Self Build Mortgage

PhilM

Registered User
Messages
14
Hi there
A query where a financial/legal advisor may be able to help.

We have already drawn down €170k re site & legal cost for a new build. We got a self build mortgage from EBS back in September.

Luckily for us we've been given a temporary loan circa €260k from both our parents to build the house, which we are looking to do over the next year. This should enable us to benefit from having to repay a mortgage for two years.
We will obviously repay the loan in two years time.

My question is how will the EBS deal with us in two years time when we look to pay back our parents with a loan from the EBS, bearing in mind the self build mortage requires stage payment withdrawals and more importantly the contract we entered into with the bank.
Cheers
Phil
 
There may well be a time limit on your EBS loan offer specifying that you must draw down the funds within a certain period of time or else the loan offer expires. If it does, you'd have to re-apply, prove continued ability to repay etc.

Check with EBS and/or your solicitor - they should be able to verify for you.

www.ferga.com
 
Back
Top