Self Build Mortgages

Building your own home is often a dream and to ensure your dream doesn’t become a nightmare you will need to consider the following when planning your future new property.

Steps to self building your own home

• Check you qualify for the amount you wish to borrow & FPP is already in place
• Submit all documents required, including full & detailed breakdown of cost of construction & architect/engineer details.
• If purchasing a site – provide proof of purchase price. If site gifted, ensure transfer to title underway
• Valuation will then take place.
• Sign Loan Offer with Solicitor and ensure remaining Loan Offer Conditions have been met.
• Site will then be purchased. If gifted site, commencement notice can be given and works started after notice period.

What you need to know about Self Build Mortgages:

There are 5 Lenders currently in the Self Build Market

If site purchased – max lending will be between 75% – 90% for site purchase and between 80% ad 92% of cost of construction.

If site gifted – max lending will be 100% of cost of construction, although many lenders will expect you to qualify for 120% of cost of construction.

Interest Only periods restricted between 12 – 24 months

Max Term between 30 – 35 years

Minimum Employment is 12 months in most cases.

Joint Mortgage – Single Title is not usually permitted with lenders, although can be considered on a case by case basis by some lenders.

Newstar FM Independent Mortgage Brokers. If you are thinking of a Self Build Project make sure to give Tara a call on 0449335443 or at tara@newstarfm.ie