hi,

me and my friend work in the construction industry and have done for 4 years now. Hes a Quantity Surveyor and im a Setting-out Engineer/ Civil Engineer. As a result we feel if we joined forces we would be more the compatent to build a house. The only question is money, hence singing up to this excellent forum.

I currently earn 24k per annum and my friend 23k per annum.(our pay increases & bonuses were cancellend due this flaming recession!)

Questions:

1. Would we be able to raise 150k for a mortgage for land+build...is there special mortgages for this type of 'develpoment' ?

2. How much deposit would we need if 150k was obtainable?

any answers wold be appreciated

You need to find another friend who is a bricklayer or, failing that, a self-build mortgage. There may be some useful information here.

http://www.channel4.com/4homes/property-money/mortgages-home-finance/self-build-mortgages-all-you-need-to-know-08-09-30_p_1.html

Usually with a self-build mortgage the money will be released in stages as the work progressed. You might be expected to buy the land yourself and then the first payment might be lent after you've got planning permission, the second payment after work has progressed to an agreed stage, and so on. Other schemes will lend you a percentage (perhaps 95%) of the cost of each stage of the project.