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Documentation for Self Build Mortgage

  • 10-03-2011 10:54am
    #1
    BigGeorge
    Registered Users, Registered Users 2 Posts: 473 ✭✭


    About to go talk to banks about mortgage for our self build which is 50% complete. Talked to them before & they wanted to charge a higher rate on the interum loan until the build was complete & then arrange it again. All a bit daunting so want to go in fully informed.

    Has anyone any experience of getting one & what specific type of documentation / forms etc...do they require from engineers / architect etc..

    many thanks


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,686 ✭✭✭✭mickdw


    With the way the bankd are currently, the rules are all changed so its hard to say what they will be upto but firstly, have you had your Engineer on board from the start?

    They will look for an itemised costing for the overall works also showing works complete to date and value outstanding etc. They will want the typical undertaking from Engineer that he/she has inspected foundations, that works are in compliance with planning etc .... and that they will certify works on completion. They will then make you jump through numerous hoops, Ive seen them ask for comfirmation that all works to date were paid for in full etc depending on percentage mortgage you are looking for.

    At the end of the day, if you have sufficient income to qualify for the mortgage and you have your Engineer on board from the start and you have your correct planning and own the land etc, they should be able to arrange the mortgage directly without this bridging loan but it will involve alot of crap compared to a few years ago. I would shop around to find a bank to do the mortgage proper instead of the bridging idea as that interest might be crazy.


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