Gold plated for those retiring now. By the time you get to draw it youāll be lucky if its paper plated
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Ah I missed the boat on gold plated by a good few years.
You hear a lot about reduced pension for civil service and teachers. What was changed?
Just back from seeing the bank manager.
Refixed (80%) for 4 years @1.89%.
Variable (20%) @2.87% to keep the offset account working.
WestPac ?
Quick question guys.
Iāve bought an old derelict house for a fairly modest fee in a cash purchase. I had an architect out looking at it and apparently it will all be fine for renovating etc without planning, he had a contact in the council who basically told me to fire ahead and with whatever I want to do so currently getting some plans and that drawn up.
Now as it was a cash purchase, itās fairly shook me from a capital perspective.
What Iām wondering is whatās the deal now with a mortgage? If itās just a renovation of a derelict house that does not have to go through planning then will it qualify for a mortgage and if it does will that mean the banks will then require me to have it a certain standard with air to water and the likes put in. I was thinking of just getting oil for the central heating and putting a solar panel in for the water?
Iād probably have whatever deposit I need for the loan/mortgage to do the job by the end of the year but as I plan on doing it on a bit of budget will a mortgage scupper me in taking a few shortcuts and add another sizeable percentage on to the project cost to do it to their spec?
Surely the bankās main concern is ability to repay, rather than what you put in it?
I know for new builds there are loads of stipulations etc for it being A energy rated and at the end of the day the house is their security on your inability to repay.
Iād say the amount Iād be looking to borrow would probably be in the region of 100k but Iām still waiting on the architect to cost it. Iām fortunate enough to have a few relatives/friends who are tradesmen/handymen and Iād have done a few stints on the buildings in my younger days so I have plenty of room to maneuver on cutting down some costs.
Modest mortgage. As long as you donāt give up the day job to go fulltime internetting youāll be okay
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Are you looking for a Mortgage North or South of the border?
South but itās very close to the border. Intention is to get a house the other side of the border too and dig a tunnel.
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Youād have been far better off mortgaging the property and using the cash to do the work. The bank will be up your hole looking for engineers to sign off all the work done in compliance with regs and planning etc. You will need engineer to certify works done to allow drawdown of funds etc
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You shouldnāt need a deposit. The site and existing structure are your deposit.
You get your plans drawn up and costs, so you know how much you need to borrow. Weāll say the job is costing 100k. A valuer will then look at the proposed finished job and put a valuation of say 200k on the property if work is completed as described. So in essence you are only getting a 50% mortgage.
Once you can show the ability to repay that 100k then you are fine. You donāt need a traditional deposit.
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Lovely stuff.
How are these mortgages classified?
The same as a self build? I think only BOI and AIB offer self build mortgages now?
Or would all banks offer this type of mortgage.
My main query here with regard to a mortgage is whether going the mortgage route will mean much extra costs for needing things to be signed off on/up to a certain spec. Or is this really just a nod and wink thing with an engineer.
what exactly are you wanting to take a shortcut on and why? Its not the banks who require the building regs, its essentially the council. But the engineer or architect are then bound to sign off on it that it has been built in compliance and finished properly, but this is usually only needed when going through planning. Some banks still do require a cert of compliance, but as you are not going through planning, it may reduce the full requirements to satisfy their levels of specification
Heās a nordie, heād hate to comply with anything.
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Iām looking at buying my first house at the moment, at what stage do you look at getting a property survey? Before or after you put a bid in?
What stage do you get a solicitor involved?
Weāve only gone to look at the place so far and waiting for mortgage approval before the next steps.
Will there be stipulations on what the banks require? A energy rated, air to water etc? As outlined above, itās an old structure so Iād be hoping to dryline the walls, small extension out the back, new windows, roof etc.
I know from people Iāve spoken to who have built new builds etc, the stipulations that the banks/council put on min standards for new builds adds a colossal amount to cost of building.
Who gives a cert of compliance? Engineer, architect or the council?
No, a renovation without planning will not be subjected to change heating systems etc. New builds are a different story as they go through planning. If you are not going through planning, you dont need to meet the regulations but you still need to build in compliance.
But the bit Iād be more concerned with are your shortcuts and not meeting building regulations. If its just the air to water/heat pump, then grand. anything other than that would be of major concern