Mortgage Q - Living in UK, Building in Ireland

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hanorac

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I'm currently living in the uk, I've applied for planning on a site I'm receiving from my parents.
How do I go about the paying for the build, Ideally I'd like to start building before moving home.
I believe there is an option of an investment mortgage, is this usable for a self build, what are the costs, pitfalls, better options?
 
If you value a site with planning permission obtained at say €100k and will spend €150k to build then the total value is €250k ...or more even.

Get a valuation on site as is with FPP and house as built according to plans.

The bank is therefore looking at a 60% Mortgage (LTV Loan to Value) or less even if they lend you all the building costs so I would say an Irish bank will play ball .

Were you borrowing 100% they would not.
 
As you already own the site you should have no problem financing the build as long as the overall LTV does not exceed 80%.
 
The best thing is to contact to a few different brokers, they dont necessarily have to be from the area your from.. For eg. Im from Galway & currently buying here. I went through a broker in Dublin.. I'd recommend Simply Mortgages 1850746759 or PNI Mortgages 016760698. I went with PNI but 'Simply' were very helpful also.. I heard Bank of Scotland are pretty good too, Ive been approved by Permanent TSB. Just make sure to SHOP AROUND! Ye'll be fine anyway! goodluck..
 
I found Philip O'Reilly in Clare to be very helpful. They had no problem with building while living abroad whereas some other mortgage companies did. I think they are part of EBS but not sure. Office number is 065-6844448. If you build while still living in UK then you are considered an investor so will have to get a residential investment mortgage or a holiday home mortgage. Interest rate usually slightly higher (maybe .25%) and larger deposit required (20%) but if you own the site you should be able to borrow 90/100% of build costs due to the equity you will have in property. You must have full planning permission in order to get this type of mortgage. Once you move back to live in Ireland you can convert mortgage to regular, residential mortgage and claim tax relief. (Don't know how you claim tax relief on Irish property while in UK but I'm sure someone on this forum would). As Kierank said, shop around and best of luck.
 
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