SEE HOW MUCH YOUR SELF BUILD MORTGAGE WOULD COST WITH TOP MORTGAGES
Use our online Self Build Mortgage calculator below to find out the costs of your monthly repayments if you were to undertake a self build project with Top Mortgages. The online form is quick to complete and you get a price within a matter of seconds! Alternatively, one of our mortgage advisors can call you back at a time to suit you, to help you with your mortgage application and guide you through the process.
Self Build Mortgage
Looking to build your own house and turn that dream into a reality? For this kind of housing mortgage, you will need to apply for a Self Build Mortgage. This type of housing project requires serious commitment and huge financial investment, and therefore can quickly become your worst nightmare without the right advice and help.
This is where we come in, as one of Ireland’s leading online mortgage advisors, our team of highly qualified mortgage brokers at Top Mortgages are here to offer advice on your Self Build Mortgage.
Compared to a normal residential mortgage where you receive the entire loan amount to pay the builder, a Self Build Mortgage is where the mortgage is drawn down in a sequence of stages. In other words, you only get the amount necessary to complete works for a certain building stage. Only when this stage is complete, you receive the funds to complete the next stage.
Self Build Mortgage Rates
In order to find the best Self Build Mortgage rates to meet your planning needs, we work alongside many mortgage companies so that borrowers can choose the best repayments plan for them.
With a Self Build Mortgage, you will only receive the funds to complete the next stage of building once the existing stage is complete. This ‘staggered’ approach to drawing down money continues until the construction is complete.
An average self-build generally takes between three to five stages to complete. However, there is the option of lengthening the construction work across more stages to spread the costs over a longer period of time. Finance is based on a percentage of the completed property value.
The percentage received differs depending on whether this is your first or subsequent build. If you are building a property for the first time, you are entitled to 90% on the total cost which includes site purchase & build costs. Whereas subsequent builds are entitled to 80% of the total value. A higher loan to value for second time build can be arranged. The opportunity to build your own house is rare. It takes considerable time to oversee construction and you should therefore consider professional help before fully committing.
Our experts are available to help with any Self Build Mortgage advice should you need it. We even have an online mortgage calculator to show you how much your monthly repayments could be. However, if you just want some advice over the phone but are pressed for time, please feel free to leave a message for us to call you back.
IF YOU DO NOT KEEP UP YOUR REPAYMENTS, YOU MAY LOSE YOUR HOME
THE COST OF YOUR MONTHLY PAYMENTS MAY INCREASE
THE VALUE OF YOUR INVESTMENT MAY GO DOWN AS WELL AS UP
THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS YOU PAY MORE THAN IF YOU PAID OVER A SHORTER TERM
YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY
THE ENTIRE AMOUNT THAT YOU HAVE BORROWED WILL STILL BE OUTSTANDING AT THE END OF THE INTEREST-ONLY PERIOD