Helping you get a mortgage on land with planning permission.
How You Can Borrow On A Self Build
With Full Planning Permission
Having planning permission on a plot of land can enable access to most lenders and may result in more desirable rates. Having planning permission adds even more value to land and clearly outlines the intention for what the land is going to be used for.
Full Planning Permission (FPP) is usually valid for five years. FPP applications must meet the following criteria to be eligible for land mortgages:
- Overall layout of the proposed dwelling(s)
- Appearance of the dwelling(s)
- Upper and lower limits for the height, width and length of the dwelling(s)
- Site access details
- Landscaping proposals
In addition, FPP applications must include detailed scale drawings of the dwelling(s) and contain information regarding any planning issues. Having FPP on your plot of land makes your proposition a lot more viable for lenders and is usually the difference in being approved or declined. FPP also increases the value of the land, which can result in an increase in available finance, if approved.
Lenders will arrange for a surveyor to assess the land, regardless of planning permission. This is to ensure lenders are fully aware of the type of land and its potential. Lenders will also be made aware of any risks involved with the plot of land.