Newbie one off questions - builders, deposit, Help to Buy Scheme

spitonmedickie

Hi,

Cork based newbie here. I've had a look through the forum and hopefully people might be happy to give me a steer.

Have a site on the family farm, my understanding is this could be taken into account when looking for a mortgage vis a vis a deposit.

I'd be a first time buyer but read the help to buy scheme expire in December 2019. Because I'm on a probation in work it looks like I won't be applying for a mortgage til early next year - there any indications of this being extended?

Finally, does anyone have any views on inclusive design, planning and construction companies in Cork? I don't think I have a 'dream' house so rather than engaging an architect etc I'm open to his idea.

Askthe EA

Hi there,

I'm not going to advise on the first part because you need professional advice on that from a mortgage broker. They may (will) require a valuation of the site to ascertain its value but should be able to give you a plan for next year.

All signs are that the HTB scheme will be extended.

I know at least one firm that you pay €3500 up front for plans and thats reduced from the build cost if you go ahead with them. Cant say their name here but think they are the 18th letter of the Greek Alphabet.

GingerLily

Askthe EA wrote: »

All signs are that the HTB scheme will be extended.

Where did you hear that?

Gumbo

spitonmedickie wrote: »

Hi,

Cork based newbie here. I've had a look through the forum and hopefully people might be happy to give me a steer.

Have a site on the family farm, my understanding is this could be taken into account when looking for a mortgage vis a vis a deposit.

I'd be a first time buyer but read the help to buy scheme expire in December 2019. Because I'm on a probation in work it looks like I won't be applying for a mortgage til early next year - there any indications of this being extended?

Finally, does anyone have any views on inclusive design, planning and construction companies in Cork? I don't think I have a 'dream' house so rather than engaging an architect etc I'm open to his idea.

The banks will consider the site as the deposit but you must have it marked out and with planning in place for it to be considered a site.
The banks will not allow you to borrow towards the planning process so you need the cash upfront to get through this stage.

HTB - not 100% up on this but I thought this was to encourage purchases in multi development sites through an independent developer. I wasn’t aware that you can use it for a self build.

Look up planning agents in your area as you may have a long road ahead of you if you need to demonstrate local needs etc

I would use 2019 to get the planning in place.

Askthe EA

GingerLily wrote: »

Where did you hear that?

https://www.independent.ie/irish-news/politics/helptobuy-scheme-for-firsttime-buyers-set-for-year-extension-37342782.html

Askthe EA

kceire wrote: »

I wasn’t aware that you can use it for a self build.

Yeah you can as long as the developer is registered for it.