Self Build, Help to Buy and Mortgage Options

clareglen

Registered User
Messages
1
Hi,

First time poster, long time reader.

Myself and my boyfriend have just been part gifted (estimated 50% site value) a site by my mother in Clare. Just a bit of background on the site:

Building began and was completed up to wall plate level in 2009, however it has not been touched since. So we are looking at completing it now.

We have the deposit with the help to buy now (I think we get this as the site was never lived in) but given current uncertainty we were thinking of waiting until next year to save further and get to a 15% deposit position.

Just a couple of questions to make sure we are doing the right thing:

1) Is there anything we should consider regarding the site gift? I know I am exempt from CAT but will the bank want it also signed over to my boyfriend for mortgage purposes (then CAT has to be paid by him)? We want to avoid paying any CAT. I am assuming no CGT implications for my Mam.
2) Are we right to hold off until next year given the uncertainty? Our jobs are stable enough but you'd never know.
3) We were thinking of going with BOI 2 year fixed which would be 3% cash back and a further 1300 net for mortgage saver, which would be circa 10k in cashback for us. I see this does run out by Dec 2020 so I wonder should we just move now in case it is not extended?
4) We were then planning on switching to ESB and PTSB for one year each for cash back and then finally to UB from year 5 for the cheapest rate long term. This way over four years we would only have paid around 7k in interest. What are the risks here? The cash back won't last or our/banks situation could change and we're left with BOI at a terrible rate?
5) Is there anything else we should be taking into account? I know there may be a retrofit scheme coming in but not sure would this site qualify. Open to all suggestions.

Thanks
 
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