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Help!! Self Build Mortgage/Fixed Contract

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  • 03-08-2019 8:06pm
    #1
    Benny22
    Registered Users Posts: 3 ✭


    Hi there,

    Has anyone encountered problems getting their self build mortgage finalised before signing a contract with their building contractor?

    Some context....we’re anxious to get our house build started and recently agreed a fixed price contract with our building contractor (we have engaged an architect, QS etc). We haven’t signed the contract with our building contractor just yet, as we wanted to ensure we have the mortgage finalised with our bank!
    The problem is, our bank is adamant they want to see the signed contract before they can issue our mortgage offer (we’ve already mortgage approval in principle). Our concern is that if we sign the contract but don’t get the mortgage, we could be held to the legal contract with our building contractor. We’ve already sent the bank the detailed build costing which was signed by our architect. Any advice on this would be much appreciated.


Comments

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    #2
    Dav010
    Registered Users Posts: 14,523 ✭✭✭✭Dav010


    Put a clause in the build contract that it is subject to granting of mortgage.


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