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Can site value be used towards deposit in mortgage?

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  • 23-05-2019 5:03pm
    #1
    show me the money.1
    Registered Users Posts: 261 ✭✭


    Hi I have a site can this be used towards deposit value?
    and loan to value?
    It will be a self build on home farm site.


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    #2
    exaisle
    Registered Users Posts: 2,673 ✭✭✭exaisle


    The amount you need to borrow as a proportion of the finished valuation (in this case, estimated) gives you your loan to value figure.


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    #3
    dazed+confused
    Registered Users Posts: 1,001 ✭✭✭dazed+confused


    show me the money.1 wrote:
    Hi I have a site can this be used towards deposit value? and loan to value? It will be a self build on home farm site.


    The mortgage advisor in Ulsterbank told us that as we own our site outright that they will release 80% of the site value on day 1 of the build.

    We need to show a history of savings, but no deposit as such because the site qualifies for this.


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    #4
    show me the money.1
    Registered Users Posts: 261 ✭✭show me the money.1


    dazed+confused wrote: »
    The mortgage advisor in Ulsterbank told us that as we own our site outright that they will release 80% of the site value on day 1 of the build.

    We need to show a history of savings, but no deposit as such because the site qualifies for this.

    Thanks that's what I needed to know, I have a good history of savings but have invested this in shares that I do not want to sell for my deposit.


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    #5
    CoffeeBean2
    Registered Users Posts: 104 ✭✭CoffeeBean2


    A mate said BoI would not allow site value to come into it. He had enough cash to buy the site outright and only required a mortgage for the build. However the bank would only give 80% of whatever was needed (not the final value). So he ended up splitting that same amount across the site and the build.


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