Hi all,
Am currently at the first stage draw down of a mortgage for a new build. Forgive me if all this comes out in an arseward ways (reflects my mind
Can someone give me advice if am doing the right thing (should I put more of my savings in).
Build cost (to a builders finish - I have a contract), does not include things for bank sign off later, i.e., kitchen is to be supplied and fitted by myself, stairs (who knew a very bog standard stairs could be so expensive (am being quote 3k+), and sanity ware (I supply, builders fit). The rest (internal doors, landscaping, painting will need to be done later, I think).
Build itself is: e173,000, bank valued at e210,000
Mortgage: e150,000. Am BoI. 5year fixed @ 3%. 2% cashback. 30 years.
HTB (help to buy): Around e10,000
Am putting in: e18,000
= 178,000
Leaves about 5k for contingency at the moment (and the foundations have gone down no problem - am not sure what other contingency this could be for - the drawings by the architect, as the builder said, are so detailed, they dont foresee an issue. Unless I start moving walls).
Ive another seperate 9k set aside (I try and put 1k a month into this fund. But the amount being deposited at the moment will go down, as I pay rent, and now to start paying back a mortgage, and still (try) have a life. The 9k is to pay the remainder of the architect's fee. An engineer's fee (about 1k). Irish water (about 3k). Solicitors (about 1k).
Landscaping I will do once I get the 2% cashback (45 days after the last draw
down).
My parents want to gift me about 10k, to go towards cost of the kitchen (nothing fancy) and bathrooms (am finding bathrooms the most challenging at the moment - 10k for 3 bathrooms.
I purposely built the house smaller (well, its 3 bedrooms/3 baths - very efficient design), as I do not want ever the fear of not being able to pay a massive mortgage. It will be an A rated home. So bells and whistles have gone into it, its just smaller/dinkier! (I never got the massive house/massive mortgage thing).
The long goal for myself is I think I still have it in me to live in another country, maybe for a year or so, once the house is to an acceptable finish. I am going to look into a career break. I'd like to think I could rent the house for that time (if am allowed?). To this effect, I still have e24,000 put aside. I'd even forgotton about it until recently. When I panicked thinking about all of the above.
Should I be putting in 24k against the mortgage (I still "think" I can finish it, per above with what I've currently got)? I would have no savings then, but I guess a small mortgage?
Any advice on any of the above. As I like to say to people, Ive never built a house or had a mortgage before, so not too sure if am doing to right/wrong!
Thanks
Am currently at the first stage draw down of a mortgage for a new build. Forgive me if all this comes out in an arseward ways (reflects my mind
Can someone give me advice if am doing the right thing (should I put more of my savings in).
Build cost (to a builders finish - I have a contract), does not include things for bank sign off later, i.e., kitchen is to be supplied and fitted by myself, stairs (who knew a very bog standard stairs could be so expensive (am being quote 3k+), and sanity ware (I supply, builders fit). The rest (internal doors, landscaping, painting will need to be done later, I think).
Build itself is: e173,000, bank valued at e210,000
Mortgage: e150,000. Am BoI. 5year fixed @ 3%. 2% cashback. 30 years.
HTB (help to buy): Around e10,000
Am putting in: e18,000
= 178,000
Leaves about 5k for contingency at the moment (and the foundations have gone down no problem - am not sure what other contingency this could be for - the drawings by the architect, as the builder said, are so detailed, they dont foresee an issue. Unless I start moving walls).
Ive another seperate 9k set aside (I try and put 1k a month into this fund. But the amount being deposited at the moment will go down, as I pay rent, and now to start paying back a mortgage, and still (try) have a life. The 9k is to pay the remainder of the architect's fee. An engineer's fee (about 1k). Irish water (about 3k). Solicitors (about 1k).
Landscaping I will do once I get the 2% cashback (45 days after the last draw
down).
My parents want to gift me about 10k, to go towards cost of the kitchen (nothing fancy) and bathrooms (am finding bathrooms the most challenging at the moment - 10k for 3 bathrooms.
I purposely built the house smaller (well, its 3 bedrooms/3 baths - very efficient design), as I do not want ever the fear of not being able to pay a massive mortgage. It will be an A rated home. So bells and whistles have gone into it, its just smaller/dinkier! (I never got the massive house/massive mortgage thing).
The long goal for myself is I think I still have it in me to live in another country, maybe for a year or so, once the house is to an acceptable finish. I am going to look into a career break. I'd like to think I could rent the house for that time (if am allowed?). To this effect, I still have e24,000 put aside. I'd even forgotton about it until recently. When I panicked thinking about all of the above.
Should I be putting in 24k against the mortgage (I still "think" I can finish it, per above with what I've currently got)? I would have no savings then, but I guess a small mortgage?
Any advice on any of the above. As I like to say to people, Ive never built a house or had a mortgage before, so not too sure if am doing to right/wrong!
Thanks