REA said:Thank you for your mortgage enquiry, in response to your questions, yes there is a maximum loan to value you can borrow when purchasing a site, the lenders will also only loan you the money on the basis that you are building your house straight away and that you have full planning permission on the site for a house. The lenders vary as to how they operate a mortgage for a self build, in general the lenders will offer anywhere between 70 - 90% on the site cost and anything up to 100% of the build, once the overall cost does not exceed 90% of the value, this is also subject to the usual underwriting criteria. Another item to point out, when you are building there are a number of stages that the builders will be expected to be paid for example the first payment could be expected when the foundation and the walls of the property have been put up.
Land For Sale ????
Local couple seeking to buy small plot of land to build a family home on.
Will consider anything from 0.5 - 1 acres.
If you are a landowner or you know of anyone in the locality who would be interested in selling land, we are available to meet and discuss with you.
Please, genuine offers only.
Contact MaxJam at 086-1234567 or 01 8883321
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