Self Build Mortgages
The process with a self-build mortgage can be slow, from meeting with your architect, drawing up your plans, and submitting your application to the council for approval to requesting the final valuation, and moving can take a number of months.
Self Build Mortgages in Kildare
Building your own home can be a wonderful experience.
The process with a self-build mortgage can be slow, from meeting with your architect, drawing up your plans, and submitting your application to the council for approval to requesting the final valuation, and moving can take a number of months.
The final result is very rewarding when all the pieces come together.
Our team here will be with you every step of the way from the application process to the very last drawdown stage.
Step-by-step process of a Self-Build:
- Securing a site
- Planning your dream home with your architect
- Submitting your application to the County Council for approval to build
- Once you receive your planning permission it is time to start your application to the bank
- Submit all relevant documents along with your costings and a copy of your planning permission
- Upon mortgage, approval seeks a loan offer.
- The first valuation will be carried out prior to the loan offer being issued
- A loan pack will issue to your solicitor
- Now is the time to put building insurance and life insurance in place – we can help you with this.
- Your engineer will complete stage certs as the build progresses.
- Once all the final documents have been submitted to the bank they will go for final signoff
- 1st stage of drawdown is released to your solicitor.
- When the build is complete your engineer will give you a final stage cert and the bank will request a final valuation. The bank will hold back 10% of the cost of the build until they received the final documents.
Things to consider when budgeting for a self-build
- Cost of site
- Cost of the planning application
- Cost of Engineer/Architect
- Council Levy
- Any extra solicitor costs associated with several drawdowns.
- Building under the course of construction policy
- Materials costs
- Labour costs
- Valuation fees – at the start of the build and once the build is complete
- Where will you live while your home is in the process of construction
- Time frame – the weather will have an impact on the build, Builder’s holidays, and expectations.
- Help to Buy – check to see if you are eligible to qualify for this
Frequently Asked Questions about Self Build Mortgages
How long will the build take?
In General, most lenders will give 18 months to build the house.
What if I got a gift off a site does the bank take this into consideration for the value of our house?
Yes, the bank will take this into account when they go out to value the site initially.
Can we avail of a green rate?
Yes, the majority of Banks now have a green Mortgage Rate. This rate is relatively lower than the other rates that a lender may offer. You must meet all criteria to avail of this rate.
Can we use the help to buy straight away for clearing the site?
Yes, you can drawdown on Help to Buy and this can go against clearing the site or even buying materials.
Gwen Clarke Financial Services Ltd’s team of experts offers a wide range of services, including investments, pensions, corporate pensions, mortgages, and life protection. We understand that each of our clients has unique financial needs, which is why we tailor our services to meet your specific requirements. Our goal is to help you achieve your financial goals by providing you with personalized advice and guidance every step of the way. Whether you’re looking to invest for the future, secure a mortgage, or protect your loved ones, we can help. Contact us today to learn more about our services and how we can assist you in your Self-Build Mortgages Kildare and in securing your financial future!