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Self Build mortgage approval

  • 27-01-2011 04:14PM
    #1
    pw01
    Closed Accounts Posts: 168 ✭✭


    Hi,

    i'm looking to get a mortgage for a self build. i'm on 26k gross a year, savings of 15k and a loan of 15k and have been given a site by family.
    i was told by a broker if i pay of the loan with my savings money i should get the mortgage based on having a site.
    Is this true (obv i will look into it more before i go ahead)?
    Looking for a mortgage of around 120k.


Comments

  • #2
    phormium
    Registered Users, Registered Users 2 Posts: 3,504 ✭✭✭phormium


    Why not go ahead and apply for the mortgage while making it clear to the bank that you will clear off the 15k loan before drawing down mortgage and with the site as your deposit. It is not uncommon for a bank to write in such a condition on a loan offer.

    The reason why they will want it paid is because the bank will have a set guideline of how much of your monthly income you can be paying in repayments, when you have to take off the loan repayment off that amount it is unlikely you would qualify for mortgage.


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