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Self build mortgage

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  • 22-10-2018 3:15pm
    #1
    sarah88
    Registered Users Posts: 502 ✭✭✭


    Hi, I am in the process of applying for a self build mortgage with BOI. After submitting all documents last week, I have just been informed that the bank will require a 10% contingency and a €15,000 retention on top of that.
    This is the first time I've heard mention of the retention.

    Is this normal practice for BOI?

    Many thanks

    Sarah


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    #2
    Bank of Ireland: Jennifer
    Closed Accounts Posts: 490 ✭✭Bank of Ireland: Jennifer


    sarah88 wrote: »
    Hi, I am in the process of applying for a self build  mortgage with BOI. After submitting all documents last week, I have just been informed that the bank will require a 10% contingency and a €15,000 retention on top of that.
    This is the first time I've heard mention of the retention.

    Is this normal practice for BOI?

    Many thanks

    Sarah


    Hi There,

    Thanks for getting in touch with us here. Self Build Mortgages are dealt with on a case by case basis. If you would like to the discuss the specifics of your application you can certainly contact our Mortgage team on 01 611 3333 and one of our advisors will be more than happy to discuss this with you.

    Thanks Jen


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