Hello All,

I would like to ask for your advice. We are building our own house, which will be finished soon. We are self-builders. We have got a mortgage of £102000 and believe that the house is worth at least £200000 at the moment. Is there a chance that we can release an equity of £10000 or £15000 on our unfinished new build house to help us finish building it, please?
We know that we can claim VAT, although we can only do it, when the house is completed.

Thank you in advance for your help!

In all honesty, I would think this as difficult - lenders are much more restrictive these days on how they will lend, and at the end of the day, they will simply want to ensure that - in the unfortunate event of repossession - that they could get their cash back as required. Personally I would be surprised if an unfinished property will sell at a reasonable price, but I'd definitely seek advice from your bank and an independent mortgage advisor, to get a couple of professional opinions. Hope that helps.

We got an offer of a secure loan, but we are not happy with APR. I am sure we can continue. The house is not finished inside, although all building works are finished

If the APR seems high then this suggests as due to being perceived as a credit risk, ie - you have effective been provided with bad credit rates.

I guess all you can do is shop around, but it does seem your own conditions are adverse in an already adverse market, so unfortunately you may not have many options.

Just my 2c.