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What is included in self build mortgage

  • 12-10-2016 04:27PM
    #1
    NewHome2016
    Registered Users, Registered Users 2 Posts: 10 ✭


    Total Newby here. What exactly is included in mortgage from bank for new self build. We have been gifted the site by my in laws. We are not first time buyers. Home much extra will we need? Will the bank count the site as a deposit?
    Do the banks include development fee? Septic tank etc in the cost? We want to borrow as little as possible. Thanks in advance


Comments

  • #2
    Tefral
    Registered Users, Registered Users 2 Posts: 4,411 ✭✭✭Tefral


    If you are applying for a self-build mortgage, a valuation report must be undertaken no more than two months before the date of the letter of loan offer. Each stage payment will only be released on foot of certificates In addition, a final original valuation report must be submitted to the bank before drawdown of the final stage payment and/or on completion.

    Planning Permission and details of proposed size of property (square feet/metres).

    • (A) Copy of your Fixed price Contract or (B) If you are building by Direct Labour, a detailed schedule of build costs to be completed by your qualified architect/ engineer/building surveyor – detailing build costs and outlining that the property can be completed in full for the proposed build cost

    • It will be necessary to have an initial Valuation Report completed prior to full loan approval, advising cost/value of site and estimated market value on completion of build.* (For self builds interim building certificates will be required for release of funds on a phased basis or in tranches. These certificates have to be completed by a member of one approved bodies, such as RIAI or SCSI or IEI)

    They breakdown the costs as follows
    1. Demolition of existing dwelling (if applicable)
    Preliminaries
    Site clearance and Preparation
    Substructure
    Foundation
    Blocklaying
    Timberframe (if applicable)*
    2. Structure
    External Walls
    Internal Walls
    Insulation
    Brickwork
    External Doors
    Internal Doors
    Windows
    Roof Structure
    3. Stairs
    Plasterwork and Finishes
    Internal joinery
    Flooring and Finishes
    Electric
    1st Fix
    2nd Fix
    Plumbing
    1st Fix
    2nd Fix
    Heating
    4. Kitchen & Utility units
    Bathroom, sanitary ware & fittings
    Fitted wardrobes
    Fireplace
    Fixtures & Fittings
    Waste and Drainage
    Landscaping & Driveway
    Tarmac & Kerbing
    Garage
    Conservatory
    .


    5. Architect & Professional Fees (incl. VAT)
    Connection Fees (Water and ESB)
    Other Fees / Planning Contributions

    10% contingency amount


    TOTAL BUILD COST REQUIREMENT


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