self build

house2b

Hi all,
first time poster, myself and wife currently have our planning in for house. We are hoping to get it priced next week with few builders. at the moment we are looking at mortgages , just wondering did you have to give deposit for mortgage to build? we have our site as a gift from my parents. some say this will in effect act as the deposit and and some say you need 8 % to build. Has anyone took out their mortgage lately for self build ? what way did it work for you when you own the site.
Few of our friends looking into building at the moment and are gettin pricing back about 65 a sq ft builders finish.

mr_edge_to_you

house2b wrote: »

Hi all,
first time poster, myself and wife currently have our planning in for house. We are hoping to get it priced next week with few builders. at the moment we are looking at mortgages , just wondering did you have to give deposit for mortgage to build? we have our site as a gift from my parents. some say this will in effect act as the deposit and and some say you need 8 % to build. Has anyone took out their mortgage lately for self build ? what way did it work for you when you own the site.
Few of our friends looking into building at the moment and are gettin pricing back about 65 a sq ft builders finish.

it depends on the lender. some lenders will lend you 100% of the building cost if you already own the site, some won't. a lot will also depend on a realistic valuation of the site and your own income circumstances. i would strongly advise going to see a mortgage broker. we went through a broker and we got a level of service that no bank could possibly compete with. they will get a few options for you to meet your requirements. obviously it will impact upon your LTV but if you haven't got a massive amount of savings you've not got many options. that was what happened us. if you are in Dublin/Kildare/Meath i would have no problem passing on details. just pm me!

badgerhowlin

I'm in the same boat.

Getting site from my father and going through a mortgage broker to get the best mortgage we can.

We are going self build as her father is a carpenter and we have loads of friends in the building trade!
Got a quote on a timber frame house. Its will be put up, insulated, felted and latted and sealed. PM me and ill send you on the price.

The prices im comming back with jsut seem to be too good to be true

house2b

thanks for all replies,
it looks like mortgage broker is worth a try and see what our options are, we have about 15,000 savings however we would like to have that to put towards furnishing if it was a case we could get full price of the build. Should be interesting to get pricing back over next few weeks , if like some of our friends we average out about 65-70 a sq ft ours would come in about 155000-165000 builders finish. One of our friends council fees for similar area are 9000 can't believe it.

rose1

Hello, I'm new to all this so please bear with me,

I have full planning on my site which was gifted to me, I'm thinking of a timber framed house it is 2500 sq /ft. at the moment I'm trying to do costing for the mortgage, does anyone know any good direct labour contacts in the north cork area????

JOCookie

Ignore, just noticed first post was 2010

muffler

rose1 wrote: »

Hello, I'm new to all this so please bear with me,

I have full planning on my site which was gifted to me, I'm thinking of a timber framed house it is 2500 sq /ft. at the moment I'm trying to do costing for the mortgage, does anyone know any good direct labour contacts in the north cork area????

Would you mind posting in this thread please in the same format as the other posts. Thanks

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