Do you need engineer's reports to get a mortgage when building?

N

nina

Registered User
Messages
33
My husband and I are planning to build and looking for a mortgage. We want to get the mortgage that is given to you in stages as we build. Does anyone know if all banks do this type of mortgage and what it's called? Or of any good rates? Also, do you need to get engineer's reports at different stages of building to get the payments from the bank? More money!!!
 
Hi Nina, yes when you're building you get the mortgage in stages, we are currently waiting for our second installment. An engineer has to sign it off before you get the money. I think there's 4 stages. Your repayments are based on the installments until you recieve the full amount. Hope this helps.
 
Thanks Kalvan,
Do you know if you need to get your architect to do it or can you get any engineer? IS there a specific name for this type of mortgage?
 
I think that some architects do the reports, if they're qualified engineers as well. We have a seperate architect and engineer, it costs €150 each time he does his report. As far as I know there isn't a name on the mortgage, it's just a regular mortgage, the application forms ask if it's a purchase, self build, ect.
 
Hi
Each stage payment is released when you produce an Architects Certificate confirming the work is completed.

Normally each tranche payment is for at least 20K.
Alot of the lenders will have this facility and its very common.

www.obrienfinlay.ie
 
You must log in or register to reply here.
Back
Top