I Want to Build My Own Home
At EBS, we have a special place in our hearts for self-builders. That’s because we’re one of the best in the country for offering the much needed support available to those building their own homes, and we’re one of the only mortgage providers who has a specialised mortgage product too (which we’re just a bit proud of).
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 and 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 relative to your loan to value and Fixed rates
- 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
- Up to 80% loan to value is available for a studio apartment valued at €275,000 or above, or a one bedroom property. We do not lend for the purchase of studio apartments valued at under €275,000.
- Repayment term up to 35 years, subject to the age of borrowers
- You will need to be over 18 and security will be required before you can obtain a mortgage
- You will require Mortgage Protection Cover which can be arranged via EBS or you may purchase this 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 6 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 choose interest only repayments for the first 12 months or until receipt of the final valuation, whichever comes first.
- 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 those extra hidden costs – which can build up! These include valuation fees (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 coordinators would be more than happy to have a chat about the option for you.
- If you take a Mortgage with a fixed rate of at least one year and decide to repay whole, or part early, if you convert to a variable interest rate, or, if you change to another fixed interest rate you may incur an early breakage cost payable to EBS d.a.c. You can locate information as to how this early breakage charge is calculated and in what circumstances this charge arises by selecting ‘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 as much as 3% (2% upfront and 1% in 5 years) of the value of your new mortgage if you are a first time buyer, mover, or switching your mortgage to EBS.
Yep. That's €7,500 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, using a SEPA direct debit, 2% within 2 months of drawdown and 1% in 5 years subject to conditions of the mortgage.
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