Obtaining A Mortgage

Obtaining a Mortgage

My recommendation is to start building your home first with your own money then go to a lending institution to obtain a loan to complete the home (this may include roof, finishes and furnishings). If possible do as much with your own money as possible. I will list some of the documents needed to obtain a loan. It varies with the particular institution you go to but overall they are similar. You should note that it may take two to three weeks for the loan to be approved from the institution, then there will be additional approvals needed. You will need to hire a lawyer for yourself and you will be responsible for the institutions legal fees as well. Part of the legal portion is a search of the property for liens, applications fees, and lawyer fees approximately 1% to 2.5% plus 17.5% VAT. You will also need to obtain life insurance which will be in the amount of the loan. If you are 45 years old or older, the rates could be significant. Hence, why I recommend to build in stages and then if you choose to obtain a loan for completion of the house you can avoid some of the high fees mentioned above. Also see website (http://www.cobcreditunion.com/content/home-mortgage-loans) and (http://www.bwuccu.com/real_estate_loans.aspx)


  1. Valuation quote ( Issued by a recognized valuer/quantity surveyor)
  2. Approved Plans (Approval from Town and Country Planning)
  3. Appraisal
  4. Deed/Title
  5. Last submission land tax bill
  6. Bank Statements
  7. Proof of Address
  8. ID
  9. Job Letter
  10. Two (2) pay stubs
  11. Income Tax
  12. Credit Report


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