Wondering how to fund house help needed please!

D

dancork

Guest
Hi all,

I am currently building a house in East cork.

However the banks won't lend as it is on a site and they won't do stage payments.

I have funded the property up to floor level from my own money. I own the site. I have about €30,000 in savings in personal and a business account. I am self employed and I am doing ok despite a savage recession. I earn about €2,300-€3,000 net a month, it varies. I have no existing loans and no mortgage.

I am wondering what is the best way forward?

I can afford to cover the house roof, slate it and put in windows. But then I am stuck and wont have money to show banks my level of savings. I think the banks are a waste of time and their personal loans rates are about 10.5% expensive in my view. Would a credit union be better? I would appreciate any advice thanks a mil,

Danny
 
Danny,

I think that this (Sites, planning, self-builds and extensions) isn't the proper forum for discussing how to fund houses.

I have referred your post to the moderators in case they have a better place for it.

I can offer a little help in relation to making savings in terms of design and sustainable usage of the house going forward.

What do you mean when you say:

However the banks won't lend as it is on a site and they won't do stage payments.
Click to expand...
Do you have permission for the development of a house on this site? You did't say, so that's why I'm asking.

You can design a house to take the best advantage fo natural light and orientation so that heating it costs very little.
You can include rainwater harvesting and reed bed drainage solutions to minimise costs and outlays while in use in those areas too.
You can design the foundations to have a minimal impact and save a lot of time and money that would otherwise be spent getting out of the ground.

But you seem to have a lot of this either done or decided, expecially if you have already got permission.
Could you elaborate on your position a little in general terms?
I'm not asking for anything site-or-name-specific.

For example:

  • Who designed your house - an architect?
  • Did they design it to passive house standards?
  • Have you built your rising walls and floor slab accordingly?
  • Is it going to be insulated timber frame or externally insulated?
These decisions can affect your property build cost and running costs hugely

ONQ.

[broken link removed]

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matters at hand.
 
What i mean is by they won't lend because it is on a development site that there was planning on for over 80 houses. It is a front detached property. The banks won't do stage payments on houses in development site. I am an Energy Consultant and know all about saving in relation to this thanks.
 
I've referred this to the Mods for consideration in terms of pointing you in the direction of and answer to your question.

Its hard ot reconcile someone being so clued in about energy and yet in such a difficult position on funding on this development.

Still, if its part of an estate I expect the planners would impose some restriction on any redesign of the property to maximise savings.

HTH

ONQ.

[broken link removed]

All advice on AAM is remote from the situation and cannot be relied upon as a defence or support - in and of itself - should legal action be taken.
Competent legal and building professionals should be asked to advise in Real Life with rights to inspect and issue reports on the matters at hand.
 
dancork said:
What i mean is by they won't lend because it is on a development site that there was planning on for over 80 houses. The banks won't do stage payments on houses in development site.
Click to expand...

For what reason will they not loan the money exactly? Do the banks think there is no value in the location you have built because it is a development site. Basically is there a value to the site plus the part build you have already done.
 
self build, own site, savings plus €40K credit union loan for "house building" six years ago, had loan approved in one day.....high interest rate at the time (wasn't clued into them then, 13%)
 
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