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Bridging mortgage for self build

  • 06-02-2018 3:57pm
    #1
    kormak
    Registered Users Posts: 887 ✭✭✭


    Hello All, (mods, apologies if this is in wrong forum)
    We're currently trying to build our new home on our family land and have been trying to now for over 12 months. Everything is ready to go, only we cannot get any form of a mortgage agreement/signoff till we sell our first home (PDH). We have it up for sale anyway, but it's slow to sell and thus is stalling the whole build process.

    2 banks we dealt with both say; we need to sell our PDH first, before they issue a loan for the self build.

    the new 'Rebuilding Ireland' local authority mortgage disqualifies us as we already own a property.

    Does anyone know any banks/lending authorities that can overcome this issue and partially fund a bringing mortgage, so we can at least get our build off the ground? I believe this is not done anymore, but is this the case for essentially all institutions across the state?
    Unfortunately we don't have adequate savings to put up against such an application.


Comments

  • #2
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 5,930 ✭✭✭Chris_5339762


    AFAIK Bridging Mortgages as they used to be are not offered by any bank in Ireland any more.


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