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Using gifted site as deposit for mortgage?

  • 17-03-2019 04:36PM
    #1
    SelfBuild2019
    Registered Users, Registered Users 2 Posts: 35 ✭


    Just wondering if a gifted site (assume value of €50k) can be counted toward a deposit for a mortgage for a First Time Buyer with any mortgage providers?


Comments

  • #2
    daheff
    Registered Users, Registered Users 2 Posts: 6,119 ✭✭✭daheff


    SelfBuild2019 wrote: »
    Just wondering if a gifted site (assume value of €50k) can be counted toward a deposit for a mortgage for a First Time Buyer with any mortgage providers?

    Firstly, might be better posting this in accommodation & property as many have experience of this over in that forum

    Mortgages for self builds are different to buying an already built house. Afaik site value can be taken into consideration.... but mortgage would have different draw down times/amounts for different stages of the build.


  • #3
    SelfBuild2019
    Registered Users, Registered Users 2 Posts: 35 ✭SelfBuild2019


    Thanks for that - would it be possible for an Admin to move it to the Construction & Property section?


  • #4
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Yes once you have a gift of the site you can borrow up to 100% of the construction costs subject of course to valuation. You will need a qualified Architect/Engineer to supervise the construction who will also have to complete a detailed costings form issued by the lender. You will need to add 10% to the cost of construction for cost overruns.

    SelfBuild2019 wrote: »
    Just wondering if a gifted site (assume value of €50k) can be counted toward a deposit for a mortgage for a First Time Buyer with any mortgage providers?


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