Getting a mortgage to build a house
Self build mortgage applicants get free broker advice for all new build home owners. Regardless of your current situation or stage of the building process you are at. We lend a hand and offer our expert advice to help make the task of building your first house that little bit smoother.
Self Build Buyer Deposit
New Build Mortgage Application
Building Your House
Mortgage calculator for self build mortgage
Find out how much a mortgage costs if you are self building with a quick quote below using our online mortgage calculator. The form is quick to complete and you get a price within seconds!
Your Mortgage Results
Based on the details provided, you could avail of a mortgage of up to:
Mortgage amount
Monthly repayments
Minimum deposit
Max mortgage allowed
Jargon buster for self build home applicants
We explain the most common jargon terms used when talking about mortgages in plain simple to understand language.
10% minimum of the house construction cost is required as a deposit before you can apply for a mortgage.
For example, if you wish to build a house that costs €200,000 you will need a deposit of at least €20,000
NOTE
You can borrow 100% of the property build price if you own the site or it has been gifted to you
No. Self build mortgages are staggered payments.
For each completed stage of construction the lender will release the funds to pay for that specific stage.
Yes, your bank will require a copy of a valid Self-Build Insurance policy to start draw down on your mortgage.
AIP is short for Approval in Principle.
Its a non legally binding opinion from our first conversation about your finances to give you an indication of how much you might be able to borrow for a property.
The normal maximum borrowing level is 3.5 times your annual gross income based on a single income application.
LTV is short for Loan to Value. This is the amount of money you can borrow based on the asking price of the property.
A first time buyer can borrow up to 90% of the value of a property and a 2nd time buyer can borrow up to 80% of the value of a property.
The standard variable rate is the main mortgage rate charged by your lender. It is the long term rate of interest that your mortgage will switch to once your introductory fixed rate period has ended.
A variable rate mortgage means your monthly repayments can go up aswell as down based on European interest rates and your mortgage lender.
Benefits of using a mortgage broker
Property loans can be complex financial agreements lasting over three decades. Its important to have someone impartial on your side to explain the jargon and get you the best deal.
Getting a mortgage to build a house
Looking to build your dream house? For this kind of housing mortgage, you will need to apply for a Self Build Mortgage. This type of housing project requires serious commitment and huge financial investment, and therefore can quickly become your worst nightmare without the right advice and help.
Compared to a normal residential mortgage where you receive the entire loan amount to pay the builder, a Self Build Mortgage is where the mortgage is drawn down in a sequence of stages. In other words, you only get the amount necessary to complete works for a certain building stage. Only when this stage is complete, you receive the funds to complete the next stage.
Compare self build mortgages
In order to find the best Self Build Mortgage rates to meet your planning needs, we work alongside many mortgage companies so that borrowers can choose the best repayments plan for them.
With a Self Build Mortgage, you will only receive the funds to complete the next stage of building once the existing stage is complete. This ‘staggered’ approach to drawing down money continues until the construction is complete. An average self-build generally takes between three to five stages to complete. However, there is the option of lengthening the construction work across more stages to spread the costs over a longer period of time. Finance is based on a percentage of the completed property value.
Self Build Mortgage Guides
When your building a new home keep informed with our mortgage advice on how to pick the best mortgage that's right for your .
