Additional funding needed for build

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poutsl

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Hi All

Looking for some advice.

We are doing a new build, and basically the ground works and foundations cost a lot more than we had budgeted.

Basically because of a rock that was uncovered that couldn't be broken by a rock breaker , we had use chemical to split the rock and break by hand , this is because it was to close to a neighbours house and could have damaged her house. So we had to get a monitor as well to ensure no damage.

Anyway to cut a long story short it now means we are short on funds for the build

Has anyone gone back to the bank and asked for more funds , we be looking for approx another 100k

Any advice appreciated
 
poutsl said:
Has anyone gone back to the bank and asked for more funds , we be looking for approx another 100k
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Is this all extra spend for the groundwork? I know I'm not being helpful, but you should have checked funding before spending as much as this.

It will all depend on you LTV and affordability. Just because the house costs an extra 100k won't change the value at the end, and banks won't break LTV limits.

You'll need to engage with your bank, or post a little more detail to get any meaningful answer here.
 
I Expect there will be about 200k equity once the house if built. A large proportion of the money is ground works and the rest is finishing .
 
Just finished self build myself. The fact that you hit rock and could not sort with rock breaker is unfortunate and could not be predicted.
As mentioned above it will come down to income and LTV.
Keep the faith and focus on what you will have as an end product a fine home. Good luck with funding and your build.
 
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