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Self build mortgage advice

  • 14-09-2016 8:31pm
    #1
    SB211109
    Registered Users, Registered Users 2 Posts: 3 ✭


    Hi just looking for some advice I am going to go to bank on Monday but wanted an idea of what to expect. I would like to buy a site and build a house. The site is 40k and has full planning for 2200sqft house. Our combined annual salary is 64k. We have 13k savings. No loans and we pay 575 rent and save 1k a month. Would we have any chance of getting a mortgage on these figures. I am clueless about all of this really any advice be appreciated.


Comments

  • #2
    bungaro79
    Registered Users, Registered Users 2 Posts: 1,214 ✭✭✭bungaro79


    have you got a price from any builders for the build?? this price will have a lot in determining how you get on. you will probably need to add on another 10% contingency to the cost of the house too for the bank.


  • #3
    SB211109
    Registered Users, Registered Users 2 Posts: 3 ✭SB211109


    Hey.. my father in law is a builder and he reckons he could build it for 160k but I heard something about banks not accepting anything under 85per sqft which would mean they would price it at 187k build so that along with 40k site. I don't know if I would be eligible with only 13k savings? I seen online that for a self build a lender can loan 70%of the site and 100%for build cost... does that mean my 13k would be suffice? Thanks


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