Self Build Mortgages are different from typical mortgages in the fact that it is difficult to put the key in the door immediately. These homeowners typically build their home from scratch or have to extensively renovate their property. If you are thinking about building here are some helpful tips:
- Maximum Mortgage – The most one can borrow is 3.5 time their annual total income. Self-build properties are calculated by adding the site price plus the build cost plus. The banks also calculate the final valuation once the building process is completed. Most of the time, the method which yields a lower mortgage value is the method that is picked.
- Extra Money – It is smart to make sure to have extra money set aside in the case of unforeseen expenses. A smart bet would be to set aside approximately 10% of the total cost.
- You don’t have to be an expert to apply for a self-build mortgage. You also don’t need to hire a company to undertake the project. Building yourself will save you money in the long-term and can be a fun experience. However, anticipate a lot of time and resources to be invested into the project.
- The first place to go visit is the local area plan. They will outline an optimal plan for you following building regulations
- In addition to the elements required in a typical mortgage, there will be other documents required for a self-build. A fixed contract quotation or detailed reports of the cost of each component will be required as well. If you’re building yourself, it is required to have a report signed by an architect during each stage of the building process. The bank will need an initial and final valuation report.
- Differentiate your estimates with exact quotations. Exact quotations are backed by numbers, knowledge and experience.
- Plan before you buy.
- No matter how small an issue seems, it is important to not ignore them.
If you have any questions about finding a mortgage for your home, please contact Irish Mortgage Brokers. Here, we are trustworthy and reliable. We will help you find a mortgage for your new home.