Max Mortgage with salaries, deposit, inheritance

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FunkyMonkey

Registered User
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I have recently decided to build my own house and im going through the planning steps now, our salaries are €26000 and my fiancé salary of €36000 both permanent and she is a Teacher, if this helps. We have been quoted about €200000 for the building of the house but this would come down as family members are in the trade business. We are living in Kerry and have a site.
  • What is the max motgage we could get with our salaries?
  • Do you always need the 10% deposit(First Time Buyers)?
  • Can inheritance money be used for part of the deposit(€5000)?
 
I would call to a couple of the lenders and ascertain their views on self build etc.

If you don,t show savings , it will be hard to justify why you should get a mortgage, but given 2 secure salaries it should be do-able eg save for 6 months.

Max mortgage is like max speed limits , you don,t have to reach it !
Go for what you need , not the limit.With k60+ salaries you are ok.

Most times you need the 10%.

If the inheritance rests in your account ie you have it now in savings , that should help as a deposit.
 
You didn't ask them but please tell me you're not building a McMansion? My sister built one, my OH's cousin built and lives in one, stays in kitchen to keep warm and his nephew has built one and they have left some rooms closed and empty..... they're going to do the driveway and garden next year if they have the money.

Are we to understand you correctly and you've no deposit? How did you get the site? Is 200K to roof finished without the inside (sanitary ware, kitchen, finishing, painting, flooring, curtains)
 
We have only received the inheritance in the last week, finding out if we are allowed to use it in the deposit or not, we have around €5000 ourselves already in savings.

The site is on my parents farm and the house will probably be fully furnished from the mortgage if not fully then 75% would be done from this, it is a story and a half roughly 200metres square in size.

One other thing can money spent on planning applications, engineers etc be written off as part of the deposit as I have been told that banks take into consideration rent people are paying, if that makes sense....

When you said save for 6 months is that get the 10% in that time? I have been told this before but no one really explained it to me.

Thanks for the replies
 
You can get a 100% mortgage if you already own the site.

You can't just submit forms though, showing them you own a site, now give me 100% of the build cost. It is extremely difficult to get a mortgage these days and you have to show them that you are able to pay off the mortgage. If you can't show them that you are able to pay off the mortgage at a stress test of +2%, they won't give you a mortgage.

They evidence is regular savings, discontinued loans or current rent/ mortgage.

Steven
www.bluewaterfp.ie
 
You need to save more money. The bank will not lend to you with the small amount you have saved.

You will be better off saving as much as you can over the next year ... the record of savings will stand to you both when you apply for the mortgage.

Mortgage will not cover fees, mortgage will not cover furniture etc. .... that will have to be paid for out of your own pocket.

The 10% will be paid towards the building costs ... and don't forget unforseen building costs ...

Re. the house size (as referred to by Bronte) .... why so large? why not go for a smaller/more efficient to heat/light etc. build? Smaller also means lower costs etc.

Family members in the trade business will save x amount but not a whole lot ... they won't/can't work for free and materials will still cost.
 
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