Your Self-Build Project Starts with AIB

 

Laying the foundations for your home is exciting especially when it’s designed to suit your lifestyle. The right mortgage can be the building blocks to your new home. That’s why our self-build mortgage takes care of what you need.

Making Sense of Self-Build Mortgages

 

Helpful hints to make that self-build a little easier

 

1. Use our Mortgage Calculator

It’s quick and easy. To find out how much you can borrow, we take your income and monthly expenses into account with our mortgage calculator.

 

2. Meet a Mortgage Advisor

Arrange a meeting with an AIB Mortgage Advisor to discuss the self-build process. Our experienced Advisors can explain everything and guide you through the whole process.

 

3. Hire a qualified Engineer or Architect or Builder

Get a certified professional affiliated to the relevant body on board to supervise your build so that it satisfies building regulations.

 

4. Planning Permission

You need both the full and final planning approval for the ‘Grant of Permission’ before starting the build and before getting an official loan offer from us.

 

5. Site Valuation Report

Before we can give you a full loan offer, you need to get a valuation report, to confirm the market value.

 

6. Building Costs

Before sending in your mortgage application, you need to choose between Direct Labour and a Fixed Price Contract. 

 

7. Certification

Do your research and check to see if the builders, electricians and any other contractors you use are certified to carry out the work on your site.

 

8. Construction Cover

Get construction insurance in place to cover the build - like AIB Smart Construct Home Insurance. Once the building is complete you need to change your home insurance policy to match the final structure, for example, family home or holiday home.

 

9. Stage Payments

Your solicitor will ask for stage payments on your behalf so each phase from site purchase onwards has the necessary payment released. The first stage payment can only be requested by your solicitor. We’ll accept requests from architects and engineers after that who certify that each stage is complete. Once the building work is complete, we’ll need a final valuation report to pay the final stage.

Key Benefits and Features of an AIB Self-Build Mortgage

 

1. In the case of self-build property applications, an interest only option is available for the construction period up to a maximum of 12 months from initial stage drawdown.

 

2. Your personal Mortgage Advisor will guide you through the mortgage journey, so you can focus on building your new home.

 

3. Mortgage approval for 12 months.

 

4. Where the site is being gifted, maximum finance of up to 100% towards the build cost will be considered.  Loan to Value (LTV) criteria will apply. (First Time Buyer’s (FTB’s) Maximum LTV is 90%, Non-FTB’s Maximum LTV is 80% of the value of the property).

 

5. We offer competitive fixed and variable mortgage rates. Have a peek at our current mortgage rates here.

 

6. No Fees – When you have an AIB PDH (private dwelling house) mortgage with us, we’ll waive the maintenance and transaction fees on the current account you use to pay your mortgage. All you need to do is set up a direct debit to pay your mortgage from an AIB personal current account.

 

7. *You can take a payment holiday from your mortgage for up to 6 months, subject to approval.

 

8. We offer repayment terms of up to 35 years.

 

9. What you can borrow will depend on what you can comfortably afford to repay each month. As a general rule this should not exceed 35% of your disposable income, this may vary according to your situation.

 

10. You will need to be over 18 (otherwise you can't sign the contract - which is the most important part of the process).

 

11. You can get a free consultation with an AIB Financial Advisor. They will recommend the best options for you, including life insurance, specified illness and income protection options.

 

12. FTB’s will be happy to hear that they can get 30% discount on Home Insurance if they have been claim free for 3 years. Discounts are applied on a reducing balance and a minimum premium amount of €157.50 applies.

 

13. Managing new bills can be tough, so we offer a low-cost finance Masterplan Account to help. https://aib.ie/our-products/loans/masterplan-account.

 

*Existing owner occupier mortgage customers not in financial difficulty. Repayments will increase over the remaining loan term.

 

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages.  AIB Mortgage Bank is regulated by the Central Bank of Ireland.


AIB Home Insurance is exclusively underwritten by AXA Insurance dac. AIB Insurance Services Limited is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. is tied to Irish Life Assurance plc, for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Home Insurance

Finally found the right house? Now you need the insurance to protect it. Click here to check our competitive house insurance rates.

Talk to AIB about your mortgage

Drop in to any AIB branch and speak with a Mortgage Advisor today. They’ll explain exactly what’s involved, and answer any of your questions.

 

You can also use the call back button or our handy Online Mortgage calculator where you can also apply for a Mortgage on line

 

 

Other Information

AIB Home Insurance is exclusively underwritten by AXA Insurance dac. AIB Insurance Services Limited is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. is tied to Irish Life Assurance plc, for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland.

Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages.  AIB Mortgage Bank is regulated by the Central Bank of Ireland.

Related Products

Warning: If you do not keep up your repayments you may lose your home.

Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

2