will lend to you for this sort of project.
do you have a good source for contractor's that you can trust, do you have enough knowledge to over see your project, if so go for it. Property is a good investment, if done sensibly.
Why buy all that land ? Your biggest problem will be to get planning permission. It sounds like it is agricultural and there is no way in the UK you would get planning. If it is for residential, then the big developers would have bought and built houses on it already.
Your mum won't get a mortgage/loan if she has no income to back it up.
It is difficult to get a mortgage for a self build, as it is paid out in instalments, and the figure you are quoted for building has a habit of doubling by the end of the build.
Personally I think its a waste of time, but the permissions are going to be the stumbling block.
former Estate Agent
UK
If you were a professional contractor with unlimited funds and well established in the construction
business if could be done. Otherwise, get your head out of the clouds and purchase a house within
your means.
Hiya, basically I'm currently living with my girlfriend at her parents house and my mum has just recently got divorced and had to sell their house so she now has ￡100k. We have got an idea but we have no clue on if it would ever work or not. We have been looking at land in our area and we can get 15 acres for ￡150k, i can get a mortgage for the 150k with my current job and my mum is thinking of borrow another 50k so in total we will have 300k. If we were to get about 20 acres, apply for planning permission ect then plan to spend 100k on building the house and all the fees for it knowing that it always cost more than planned so we would have a 50k back up. After it's all done sell the house with the land, pay off the mortgages and then split the profit. Would this ever work? Thanks
