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So what mortgage did you go with for your Self Build?

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  • 21-02-2006 9:12am
    #1
    skywalker_208
    Registered Users Posts: 1,350 ✭✭✭


    I know this might be more suited to one of the Finance Forums, however seeing that we have all been discussing Self Builds in detail here it might get more attention...

    Heres an interesting link:

    http://www.helpmebuildandrenovate.com/showarticle.php?article_num=23

    4 banks provide 80% of the price of the site and 100% building costs... most of the rest provide 90% of the build costs.

    SO was just curious who you went with and why? :)


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    #2
    davidoco
    Registered Users Posts: 656 ✭✭✭davidoco


    I went with EBS. Getting good value without the hoopla about discount this and lower that.

    Stage payments done up on blank A4 page using my figures - waste of time - they don't care - if the engineer signs a cert saying site value y and building value x I could draw down (to that date) a amount =< 92% of x+y.


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    #3
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭yop


    Your saying the EBS gave u the whole amount in one go?


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    #4
    davidoco
    Registered Users Posts: 656 ✭✭✭davidoco


    With EBS this happened.

    Found site, bought site EBS gave me 92% of site value to buy site.

    sent in building stage costs for example
    stage 1, 30,000,
    stage 2, 30000,
    stage 3 30,000

    Engineers cert needed before any more money other than the site money handed over. Engineer signed cert to say 50,000 value of work done on site, EBS gave me another 40,000 (which I looked for) irrespective of what the stage payment schedule said.

    That said my brother is now building using a different bank and he is fixed into his stage payment schedule. Think it is Irish Permanent through a broker.


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    #5
    Wobs
    Registered Users Posts: 247 ✭✭Wobs


    Hi,

    We went with Ulster Bank, in the begining they held us up with paper work and red tape, but since all that was sorted we just ring the architect tell him whats done, how much we need, they send off a letter and we get a check.

    The bank had sent us a stage payment plan, as to when and how many stages we could have but we haven't really stuck to it and haven't had any problems yet.


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    #6
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭yop


    Same as Wobs, I just send an email with the breakdown of what I need to engineer, he sends it to bank, bank send cheque to solicitor and off we go.

    We are meant to stick to 5 stage payments though.


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    #7
    Mike_C
    Registered Users Posts: 37 ✭Mike_C


    Hi Guys, I am just starting on a self build, do I need to give a copy of all invoices and labourers pay details to the bank to get stage payment. Some friends of my will be doing some cash jobs eg roofing & tiling. Do I have to get them to bill me for the job?


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    #8
    elliebn
    Registered Users Posts: 111 ✭✭elliebn


    We went with Ulster Bank too, they gave us 80% of the site price and 100% for the rest. also had issues with getting things sorted (e.g. they requested a list of info before they would pay out on the site, rushed to get it all in and the next week they asked for another list of items) . Engineer just says what stage of build we are at and how much we need to draw down and they lodge it to the solicitors bank. haven't needed to show them any invoices.


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    #9
    yop
    Moderators, Home & Garden Moderators, Regional Midwest Moderators, Regional West Moderators Posts: 16,724 Mod ✭✭✭✭yop


    That is a new one Mike, the bank in general don't ask for the invoices or receipts, your engineer is the one who MAY ask for them but I don't know of anyone who's engineer did.


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    #10
    Soledad
    Closed Accounts Posts: 113 ✭✭Soledad


    National Irish BAnk, gave us 200,000 in one stage payment, were not worried what we wanted it for, just asked our engineer to send in a request for it.
    They were a joy to deal with as we have a very complicated case and don't even have title to the land we are building on.


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    #11
    dderd
    Closed Accounts Posts: 11 ✭dderd


    We are with ICS tracker rate +1% ECB. They have been a pain to deal with but the rate is good and the hassle seems to have been just at the beginning and is already becoming a distant memory. NIB had a very good tracker rate (+0.79 ECB) but we couldn't get it with self build (Soledad, I'm interested to know if you were able to get this). EBS were my 3rd choice because as the site was a present from my parents (very lucky I know) they would have give us 100% of the mortgage from the very beginning based on the value of the site and no other bank were willing to do this, but as their rate was pretty high we decided we would be better off to get a short term loan and pay it back when the first stage payment came through. Since then the engineer will sign off any amount we want to keep us going.


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