Self Build Mortgage Site as Deposit

[clipper1981]

We are looking to self build and are lucky enough to be gifted a site. I was of the impression that we needed a 20% deposit but I have been told that Ulster Bank (my own bank)may consider the site as the deposit. Can anyone point me in the right direction for where I'd find info on this? I have searched online but to no avail. Many thanks

 

[Gerry Canning]

ask Ulster.

 

[Dave_Curry_IMC]

We are looking to self build and are lucky enough to be gifted a site. I was of the impression that we needed a 20% deposit but I have been told that Ulster Bank (my own bank)may consider the site as the deposit. Can anyone point me in the right direction for where I'd find info on this? I have searched online but to no avail. Many thanks

Ulster Bank will fund up to 100% of the construction cost (provided a 15% contingency is included in the budget), if the site was gifted, and as long as the value on completion is within usual LTV limits (which should be fine when the site is gifted). You need to pay for all professional fees and other associated costs (connection fees, council fees, etc.). PTSB will do the same.

Best Regards,
Dave Curry, Irish Mortgage Corporation
https://ie.linkedin.com/in/davecurryirl (LinkedIn profile and client testimonials)