Hi all,
We hope to be commencing a self build project shortly, the question i have is that if you only get a mortgage for 92% of the value of the site are the banks lending the money on the figure that you have on the contracts or do they send out someone to value it?
I know of a guy at work who purchased his site and even though he told the bank how much he paid for it they valued it and gave him 20k above what he had paid for it!
The site i have purchased is at an extreme knockdown price and if it was to be valued it would be easily worth 60k above what has been paid for it!
Its just if the bank were to value it the extra money would be a huge bonus rather than trying to raise the other 8% for the site and financing the initial phase of construction to the first stage payment.
All comments appreciated,
Regards,
Jolly Man
We hope to be commencing a self build project shortly, the question i have is that if you only get a mortgage for 92% of the value of the site are the banks lending the money on the figure that you have on the contracts or do they send out someone to value it?
I know of a guy at work who purchased his site and even though he told the bank how much he paid for it they valued it and gave him 20k above what he had paid for it!
The site i have purchased is at an extreme knockdown price and if it was to be valued it would be easily worth 60k above what has been paid for it!
Its just if the bank were to value it the extra money would be a huge bonus rather than trying to raise the other 8% for the site and financing the initial phase of construction to the first stage payment.
All comments appreciated,
Regards,
Jolly Man