Self Build Mortgage Providers - Best Value

P

PhilM

Registered User
Messages
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Hi

Advice kindly sought for best value (taking into consideration current interest rates) and overall service for an Irish self build home loan provider?

Initial Drawdown €170k for roughly 1.5 years
Then €250k for construction of dwelling
First Time Buyers. Mortgage 35 years
Have full planning permisson on site.

If anyone has experience/knowledge of this area their views are welcome

Thanks
 
Hi there,

Im no professional but I am in a similar situation. We have just completed the purchase of our site and we used PTSB for a remortgage on two existing properties, enabling us to pay for the site. They were by far the bext with rates and deal but we did go through a broker which I found much better! For the new mortgage which will finance the actual build, like yourself, we also went with them and got a great rate and they do stage payments. BOI came in second but beware of BOS - they dont so stage payments. Probs no help but thats our experience!
 
Thanks.
Useful info in there. We've only gone to the EBS so far and they seem pretty good. BOI are next on the list, cheers for the PTSB recommendation and caveat re. BOS.

Might not get as good a rate from PTSB given they cranked their rates up last friday but will give em a try anyway.

Cheers
 
At the moment, AIB have attractive tracker variable rates, but as rates are changing almost daily at present, their competitive position may change.

Lenders may have a concern over the 1.5 year gap between the initial €170,000 drawdown and the construction. What's happening during this 1.5 years? You will need to prove ability to repay both your current living expenses and the new mortgage as there will be overlap.
 
As far as i know AIB do not do stage payment withdrawals. But if it worked out that we drew down the full amount using AIB's tracker variable rate product and it was as competitive in the long run vis a vis Stage Payments (with the higher Int. Rate applicable) then we'd obviously go with the better value option.

Probably a period of 1 year before we actually build as we're going for a change in house plans.

Cheers
 
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