Self Building Mortgage free - possible?

[sahill]

We are planning on doing self build in the new year and hoping to do it without a mortgage. We have looked into taking out loan instead but nothing in the region of a mortgage amount.

We always planned to self build, husband has groundworks / building background so would get to block level ourselves before getting other trades in. We will be building on our own land so no need to purchase a site and there is already a mains water & sewage connection on the site. We are living with family atm so not paying rent and not necessarily in a rush to get into the house. We have been saving for a couple of years but my husband is self employed so been advised getting a mortgage may be difficult for us - we would love to do it mortgage free anyway even if easily approved. We have a good income between the 2 of us coming into the home (around €95k pre tax).

Has anyone advice on whether this is achievable and where the biggest pit falls / cost outgoings might be?

 

[Blackrock1]

Need a lot more information than that, how big is the house, what level of finish do you want, what landscaping do you need? How much have you saved etc etc.

 

[Leo]

Given your husband's involvement in the trades, see if you knows any QSs that would chat over the plans with him. They'll be able to tell him if you're in the right ballpark.

 

[skrooge]

1) have you the money/savings to build it now? If you don't how will you fund it? Good income aside, will drip feeding of savings work in a situation where large overheads might arrive on your plate at the same time.

We are living with family atm so not paying rent and not necessarily in a rush to get into the house.

Are your family aware of the timelines? They may be happy now but their view and yours may be very different.

Have you explored the mortgage option? It costs nothing to pop into the bank to see what they say.

The (potential) advantage of having a bank involved - aside from having the funds up front - is they are likely to put in place a formal process which might keep things on track.