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Getting a mortgage

  • 26-08-2013 11:27am
    #1
    yoloc
    Registered Users, Registered Users 2 Posts: 375 ✭✭


    I recently heard that you have to have the funds in the bank or mortgage approved for getting planning. How true this is i dont know, im sure someone here could clear this up.


Comments

  • #2
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    yoloc wrote: »
    I recently heard that you have to have the funds in the bank or mortgage approved for getting planning. How true this is i dont know, im sure someone here could clear this up.

    This isn't true as far as I know. You won't get a mortgage fully approved until your planning permission is granted though. We applied for planning in Cork and applied for the mortgage around the same time. Got mortgage approval in principle two weeks before the planning was granted and the county council didn't query how we were funding the build.


  • #3
    BryanF
    Moderators, Home & Garden Moderators Posts: 10,146 Mod ✭✭✭✭BryanF


    yoloc wrote: »
    I recently heard that you have to have the funds in the bank or mortgage approved for getting planning. How true this
    ridiculous, rubbish, false


  • #4
    jarvis_c82
    Registered Users, Registered Users 2 Posts: 89 ✭✭jarvis_c82


    For mortgage approval with the banks at the moment, you are required to have 1/3 of the cost of the build to be provided by yourself. You will eventually get mortgage approval and once you begin building, the bank will need certification on that you have completed 1/3 of the build / budget before they will allow part of your drawdown.

    I know this from experience in building a new house in Meath and it has just been completed in March of this year.


  • #5
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    jarvis_c82 wrote: »
    For mortgage approval with the banks at the moment, you are required to have 1/3 of the cost of the build to be provided by yourself. You will eventually get mortgage approval and once you begin building, the bank will need certification on that you have completed 1/3 of the build / budget before they will allow part of your drawdown.

    I know this from experience in building a new house in Meath and it has just been completed in March of this year.

    That's the first I've heard of this after talking to 4 banks and a mortgage broker about a self build mortgage as well as getting approval in principle approved. Do you mind me asking which bank you are with?


  • #6
    muffler
    Registered Users, Registered Users 2 Posts: 46,555 ✭✭✭✭muffler


    Above posts moved from here where they were derailing the thread a bit


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  • #7
    jarvis_c82
    Registered Users, Registered Users 2 Posts: 89 ✭✭jarvis_c82


    bee06 wrote: »
    That's the first I've heard of this after talking to 4 banks and a mortgage broker about a self build mortgage as well as getting approval in principle approved. Do you mind me asking which bank you are with?

    We are with BOI and that was the terms we were put under for our build. If they have loosened the reins for you, fair play on getting them.


  • #8
    bee06
    Registered Users, Registered Users 2 Posts: 4,514 ✭✭✭bee06


    jarvis_c82 wrote: »
    We are with BOI and that was the terms we were put under for our build. If they have loosened the reins for you, fair play on getting them.

    We're with AIB but had initial discussions with BOI and it wasn't mentioned. We were getting a site gifted. Maybe this was the difference?


  • #9
    jarvis_c82
    Registered Users, Registered Users 2 Posts: 89 ✭✭jarvis_c82


    I don't know to be honest. We were gifted the site also. It was just one of the terms they wanted.


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