Self Build Mortgage

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.