Self Build Loan

Guys

Who has the best rate at the moment and what % of build do they offer ?

Thanks
LM

Rates depend on whether you are considering fixed or variable rates? You would also need to check whether or not the lender will allow you to fix the rate from the 1st cheque drawdown or the final completion cheque.

For example- AIB have excellent rates at present

Variable 4.25%
2

Yellow Belly said:

Rates depend on whether you are considering fixed or variable rates? You would also need to check whether or not the lender will allow you to fix the rate from the 1st cheque drawdown or the final completion cheque.

For example- AIB have excellent rates at present

Variable 4.25%
2

Click to expand...

Variable 4.5%
2 Year Fixed 4.85%
3 Year Fixed 5.10%

However they will not allow you to fix the rate until the property is complete so you won't be sure what rate you will be actually on until the property is complete.

The percentage you are allowed to borrow also depends on whether or not your are purchasing the site- if the site is gifted to you most lenders will allow you to borrow 100% of the build costs.

Hope this helps- if you need more info you can pm me.

Thanks Guys - Buying the site so, is it 92% of total build with AIB ?

If purchasing the site:

90% Site Cost plus 90% Construction from ICS
80% site cost plus 100% of build from PTSB
80% Site cost plus 100% build cost from First Active
80% site cost plus 100% build cost from Haven/EBS
92% site cost plus 92% build cost from AIB
90% site cost plus 100% build cost from IIB

Hope this helps

Yellow Belly said:

90% site cost plus 100% build cost from IIB

Hope this helps

Click to expand...

I would check this one, last time I checked IIB were limiting to 75% of cost plus 80% of build.

Correct re IIB- they reduced all their LTV's in the past week. They are also not the ideal choice for self build as they are now proposing to charge a fee for each stage payment cheque being released- only lender with this policy so I would avoid them