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Self Build Mortgage - Site Valuation

  • 27-09-2023 10:33AM
    #1
    Pistolpete1
    Registered Users, Registered Users 2 Posts: 53 ✭✭


    I'm new to this mortgage lark and I think I have a simple question but struggling to find a straight answer.

    My bank are currently doing a site valuation for my self build. No works completed yet. Site was a gift.

    For the mortgage, is it in my interest if the site is valued high or low?

    Someone told me that if the site is valued at lets say 50K and then my mortgage for build is 350K, the bank add the 2 figures together and now my mortgage is 400K. Based on that theory it would be in my interest for the site to be valued lower.

    Is this true or are there other options?

    Thanks in advance!



Comments

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


    It sounds like you already own the site if it has been gifted to you. Then it wouldn't make up part of your mortgage as you won't need to borrow money to purchase the land, but it could become part of the overall valuation by the bank for the finished house + site it's on. The only impact the value of this will have is if you are looking for the help to buy scheme, the overall price of the property needs to be under 500k, but sounds like you won't have any problems with this.



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