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Mortgage top up for SELF BUILD

  • 27-09-2017 1:07pm
    #1
    kevmyyster
    Registered Users, Registered Users 2 Posts: 22 ✭


    hI,

    Im running out of money on a self build, spent 200k, including mortgage and some savings. i require a further 40k.

    ive been told that the bank factor in 20% top up requirement when calculating mortgages, has anyone any expiereince in this.


    is it at a higher rate? is it easily accessed?

    really appreciate advice,

    kevin


Comments

  • #2
    Squatman
    Registered Users, Registered Users 2 Posts: 1,618 ✭✭✭Squatman


    talk to your bank!


  • #3
    kevmyyster
    Registered Users, Registered Users 2 Posts: 22 ✭kevmyyster


    i intend too but wont get in fro couple weeks as im working away, so just wondering is it a common occurence for people doing self builds. thanks for your help!!!!!!!!


  • #4
    sydthebeat
    Subscribers Posts: 42,172 ✭✭✭✭sydthebeat


    kevmyyster wrote: »
    i intend too but wont get in fro couple weeks as im working away, so just wondering is it a common occurence for people doing self builds. thanks for your help!!!!!!!!

    Thats a situation the banks absolutely hate !

    you are supposed to have detailed costs of construction submitted before even getting approved for your mortgage.
    You had better have very god reasons as to why you couldnt complete the works for the original costings you provided.


  • #5
    kevmyyster
    Registered Users, Registered Users 2 Posts: 22 ✭kevmyyster


    most people i spoke to have had to get a top up so fingers crossed!


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