Possibility of 100% Mortgage - site & build

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Plek Trum

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Hi, Im aware that the average successful mortgage to buy a site and build, is approved at around 90 % - 92%.

Does anyone know if it is at all possible to get 100% approval (I appreciate the obvious reasons and risks invloved). What if a guarantor was included for the remaining 8% - 10%?

I am enquiring as we wanted to keep the mortgage soley to the property, with an additional loan from CU for furnishings etc only. (joint income of 89K, savings 13k, exisiting loan 20k).

If anyone has any advice or experience of this situation I would appreciate your comments... thanks.
 
i would disagree on that, you can get 90% of the site cost and 100% of the build costs, so you have to come up with 10% of the site cost yourself regardless of a guarantor being in the wings

you can off course try to re-coup your 10% by getting builders estimates that have a 10% contingency plan for over runs!

a way around the system

you only get 100% finance for a property already built or one being built by a developer

regards
DeirdreL

www.rea.ie
 
I went with first active for my last self build and got over 100% mortgage. At the time the bank agreed that what it was cost to buy the site and build the house was relatively small compared to what the house would be worth in the end.
 
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