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Mortgage

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  • 03-07-2016 9:54am
    #1
    Clionm
    Registered Users Posts: 4 ✭


    So my partner and I are hopping to start building, we have a site as his father owns a farm and we are in the process of signing that site over the farm will be his in a few years

    We were approved a Mortgage to buy of €200.000, but feel we will get better vaule for money to build

    So here our question

    What do ye need for the banks to approve a self build mortgage?

    Would you be better of go to broker

    Does the site stand to you as some sort of access/deposit/saving/


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    #2
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    Clionm wrote: »
    So my partner and I are hopping to start building, we have a site as his father owns a farm and we are in the process of signing that site over the farm will be his in a few years

    We were approved a Mortgage to buy of €200.000, but feel we will get better vaule for money to build

    So here our question

    What do ye need for the banks to approve a self build mortgage?

    Would you be better of go to broker

    Does the site stand to you as some sort of access/deposit/saving/
    Hi Clionm, 

    Thank you for contacting us here on Boards.ie. 

    We do offer a Self-Build Mortgage where funds are released in stages as the build progresses.
     
    You’ll need to put your own funds into the site purchase or to start the build. Then as work progresses, the Assigned Certifier will complete Stage Payment Certificates confirming the amount of work that has been completed.
     
    You’ll need to nominate an 'Assigned Certifier' – that’s a registered Architect/Chartered Building Surveyor or Chartered Engineer - to oversee the building works and certify that they meet all regulations.
     
    As the build progresses your Solicitor requests a cheque for the works completed (less your initial funds input) - initial drawdown is only permitted when full planning permission is in place.
     
    The first stage must be drawn within 6 months of the Offer Letter and the final stage within 18 months of the Offer Letter. You’ll need to provide a copy of the planning approval up front, including folio no. and the site folio map the site map should be in PRA (Property Register Authority) acceptable format.
     
    You should also confirm the size of plot and size of any attached land - this is especially important where the new house is being built on a folio to be split from family land. (This will need to be provided on a PRA approved map when submitting the application for planning permission.)  Comprehensive costings are required, or a copy of the Fixed Price Contract (FPC), as verified by a supervising Architect/Engineer/Surveyor


    If you'd like us to arrange a call back to you from a Mortgage advisor please send a Private message with your name and contact number, the link to send a Private message is in my signature below. 


    Thank you, 
    Tara C


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