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Mortgage for new build: requesting your ideas

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  • 30-09-2017 10:33am
    #1
    Richards1983
    Registered Users Posts: 171 ✭✭


    Hi all -

    I'm mortgaged-approved by Haven (AIB). I'm interested in buying a house in a small development but it is not built yet. My broker informs me that Haven will probably not finance me for such a house, and will probably only finance me for an already-built house. Two of the four houses in the development are already built (and sold), and the house I'm interested in will be complete in the summer.

    The payment structure: you pay for the site + 10% of the cost of the house (approx. 1/3 of the total), and then you pay the remainder upon completion of the build (approx. 2/3 of the total).

    I'd love to find a work-around. Any ideas? 

    I suppose one approach would be to pay the first 1/3 with cash, and then hope that when it's complete that the bank will give me a mortgage for the remainder. Obviously, that's very risky as I would lose the 1/3 if I couldn't get a mortgage for the remainder. Unless my solicitor can write up a contract for that?

    Anyway, any ideas you may have would be very much appreciated.

    Thanks,
    Con


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    #2
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    It might be worth exploring some of the self build mortgage products, they'd be more used to handling the type of staged payments you're looking for.


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    #3
    Richards1983
    Registered Users Posts: 171 ✭✭Richards1983


    Thanks Graham.

    The catch is that I'm a non-resident and they only want to finance the likes of me for a house that's already built. 

    Any ideas for a workaround!? This might take some creativity :-)


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    #4
    Richards1983
    Registered Users Posts: 171 ✭✭Richards1983


    Interestingly, seems they are at least willing to hear my case. I hadn't expected as much. Will let you know when I know more. 

    Thanks for your inputs, Graham.


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