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Self Build Mortgage Advice

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  • 07-04-2015 4:33pm
    #1
    anacochon
    Registered Users Posts: 6 ✭


    I have a few questions in relation to what a bank will take into consideration when applying for a self build mortgage.
    I have full planning permission till 2020 to build a house on family land. The current value of this 1.5 acre site is €100,000.
    I am only recently back in full time employment and it will be August before I'm made permanent & hopefully with a pay rise, my current salary is €28,000.
    My husband (an only child) unfortunately at the moment is on carers allowance( €242 p/wk) to care for his elderly father who lives with us. His father contributes his weekly pension (€230 p/wk) and monthly army pension (€888 p/mth)
    We owe €80,000 on our current mortgage, we pay €300 per month off this and since me going back to work we also save €1000 per month. The house was recently valued at min €175,000.
    I need advice as to how we can get a mortgage based on these figures. We need €280,000 to build the house. Should we try take our tracker mortgage with us, will the value of the site be taken into consideration? We are at breaking point in a tiny 3 bed cottage, 3 kids and the father in law!


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    #2
    Bank of Ireland: Tara
    Closed Accounts Posts: 2,346 ✭✭✭Bank of Ireland: Tara


    Hi anacochon,

    Thanks for getting in touch.

    We would advise speaking to one of our Mortgage Advisers who will be more than happy to go through available options with you. We've many ways to get in touch with an adviser, you can arrange a callback or set up a meeting here. There is also access to a detailed FAQ on the page which you may find helpful. We've also some helpful videos on mortgages with us on our YouTube channel here. 

    Thanks again for contacting us on Boards and best of luck with the build.

    Tara


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