Building your own home can be a very exciting time as you have put months of thought into size , design , energy rating etc. . But it can be confusing when it comes to getting your mortgage as there are so many variables – purchasing or getting gift of the site / how do I draw down the loan / do I pay for all the loan straight away / do I need to draw down the full amount that I am approved for etc.
At Mortgage Team we will meet you at a time that suits. You don’t have to limit your appointment to 9 – 5. We deal with a number of Irelands leading lenders which ensures that we get the mortgage that is the best fit for you.
We will take you through the mortgage process from beginning to end taking care of all paperwork, from initial application right through to drawing down our final stage payment.
Once you have your approval in Principal in place ( AIP) you can start to draw down your loan .
How much can I borrow:
You can borrow up to 3.5 times your salary
First time buyers can borrow up to 90% of the site cost/value plus 90% of the cost of construction or 90% of the value on completion whichever is lower.
Second time buyers can borrow up to 80% of the site cost/value plus 80% of the cost of construction or 80% of the value on completion whichever is lower.
Choice of fixes and variable rates. You can choose a combination of both if you wish.
Max LTV 80% ( second time buyers ) 90% first time buyers
Self build mortgages are drawn down in 4 – 6 paymentsInterest only options are available while drawing down your loan
You will need to be over 18 years of age at the time of the application
A term of up to 35 years is available depending on your age at outset
You will require a mortgage protection policy. We will be able to provide you with a full comparison of the market as we have agencies with all the life companies in Ireland.
You will also need to have additional fees to cover your mortgage valuation fee ( between €130-160 ) Stamp duty ( 1% of the purchase price) Legal Fees and in some cases a structural survey
It is acceptable to receive a gift of part of the deposit, but the banks do like you to have shown the ability to save for your deposit yourself.