Drawdown on self build mortgage

[roadrunner]

how is mortgage drawndown on self build project - if planning has been granted and building not commenced can it still be drawndown.

 

[lucylu]

you need to have an engineer signoff on work done before you can draw down.

 

[turtle77]

it is staged.

The Certificate of Inspection will set out each stage of drawdown as you will discuss in detail with your Architect to ensure timely realistic stage payment amounts. The general stages of drawdown are floor level, wall plate, roof level, 1st & 2nd fixing, completion.
There are normally 5 stages and each stage will have to be certified by your Architect and the Certificate forwarded to the bank in order for them to release funds. As above the cost of each stage payment to be certified by your Architect is in the region of €110.

 

[cruchan09]

Did a self build with mortgage from IIB. They only allow 3 stage payment draw downs. If you are using a reputable builder then he will wait until the floors have gone in before asking for any money. Your architect (or any architect if you dont have a designated one) will do up a complaince cert for forwarding to the bank for each stage. The last stage payment requires a completetion cert for the property. IIB issed stage payment cheques within 1-2 days of getting architects certs. They will not give you any money until the first stage is completed. They suggested to me that if I had any short term costs then I should get a personal loan.