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Self build mortgage

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  • 17-04-2010 1:37pm
    #1
    Murr1
    Registered Users Posts: 8 ✭


    Hi everyone.first time poster....been a guest for a while

    Anyway my question relates to geting a self build mortgage.Is their any lenders out their that give you the funds to buy the site aswell as the build.Im with TSB and have been told they dont give you the money for the site.

    Im new to this area and any info would be greatly appreciated.


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    Varies from bank to bank.

    You can get a mortgage for a self build. Once approved you can draw down money for the site and then go buils and draw down on stage payments.

    You are unlikey to get a 100% mortgage even if your a first time buyer. So normally 80-92% is made avalible.


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    #3
    Murr1
    Registered Users Posts: 8 ✭Murr1


    Thanks for the reply :)

    Whats the normal route taken when looking to build.Can you put a deposit on a site and agree to buy pending planning and mortgage approval or what way does it work?


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    #4
    gillylilly
    Registered Users Posts: 19 ✭gillylilly


    The EBS are a good place to start, they will also give money towards the cost of site. They have been one of the few places to get mortgages lately, will paste just their bullet points!

    Choice of variable or fixed interest rates - or a split loan, where some of your repayments are at a fixed rate and some are at a variable rate

    Up to 80% of the site cost and up to 100% of the build cost available (maximum of 90% of final valuation) (1)

    Flexible stage payments (recommended maximum of 5)

    Free final inspection

    Interest-only payments for 12 months or until the last stage is drawn down, whichever is the sooner (2)


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    #5
    gillylilly
    Registered Users Posts: 19 ✭gillylilly


    My sister actually got a 100% mortgage from them this passt year, amazing because she had not one euro in savings! But, she did have a free site from our dad.


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    #6
    Murr1
    Registered Users Posts: 8 ✭Murr1


    Thanks.If i knew that lenders are still giving money towards the site cost then its a good start.Ive been looking into sites local to me and have been offered one and would like to get the ball rolling with planning etc. if possible.Dont want to waste the owners time if getting the site cost isnt possible.


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    #7
    goshka
    Closed Accounts Posts: 1 ✭goshka


    unclebill98 wrote: »
    You are unlikey to get a 100% mortgage even if your a first time buyer. So normally 80-92% is made avalible.

    Back on track :)
    80-92% is understandable but where is the 100% figure comes from? Is it cost of site (we`ll say 50k which make deposit of avrg 5-7k) or is it final cost which is about 120-150k?
    If i`m about that decision so what size of deposit should i keep away of my wife?


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