Put Finance in Place

AT A GLANCE

Finance the complete build, not only the kit

A reliable finance plan starts with the likely cost of the finished home. Your budget should include land and legal costs; Irish architect or engineer and Assigned Certifier fees; planning and building-control costs; surveys; groundworks and services; the HebHomes package; local completion trades; finishes, landscaping and a realistic contingency.

Use the HebHomes Irish pricing guidance to form an initial project allowance, then have the budget tested by your professional team and prospective contractor before making contractual commitments.

How Irish self-build mortgages work

Unlike a standard purchase mortgage, self-build finance is normally released in stages as construction progresses. The exact stages and evidence vary by lender. AIB, for example, states that payments may be released in four to six stages, with each stage certified by the Assigned Certifier and requested through the borrower’s solicitor.

Because supplier and contractor invoices do not always coincide with a lender’s valuation or certification dates, discuss the HebHomes payment schedule with your adviser at the outset. Ask specifically how deposits, off-site manufacture, windows and pre-delivery payments will be treated.

Information to assemble early

• Evidence of income, savings and existing commitments.
• Site ownership or purchase details and the planning status.
• A complete cost plan, construction programme and contingency.
• Drawings, floor area, construction system and projected completed value.
• Details of your solicitor, architect or engineer, Assigned Certifier and proposed contractor.
• The HebHomes quotation and payment schedule.

Where to seek advice

Irish lenders: AIB and Bank of Ireland publish dedicated self-build guidance, and other lenders may offer suitable products subject to their current criteria.

Irish broker: Self Build Mortgages / SEFS specialises in self-build enquiries across the Republic of Ireland. SEFS Limited is listed by the Central Bank of Ireland as an authorised mortgage credit intermediary.

Mayflower: Mayflower Mortgage & Finance has indicated that it is willing to speak with HebHomes customers in Ireland about self-build finance. Its public mortgage material is written for the UK market, so confirm at the outset what help is applicable to a Republic of Ireland project and obtain any regulated Irish mortgage advice from an appropriately authorised provider.

• AIB self-build mortgages
• Bank of Ireland self-build mortgages
• Check a financial firm on the Central Bank of Ireland register