I Want to Build My Own Home
At EBS, we have a special place in our hearts for self-builders.
Luckily, we have tons of useful info for self-builders in our Building Your Own Home Guide (in plain English) and our Mortgage Master will meet to chat mortgages, whenever suits you. That might be before work, in the evening or even on the weekend – handy! Read on for all the nuts and bolts of our self-build mortgage.
How Much Can I Borrow for My Self Build?
- By rule of thumb, you can borrow 3.5 times your income.
- This will all depend on whether you’re a first time or next time buyer - the Central Bank rules will come into play here, and the amount you can borrow will be based on your income, your house price, and your affordability.
- For First Time Buyers, maximum Loan To Value (LTV) available is 90% of the site cost/value plus cost of construction or 90% of the valuation on completion, whichever is lower.
- For Second Time Buyers, maximum Loan To Value (LTV) available is 80% of the site cost/value plus cost of construction or 80% of the valuation on completion, whichever is lower.
- We’ll also need to make sure you can still live within your means. The amount you can borrow also depends on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income. It’s all about that comfort cushion.
- Why not use our mortgage calculator to see what you can afford.
Features & Benefits
- Competitive interest rates including Variable Rate relative to your loan to value and Fixed Rates.
- For customers who are unsure of what type of rate to select, we have the option of splitting the loan amount in two, so you can have both the Variable Interest Rate on a portion of the loan and a Fixed Interest Rate on the remaining portion of the loan.
- Repayment term up to 35 years, depending on the age of the borrowers
- You will need to be over 18 and security will be required before you can get a mortgage.
Important Information
- You will need to have Mortgage Protection Cover which can be arranged through us or you arrange it through another insurance company.
- You’ll need to be at least 18 to take out a mortgage and can choose a term of up to 35 years, depending on your age. Security will be required.
- Self-builders can draw down their cash in up to six stages, as your home is being built – allowing you to borrow only what you need across the period of the build (which is handy).
- Cash- flow is king when building your own home, so you can apply for interest only repayments for the first 12 months or until receipt of the final valuation, whichever comes first. Having an interest only period will result in an additional cost of credit, which is the total cost of deferring capital during the Interest Only period.
- You will need Mortgage Protection Cover and Home Insurance. We can arrange this for you, no problem, or you may purchase this through another Insurance company.
- Keep in mind you will also need money for a valuation fee (you will need to use a valuer from the EBS Residential Mortgage Valuers panel), legal fees, maybe a surveyor and stamp duty.
Fixed or Variable Rate?
- Choosing between a Variable or Fixed interest rate for your mortgage doesn’t have to be tough – our Mortgage Masters are pretty clued in on both, and will guide you through the best one for your situation. Phew.
- A fixed interest rate will stay stable during the period of your loan, while the variable rate will fluctuate. You can check our current rates here, and our mortgage masters would be more than happy to have a chat about the option for you.
- If you take out a Mortgage with a Fixed Rate of at least one year and decide to repay all or part of it early, if you change to a Variable Interest Rate, or, if you change to another Fixed Interest Rate we may charge you an early breakage fee. You can find information about how we calculate and when we charge this early breakage charge by clicking on ‘Home Mortgages General and Regulatory Information’ below and then selecting ‘Our mortgage interest rate options’.
- And if you still can’t choose? Well, you don’t have to. You can have your cake and eat it too. For customers who are unsure of what type of rate to select, EBS provide the option of splitting the loan amount in two, so you can avail of both the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan.
The EBS up to 3% Back in Cash Mortgage Offer
EBS is offering home buyers up to 3% Back in Cash. That’s 2% upfront and 1% in 5 years off the value of your new mortgage if you are building your own home. Please see the terms and conditions of this EBS up to 3% Back in Cash Offer below.
Yep …that's up to €5,000 two months after drawdown and a further €2,500 in 5 years time on a €250,000 mortgage, Back in Cash. Why? Because an EBS Mortgage Master knows the mortgage process back to front – they know that that extra few bob really counts in the final moving in stage.
Your EBS Mortgage Master doesn’t like any messing or fussing, either. That’s why you get your EBS 3% Back in Cash mortgage offer straight into the current account used to pay your mortgage by direct debit. 2% within two months of drawdown and another 1% after five years. The offer is subject to conditions of the mortgage.
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
- As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate and;
- Customers who are applying for any Variable Rate (including the Tracker Interest Rate Retention Product) or 1 Year Fixed Rate have until the 24 August 2022 to drawdown to be eligible for the offer. As of the 24 August 2022, the offer is no longer available on any Variable Rate and 1 Year Fixed Rate.
For more information on the Terms & Conditions see 3% Back in Cash – Mortgage Cash Back – EBS.
EBS Green 4 Year Fixed Rate Mortgage
You can apply for the EBS Green 4 Year Fixed Rate Mortgage if you are a first time buyer of a home, moving to a new home, buying a holiday home, topping up an existing mortgage, switching a mortgage to us, or moving to a different Fixed Rate. The EBS Green 4 Year Fixed Rate Mortgage features include:
- A low rate of interest
- 4 Year Fixed Rate Term
- Available to new and existing EBS mortgage customers whose property has a certified Building Energy Rating (BER) of between A1-B3.
EBS Self-Build Mortgage customers can apply for the EBS Green 4 Year Fixed Rate Mortgage once:
- Your property has been fully completed.
- Your property has a BER Certificate of A1, A2, A3, B1, B2 or B3.
- All stage payments have been drawn down.
For more information on the EBS Green 4 Year Fixed Rate Mortgage click here.
The terms and conditions of the up to 3% Back in Cash Offer have been updated and;
- As of the 24 February 2022, the offer is not available on the new EBS Green 4 Year Fixed Rate and;
- Customers who are applying for any Variable Rate (including the Tracker Interest Rate Retention Product) or 1 Year Fixed Rate have until the 24 August 2022 to drawdown to be eligible for the offer. As of the 24 August 2022, the offer is no longer available on any Variable Rate and 1 Year Fixed Rate.
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