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Valuer for Mortgage Self Build

  • 06-01-2018 4:51pm
    #1
    clroconnor5
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi all, looking for a bit of advice/reassurance! We bought our site cash and got planning permission for a 2300 sq ft bungalow. We got a mortgage in principal for €235,000 which includes contingency and legal/engineer fees. Our engineer filled out costing forms to show this figure will cover our build. The bank sent out a valuer today and he looked at the site and our plans and says he doesn’t believe the house will be built for less than €300,000. We will be doing a lot of the work ourselves as my husband is a carpenter and all of his friends have trades. We are worried now that this valuation will cause trouble with the mortgage being fully approved for us. We are completely new to dealing with banks/mortgages so hopefully this is just the norm! Anybody who knows more about this and could advise us we would greatly appreciate it!


Comments

  • #2
    froshtyv
    Registered Users, Registered Users 2 Posts: 225 ✭✭froshtyv


    I am in a similar position but i have yet to go back to the bank with my final costings.

    From my last discussion with the bank they said that if an applicant doesn't meet the criteria for a mortgage for what they think it will cost to build the house then they will refuse to lend.
    This was with AIB.

    I am sure you can argue your case and may need several quotes to back up your price.

    Other than this you might have to revise your house plans to downsize


  • #3
    clroconnor5
    Registered Users, Registered Users 2 Posts: 2 ✭clroconnor5


    froshtyv wrote: »
    I am in a similar position but i have yet to go back to the bank with my final costings.

    From my last discussion with the bank they said that if an applicant doesn't meet the criteria for a mortgage for what they think it will cost to build the house then they will refuse to lend.
    This was with AIB.

    I am sure you can argue your case and may need several quotes to back up your price.

    Other than this you might have to revise your house plans to downsize



    Thanks so much for your reply! We received an email this morning to say everything is as should be and we are ok to go ahead so think my husband misheard, the overall value including site and completed house will be €300,000 according to valuer!
    I hope everything works out for you also! Good luck with the build!


  • #4
    froshtyv
    Registered Users, Registered Users 2 Posts: 225 ✭✭froshtyv


    clroconnor5 wrote: »
    Thanks so much for your reply! We received an email this morning to say everything is as should be and we are ok to go ahead so think my husband misheard, the overall value including site and completed house will be €300,000 according to valuer!
    I hope everything works out for you also! Good luck with the build!

    Glad you got it sorted.
    That figure makes a bit more sense being the final value of your finished property.


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