Can we include existing loans in mortgage for self build

C

catchya

Guest
Hi all. I think this is just my second post here although I have got some invaluable information from reading other posts on this site which have already answered a lot of questions I had.
My husband and I are buying a site with FPP and are to meet with EBS and PTSB next week re mortgage. We have some outstanding loans i.e. car loan of 12,000, cr union 20,000 and cr card of 4,000. I was wondering if it would be possible to amalgamate these loans into the mortgage from the start? We are purchasing the site from a family friend at considerably less than market value and a lot of our family and friends are tradespeople so the house will be build for considerably less than its final value. We have put a mobile home on the site so are not paying rent or mortgage. Any help or advice welcome.
 
Lenders tend not to be too keen on refinancing loans for First Time Buyers, but if the property value at all stages of the construction process exceeds about 120% of the loan and your income supports the repayments, you should be able to convince them to do it.

I'd shop around more than just two lenders, by the way.
 
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