self build mortgage rates?

motorguy

rover25 wrote: »

Are they always as high. Was chatting to someone albeit from the south and they had reckoned that rates for self build are similar to ordinary mortgages.
I did think they were higher myself but not sure what to make of what they said.

Cant see why the rates in a different country would be relevant?

rover25

Thought the process would be similar. Maybe not!

leftieM

pgilc1 wrote: »

Cant see why the rates in a different country would be relevant?

Many banks operate on both sides of the border - BOI, Ulster Bank, AIB/First Trust, Halifax. It's reasonable to think they might have similar business models.

Funtimefrankie

I have taken out a self-build mortgage with Progressive Building Society last month. It is a variable rate mortgage with a discount of 0.26% on their variable base rate(5.5%) for the first 2 years. So I am currently paying 5.24%. Also it is released in stages as your build progresses so you only pay back on the amount you have received!

nadnad

we got our self build mortgage through buildstore, a scottish broker company that specialises in self build. we found them very helpful. house built now and we're in it and had no problems at all with them.

p.s. i live in one of those bungalows in the country, ugly though you may think they are 36square they are the only thing councils will allow. and i love my house!

rover25

Did you have to pay a deposit or did they use the site as a deposit or did ltv ratio come into it at all?

Funtimefrankie

I didnt have to pay a deposit. They had a valuer out to value the site, so I assume that they are using that as a deposit.

nadnad

we paid a 5 % deposit but we had the site and the build included in our mortgage