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Keep Cash or Start (Self) Build

  • 02-03-2016 4:41pm
    #1
    SQLDBA
    Registered Users, Registered Users 2 Posts: 91 ✭✭


    Hey,

    would appreciate advice or feedback from others who were in a similar situation.

    So we submitted our further information yesterday that our planning officer requested so are expecting to receive planning in the next 4 weeks or so.

    By the time the land is signed over (still currently in my fathers name) we will be coming into the fine weather.

    At this stage we will have the money in savings to bring us up to floor level.

    My question is would it be best to keep the savings in the bank in favour of the mortgage or will the bank take the money spent into account when we are applying for the mortgage?

    The reason to this is I'm note sure how long it will take the bank to let us draw down and wouldn't want to miss out on any building time in the summer months.

    Cheers.


Comments

  • #2
    sydthebeat
    Subscribers Posts: 42,171 ✭✭✭✭sydthebeat


    it would be madness to start a build without ALL the finances in place before you commence.

    Even when you do build, you will have to use your savings first before you can draw from your mortgage.


  • #3
    SQLDBA
    Registered Users, Registered Users 2 Posts: 91 ✭✭SQLDBA


    Thanks sydthebeat.

    That actually makes perfect sense!


  • #4
    kerry bhoy
    Registered Users, Registered Users 2 Posts: 54 ✭✭kerry bhoy


    SQLDBA wrote: »
    Thanks sydthebeat.

    That actually makes perfect sense!

    Almost finished my self build and yes you should talk to bank before you start. Bank I went with were happy for us to use there money first before we used savings.


  • #5
    BarneyMc
    Registered Users, Registered Users 2 Posts: 1,504 ✭✭✭BarneyMc


    Talk to your bank. Do not go ahead spending your own money first. Been there, done that, regretted it!


  • #6
    Metric Tensor
    Registered Users, Registered Users 2 Posts: 3,725 ✭✭✭Metric Tensor


    If you spend your own money before approaching the bank the bank may not take said money into account in terms of the initial savings you are required to have to get a mortgage in the first place.

    Once you have the mortgage in place the bank will require you to spend your own money first anyway - so although the end result is the same if you spend the money in advance of mortgage negotiations you may not get a mortgage at all!


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  • #7
    SQLDBA
    Registered Users, Registered Users 2 Posts: 91 ✭✭SQLDBA


    Thanks everyone for the responses. I will be taking yer advice on board. Starting the build without the mortgage secured was just a mad brainwave I had.


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