Looking for a self build mortgage expert? We are here to help you.
A self-build mortgage is specifically designed for individuals constructing their own homes, differing significantly from traditional mortgages for already-built properties. In a conventional mortgage, the loan amount is disbursed in a single lump sum at the time of purchase. Conversely, with a self-build mortgage, funds are released in stages corresponding to the various phases of the construction process. This staged disbursement allows for better financial management, as you are only required to pay interest on the amount drawn down at each stage rather than on the entire loan amount from the outset. This approach provides flexibility and can be more cost-effective during the construction period.
Before your self-build mortgage can be approved, you will need to provide your lender with a comprehensive set of documentation. This includes the following:
With the guidance of our advisor, you can ensure that all these documents are prepared and in order, making the approval process for your self-build mortgage much smoother and more efficient.
1. Unmatched Expertise: At MortgageLine, we bring decades of combined experience in the mortgage industry to the table. Our team is comprised of seasoned mortgage brokers who possess an in-depth understanding of the market. This enables us to navigate complex mortgage landscapes effortlessly, ensuring that you receive advice and solutions tailored to your unique financial situation.
2. Personalized Solutions: We understand that each client’s needs and circumstances are unique. That’s why we go the extra mile to provide personalized mortgage solutions that align with your long-term financial goals. Whether you’re a first-time homebuyer, looking to refinance, or investing in property, we craft strategies that are bespoke to you.
3. Comprehensive Market Access: Unlike traditional lending institutions, MortgageLine has access to a wide array of lending options from various sources, including major banks, credit unions, and private lenders. This vast network enables us to offer you competitive rates and terms that you might not find elsewhere.
4. Streamlined Process: We pride ourselves on making the mortgage process as smooth and stress-free as possible. From the initial consultation to closing, our team is here to guide you every step of the way. We handle the heavy lifting, including paperwork and negotiation with lenders, so you can focus on what matters most to you.
5. Trust and Transparency: Integrity is at the heart of everything we do. At MortgageLine, we operate with the highest levels of honesty and transparency. We ensure that you’re fully informed about your options and the associated costs, so you can make decisions with confidence.
6. Client-Centric Service: Your satisfaction is our top priority. We’re committed to providing exceptional service and support, tailored to your schedule and preferences. Our team is always available to answer your questions, provide updates, and offer reassurance throughout your mortgage journey.
7. Proven Track Record: With countless successful mortgage applications under our belt, our track record speaks for itself. We’ve helped numerous clients achieve their homeownership dreams and secure favorable financial futures. But don’t just take our word for it; our client testimonials and case studies reflect the positive impact we’ve made.
Building your own home is an exciting time but can also be daunting without the correct advice. Here at MortgageLine we have many years experience guiding self builders from mortgage approval to the completion of your self build project.
It is hard to know where to start and what your mortgage options are when building your own home.
That’s where we come in.
Your own dedicated MortgageLine Adviser will guide you on your self build mortgage journey from start to finish.
From your first call until your property is complete, MortgageLine will be with you. We will even help you in the future to make sure you continue to benefit from a great deal on your mortgage.
You would not settle for any old home so why would you settle for any old mortgage?
MortgageLine are not tied to any one mortgage provider. We look at a range of options to find the best mortgage solution for you.
Your MortgageLine Adviser will learn everything they need to know about your own unique circumstances, so that you can benefit from the best possible mortgage rate and lower repayments.
We could potentially save you tens of thousands throughout the term of your mortgage.
That’s money that is better in your pocket.
Not every mortgage application is the same and that’s where MortgageLine can help. We will take the time to understand your own unique situation and explain your options.
Our Mortgage Advisers are fully qualified and experienced. We have seen every type of mortgage application over the years and will be able to put you on the path to a successful mortgage application.
Our Mortgage Calculators will help you get started, however unless you are a personal finance expert you will need help making the important decisions.
That is where we come in. Our expert Financial Advisers will manage your mortgage application from start to finish.
A general rule of thumb is that you can borrow up to 4 times your gross annual income within the Central bank rules. The max mortgage amount will also take into account the overall cost of construction and the completed property value. MortgageLine will help you get your head around what is possible.
When self building a home you do not need all the money up front. You can draw down the mortgage in stage payments as the work is done. This means you only borrow what you need when you need it and this keeps the monthly payments lower while the property is under construction.
When you build a new home, you will also need cash to fund additional costs such as the following:
Mortgage protection (life cover) and home insurance – we can arrange this for you and your mortgage adviser will be happy to help and provide advice on costs.
Valuation fee – The mortgage lender will require a local valuer to value your new home. The mortgage valuer will initially estimate the finished property value and then they will also visit the property when it is fully complete. Mortgage valuations fees are approx €150.
Solicitor Fees – your solicitor will register the property and manage the drawdown of funds from the mortgage lender. MortgageLine will be on hand to help too.
Architect / Engineer fees – you will no doubt need an Architect to draw up the plans and seek planning permission.
Stamp duty – Log on to revenue.ie for the latest stamp duty rates for self builds.
Moving in costs – you will need a budget for decorating and furnishing your new property
To qualify for a self-build mortgage in Ireland, applicants must meet the following criteria:
By meeting these criteria, applicants can pursue financing for their self-build projects, ensuring they have the necessary support to complete their new home construction in Ireland.
It’s important to check in with your MortgageLine adviser as early as possible to make sure you know exactly what documents are required for a self build mortgage application and to make sure you get the best possible mortgage approval for you.
Apply online today and you will get your own dedicated Mortgage Expert to guide you and make sure the mortgage part is the easy part of your self build project.
1. Stamp Duty: When purchasing land or property in Ireland, you may be subject to stamp duty. However, if you are a first-time buyer of residential property and meet certain criteria, you may be eligible for a reduced rate or exemption. It’s essential to understand the current stamp duty rates and any applicable exemptions before proceeding with your self-build project.
2. Value Added Tax (VAT): VAT applies to most goods and services in Ireland, including construction and building materials. However, for self-build projects, you may be eligible for a VAT refund on certain qualifying expenses. Understanding the VAT rules and reclaim process can help you maximize your savings and manage your project budget effectively.
3. Capital Gains Tax (CGT): If you decide to sell your self-built property in the future, you may be liable for capital gains tax on any profit made. However, certain exemptions and reliefs may apply, particularly if the property is your primary residence. It’s advisable to seek professional tax advice to understand your CGT obligations and potential reliefs.
4. Property Tax (Local Property Tax): As a property owner in Ireland, you are required to pay local property tax annually. The amount payable is based on the market value of your property and is calculated by the local authority. Understanding your property tax obligations can help you budget effectively for ongoing homeownership costs.
1. Planning Permission: Before commencing any self-build project in Ireland, you must obtain planning permission from the local planning authority. This involves submitting detailed plans and specifications for approval, ensuring compliance with local zoning regulations and building standards.
2. Building Regulations: Self-build projects in Ireland are subject to strict building regulations aimed at ensuring safety, accessibility, and energy efficiency. These regulations cover various aspects of construction, including structural integrity, fire safety, insulation, and ventilation. Compliance with building regulations is mandatory, and failure to adhere to them may result in fines or delays in project completion.
3. Building Control Regulations: In addition to building regulations, self-builders in Ireland must comply with building control regulations, which require the appointment of a competent builder or construction professional to oversee the project. This appointed certifier is responsible for certifying compliance with building regulations and ensuring that the completed property meets the required standards.
4. Energy Performance Requirements: Energy efficiency is a key consideration in self-build projects, with strict energy performance requirements in place to promote sustainable construction practices.
Input your details, and you’ll receive a clear breakdown of your potential expenses, helping you plan your budget confidently.
Our highly accurate mortgage amount calculator helps you determine the maximum loan amount you will qualify for based on your income, debts, & other financial factors.
Our eligible mortgage amount calculator is designed to give you a clear picture of your borrowing potential. Use this calculator to move forward in your home-buying process.
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