Paying for a Newbuild house

[sailorbaz]

I know this may sound like a very stupid question, so please bare with me but...How do you go about paying for a newbuild house? As in, buying the plot and building your own?

We've already got the plot in Northern Ireland and planning permission has been applied for but obviously (well, obviously for me anyway) I don't have £150K lying under the mattress to pay for the house and garage itself.

Do you approach the mortgage lenders with the building permission and plans, cost quote from builders etc, they then estimate what the house will be worth when complete and loan you the money from that? Minus any deposit they require obviously. The fact that we already own the plot, 1/4-1/2 Acre (so, 3/8 Acre! ), will that suffice for a deposit?

I see houses being rattled up all around up by people from all walks of life and wonder how the fcuk they can afford them to be honest.

Thanks in advance and wasn't sure where to post this to be honest.