self-build mortgage

[selfbuild]

Hi all,
After a long search, finally found a site in an area that we love and really want to go ahead and build a 2500 sq ft house on it

The only problem now is figuring out how to pay for it!!!

I know the banks would give us 70% of cost of site + 100% of cost of build, but the problem is where to get the money to cover all the additional costs in relation to building a house.. im thinking of things like ...
-Architect fees (approx 3K)
-solicitor fee + stamp Duty (approx 5K)
-County Council development levy (approx 8K)
-basic landscaping including fencing off site (approx 5K)
-Tarmac for driveway (approx 7K)
-boundary wall to frontof house (approx 5K)

I'm finding that all these things are eating into our savings and if I dont include some of them (esp the coco development levy/landscaping / tarmac / wall) in the mortgage, I wont be able to afford to furnish the house!!!

Is it possible to get the mortgage to cover not just the cost of building the actual house but also to include the likes of the development levy / tramac etc? If so, do I have to get quotes for all of these things to include in the morngage application form?
Thanks for any advice
sb

 

[aishling]

When we were applying for our mortgage, there was a budget form that had to be completed by our architect... from what I can remember included in this from your list above was solicitors fees, landscaping, driveway....just ask the bank and they will provide this form to you at this stage. Even if you didnt intend putting these items on your mortgage, the total you were borrowing + savings has to at least equal the architects budget total including contingency to ensure you can complete the build. You do not need to get quotes. We didnt have the cost of a site to deal with but we could not borrow 100% of the build costs, think it was 90%...but that could just be our bank.