Self Build Mortgage

The process of self build requires a lot of planning and care and will involve employing building professionals, drawing up plans, deciding on materials, hiring tradespeople and supervising the work in progress, while ensuring that you keep your budget under control. It is very important to have your mortgage and balance of funds organised upfront.

We have teamed up with a Mortgage Specialist who has been helping clients to build their own homes for over 20 years. They know every step of the process, so if it is something you have always wanted, we can help you get it started today. A self-build mortgage is a bit different to a standard mortgage, so we will help you understand the journey from start to finish. We’re also on hand to take you through all the details, from picking the right mortgage rate to explaining anything you are unsure of.

As part of your build you’ll need to have appointed an Architect, Engineer or Surveyor. They will be able to give you advice throughout your build. They can help you with some of the documentation you need to provide as part of your application, as well as guiding you through the stage payments. Your Architect, Engineer or Surveyor can also help you with your build options, outlined on the next page. Choosing a good architect is crucial to the success of your build. Ask family or friends for recommendations or check out www.riai.ie.

Self Build Mortgage
FTB - Self Build Application (Gifted Site)
APPLICANT(S) COMMENTS
First Time Buyers - Self Build Application
Married couple, 30 & 30 (Both Irish) - 1 child (No childcare costs as in school and grandparent collect)
 
REQUEST
200K over 35yrs on Cost of 240K (Site 40K + Build 200K) - LTV on cost at 83% Estimated value on completion will be 280K at LTV 71%
PURPOSE
Building on Gifted Site from parents worth 50K
Building 1,600 sq. foot property by direct labour for 200K - Eur 125 per sq. foot Site in Kildare
RESIDING
Currently renting in Kildare at 1,200 per month
 
 
FTB - Self Build Application (Site Purchase)
(Lending for FTB is 90% of site cost/current value+90% of build cost once the end valuation LTV is 90% or less)
APPLICANT(S) COMMENTS
First Time Buyers - Self Build Application
Married couple, 30 & 30 (Both Irish) - 1 child (No childcare costs as in school and grandparent collect)
 
REQUEST
216K over 35yrs on Cost of 240K (Site Purchase 40K + Build 200K) - LTV on cost at 90%
Estimated value on completion will be 280K at LTV 77%
PURPOSE
Purchasing a site for 40K
Building 1,600 sq. foot property by direct labour for 200K - Euro 125 per sq. foot Site in Kildare
RESIDING
Currently renting in Kildare at 1,200 per month

Mortgage Application

A self-build mortgage can cover most of the costs associated with a self build or renovation but you will need to have funds available to put into the project yourself. The mortgage amount usually covers the build costs including driveway, boundaries and connection of water and electricity. You will need to show you have enough to cover other costs such as insurance, professional fees, furnishings, etc.

All banks require you to have an extra 10% of the total as a contingency to cover unforeseen expenses (your own funds are put into the project first). The cost of any special conditions in the planning permission should also be factored into overall costings. Your self-build mortgage can cover most of the costs associated with a build including renovation, landscaping, driveways, kerbing, etc. Our partner mortgage specialist can talk to you about this in more detail at your appointment.

First Time Buyer:

Max mortgage finance is 90% of the LOWER of site value/cost + allowable build cost or the projected value upon completion. Subject to Central Bank of Ireland guidelines.

Second Time Buyer:

80% of the LOWER of the site/value cost + allowable build cost or the projected value upon completion. Up to 100% of Build Cost ONLY where the site is debt free (either owned/Gifted).