Get 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
Building your own home is one of the biggest and most exciting projects you could ever undertake. With so many decisions to make, what keeps you going throughout the process is the knowledge that you are not just building a house, but a home custom designed for your lifestyle. Read our guide to building your own home for more tips & advice
Use our calculator to figure out how much you can comfortably afford to borrow and repay each month
Book an appointment with one of our Mortgage Masters who will help you navigate the application process
This will give you a good idea of how much you can borrow. Generally, this will last up to 6 months
Here are some useful answers to big questions.
By rule of thumb, you can borrow 4.0 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 what you can afford.
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 90% 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.
Self-builders can draw down their cash in up to six stages, as your home is being built – so you can 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 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.
When you build your new home, you may also need cash to fund additional costs such as:
Mortgage protection cover and home insurance (we can arrange this for you, no problem, or you can get it through another insurance company).
Valuation fee (you will need to use a valuer from the EBS Residential Mortgage Valuers panel)
Legal fees for your solicitor
Surveyor fees to look over the house before you move in
Stamp duty. Log on to revenue.ie for the latest stamp duty rates
Possible repairs and decoration costs on your new home.
Storage & moving fees.