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Mortgage query, using your site as a deposit for a new build

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  • 30-04-2015 4:20pm
    #1
    diego_b
    Registered Users Posts: 2,376 ✭✭✭


    Hi there, can anyone tell me what banks will consider a site in your name as your deposit or as part of the deposit required as part of a new build.

    At the moment Ulster Bank is the only one I know who does it.


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    #2
    Graciefacey
    Registered Users Posts: 498 ✭✭Graciefacey


    Your site is your equity whether it is in your name or is being gifted. This is standard practice across all banks


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    #3
    mickdw
    Registered Users Posts: 23,356 ✭✭✭✭mickdw


    In the boom it was standard practice. If you had your site, you could get the full price of the build.
    Now, not so much. I'm currently dealing with a build where the homeowner had to show 40k spent on raft and development works on top of site value before they would issue any of the funds. The mortgage was only about 70 of final Value in this case.


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    #4
    diego_b
    Registered Users Posts: 2,376 ✭✭✭diego_b


    mickdw wrote: »
    In the boom it was standard practice. If you had your site, you could get the full price of the build.
    Now, not so much. I'm currently dealing with a build where the homeowner had to show 40k spent on raft and development works on top of site value before they would issue any of the funds. The mortgage was only about 70 of final Value in this case.

    What you are saying there is what I would expect but Ulster Bank seem to be quoting slightly easier criteria. Due to meet with them in a few weeks to see where we stand, no mad hurry but the most recent change of criteria for second time buyers means a deposit is going to take a lot longer to get together.


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