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Self Build Mortgage

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  • 20-04-2009 7:28pm
    #1
    mr_edge_to_you
    Registered Users Posts: 3,109 ✭✭✭


    Hi,

    just wondering if anyone out there recently started building their own house. Myself and my fiancee are about to start the process of applying for a mortgage for our self-build. She has been given a "gift" of the site by her parents and has secured planning permission. She is the registered owner of the site.

    We don't have a whole lot of savings and I'm curious to find out what loan-to-values the banks are offering at the moment in situations where the site fully owned by one of the mortgage applicants? We hope to apply for a joint mortgage. I had a mortgage before so I am not first time buyer.

    Cheers.


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    #2
    dlambirl
    Registered Users Posts: 2,062 ✭✭✭dlambirl


    Best of luck OP with your self build. We are only after moving into our new house, which we self built.

    We took out a mortgage for €200,000, got a valuation for the site which was valued at the time at €90,000 (like your situation it was transferred to my OH) for a five bedroom house, which even in todays market is worth between 330-350K. AT the time we applied for the mortgage the house valued at completion would of been worth 425K.


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