self build mortgage

poolfandar

can anyone tell me what the self build mortgage includes....as to what standard of finish inside & outside......kitchens, fitures & fittings etc. I think soft furnishings are not included and kitchen appliances etc.....do banks lend for external ground works, landscaping & paving etc?

Gumbo

poolfandar wrote: »

can anyone tell me what the self build mortgage includes....as to what standard of finish inside & outside......kitchens, fitures & fittings etc. I think soft furnishings are not included and kitchen appliances etc.....do banks lend for external ground works, landscaping & paving etc?

Can self build mortgages still be got?

poolfandar

kceire wrote: »

Can self build mortgages still be got?

Yes I think so?

Sligoronan

Presume it like any new mortgage. Draw down paid on works completed and signed of on by certifier. Also no harm to have invoices to back all up.

galwaytt

poolfandar wrote: »

Yes I think so?

I'd be checking that with your lender tbh, you might have to search for one.

cikearney

Just received our full application pack from EBS. They will lend you they money for completion of house fit to live in and it must have power, water, kitchen, sanitary ware and a bedroom. They hold back 20% until it's fit for purpose check someone from the bank.

They will not borrow you council fees, solicitor fees,engineer fees, connection fees or contingencies.

Put all you can in your costings, our bank manages told us to put all of the above into our application and now we're 30000 short and he's already taking about a top up. luckily we own the land and they don't need a deposit.

Bscan86

i talked on the phone to an aib employee about a self-build mortgage, she told me that with a site in my name with fpp that would qualify for 100% of the build cost and that the amount pending approval would be a max. of €154,000. My savings at the moment are €11,200 which are regular savings over the last 18 or so months. My father has agreed to issue me with a site and i'm confident of acquiring planning permission. My salary is €34,000 and i always have the option of overtime. Also my job is permanent. After all that i'm just wondering if anyone could give me their opinion on whether i'd be approved and if not what would i need to do to be approved.

thebackbar

Bscan86 wrote: »

i talked on the phone to an aib employee about a self-build mortgage, she told me that with a site in my name with fpp that would qualify for 100% of the build cost and that the amount pending approval would be a max. of €154,000. My savings at the moment are €11,200 which are regular savings over the last 18 or so months. My father has agreed to issue me with a site and i'm confident of acquiring planning permission. My salary is €34,000 and i always have the option of overtime. Also my job is permanent. After all that i'm just wondering if anyone could give me their opinion on whether i'd be approved and if not what would i need to do to be approved.

Are you asking do you think you will be approved for the 154k off AIB ?

From the other end side of the equation you need to consider what size house you can build for 140,000 allowing 10% contingency to give you the total mortgage of 154k. I'm presuming that you will use your savings for planning application cost/construction drawings cost/esb connection fee/water connection fee. IMHO the numbers here look very tight !!

Bee Gee

I have fpp for a house sized 3,300ft (2,120ft ground floor and 1,180ft upstairs). As per the guideline of €100 per sq ft, the house should cost €330,000.

The house is a bungalow and I do not wish to fully complete the first floor (wiring, plumbing, wall partitions etc) until well into the future - the ground floor will be completely sustainable (3 bedrooms, kitchen, sitting room etc).

I have an immediate family member who is a building contractor and has priced the house (only ground floor fully completed and furnished) at €140,000 - Most of the labour will be done for free.

I am trying to get a mortgage for the €140,000 but I've been told that:
1) A mortgage can only be approved on the cost of the entire house - ground and first floor must be fully completed.
2) My calculations of cost to build are deemed inaccurate (even with the cost increased to have fully completed 1st floor), the banks will only abide by the guideline of €100 per sq ft and will not consider that the house will be built at a much lower cost due to my family's assistance.

Has anyone any similar experience or any recommendations? I've only spoken to one bank, I'm wondering if the others use the same criteria?

Gumbo

You may not get a completion certificate from the local authority of you don't finish it. Which means you cannot occupy the building.

Bee Gee

kceire wrote: »

You may not get a completion certificate from the local authority of you don't finish it. Which means you cannot occupy the building.

Does the completion certificate only relate to the new regs introduced last year? I have pp since 2009 (with time period extension since) and works have commenced on the site so I fall under the previous rules.

BryanF

Bee Gee wrote: »

Does the completion certificate only relate to the new regs introduced last year? I have pp since 2009 (with time period extension since) and works have commenced on the site so I fall under the previous rules.

What county are you in, and what date did you get your commencement notice in to the Coucnil ?

Gumbo

Bee Gee wrote: »

Does the completion certificate only relate to the new regs introduced last year? I have pp since 2009 (with time period extension since) and works have commenced on the site so I fall under the previous rules.

PLanning Permission date is irrelevant.
What date did you lodge your commencement notice on?
How could you have commenced if you are still looking for funding?