Hello. Im building a house and have a self build mortgage with AIB. The mortgage will cover about 60% of build cost (Single applicant , average wage so have had to save a lot, therefore cant get help to buy as won’t have correct mortgage / house value ratio).
Anyway, went to draw down first part of mortgage and bank lady said no, I have to use up all my cash first before I can get anything from bank. So about €100k of my cash and then they’ll pay the next €50k Etc.
Is this normal? I would really like to have cash during this build for unexpected expenses. I’ve spent €40k so far on demolition, architect, bat survey etc. Who knows what’ll be next. House won’t be built for another year or so, so thought I had another 6 months to put cash together.
The woman in the bank said it all comes down to who deals with my case. I’d love to know what other people have had to do. Thanks.
Anyway, went to draw down first part of mortgage and bank lady said no, I have to use up all my cash first before I can get anything from bank. So about €100k of my cash and then they’ll pay the next €50k Etc.
Is this normal? I would really like to have cash during this build for unexpected expenses. I’ve spent €40k so far on demolition, architect, bat survey etc. Who knows what’ll be next. House won’t be built for another year or so, so thought I had another 6 months to put cash together.
The woman in the bank said it all comes down to who deals with my case. I’d love to know what other people have had to do. Thanks.