Currently my wife and I live in 5 bedroom, 3bathroom property with double garage and 2 hectares of land. We own it outright, it is freehold near Newport Shropshire. It is currently valued at £650,0000 to £700,000. It is too big.
We wish to build a smaller 3 bedroom property using a bit of the land we currently own. while living in existing home. We cannot fund the new build from savings. Is there any likelihood of obtaining a fixed interest mortgage with no early repayment charges to fund the new build? We would then pay off the new build mortgage with the proceeds of sellng our current home. Big problem would be our age, me 80, wife 77.
Don't wish to proceed with application if no chance! thanks