Self build mortgages with own site

R

roadrunner

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I am inheriting a site est value €60K and have been quoted €240K for build of house excl kitchen,paint,tiling,furnishing - I estimate I need €300K mortgage to finish. what are my options -
1. does NIBs new LTV apply to me - e.g cost of property when complete est would be €450K
2. who give best rates for self build mortgages
3. would I qualify for tracker rate
4. does land have to be transferred to my name before I apply (assume so)

any advice would be appreciated.
 
also haw much does it cost to get a valuation on a typical property by an IAVI approved person?
 
Roadrunner,
some answers:
1. I dont knnow if NIB will finance self builds - maybe someone else knows?
2. Not all lenders finance self builds - for example Bank of Scotland dont. Otherwise your mortgage criteria apply just like any other type of mortgage. Your question might be put " who gives the best rates for mortgages" See plenty of other treads about good value.
3. You should qualify for a pretty good tracker rate - mortgage of €300K and relatively low LTV. - I would imagine a 1% or less tracker?
4. No - you can get the bank to issue an offer letter subject to site transfer.
 
roadrunner,

I am looking for a selfbuild mortgage at the moment. Called NIB - their LTV mortgage offer does apply to selfbuilds but only up to 80% max LTV.

You can go for a tracker. It's just the same as going for any mortgage. And you can get approval for a mortage before the site is transferred in your name.

PM me to let me know who you found the cheapest. I've been to Ulster Bank, AIB and NIB. Going to a mortgage broker next week.
 
thanks for all the useful replies - I rang NIB who quoted me .56 above the ECB rate which I do not think anyone can beat. This is based on 300K mortgage with 450K final value of property(this is a cautious estimate). They said to get a IAVI approved estate agent to look at property and plans to get official estimate.
So if property is valued at say 600K (possible) tracker rate would be .5 above ECB.
I don`t think I will bother with a mortgage broker now as I don`t think there is anything better in the market - am I correct?
Also valuation fee should be anything more than €150-€200 - correct?
 
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