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Building a house

  • 14-01-2016 4:39pm
    #1
    deburca98
    Registered Users, Registered Users 2 Posts: 26 ✭


    Hi
    apologies for being so green to the self build process l. I am preparing a list of things I want in a house as well as specs and inspiration ideas for an architect. What I want to know is this, basically I own a site and when I go for a mortgage can I put the site as deposit. I have seen alot of information in regards to a mortgage to buy a site and then build on all the lenders pages but what is the process if you own a site. Thanks again and sorry for not having all the information all comments appreciated


Comments

  • #2
    4odh4n
    Registered Users, Registered Users 2 Posts: 117 ✭✭4odh4n


    i enquired about a mortgage recently and own the site I am going to build on. the bank would not value the site at any more than agricultural value (so for example about 4-5k for half acre site), and not at the value a site would be bought for (say 20-30k). So the site I own alone would not be worth near enough to cover the deposit / own money element of most mortgages now I don't think. maybe its not the same with all banks though?
    best bet is to sit down with the bank first and get a figure of what they might lend you and then build / design / spec the house to match instead of having to try and reduce elements afterwards, this is what i have done and am now trying to build to that budget


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