Introduction for a Self Build

 


At Haven, we are here to help support our customers in turning their dreams into a reality. So you have decided to Build Your Own Home. At Haven you are in safe hands and you have nothing to fear, as our Haven retail intermediary will take you through the application process and will alleviate any concerns you may have.


Remember every application is different, so to help our customers to get started take a look at the typical types of documentation that we will require. Haven may seek additional information in order to fully assess your application for a credit decision please consult with your chosen Haven retail intermediary.

 

Haven has a nationwide network of intermediaries across the country. To begin your application today just find your Haven retail intermediary by clicking here link to intermediary page

 

For more information about Self Build please see below

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Self Build

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    How much can I borrow?

    • Following the Central Bank rules & guidelines the amount that you can borrow will be based on whether you have taken a mortgage out before, your income, your house price, and your affordability.

    • If you are a First Time Buyer you could potentially borrow up to 90% but if you are a Next Time Buyer you could borrow up to 80% of the value of the build (this percentage is known as the LTV, or Loan to Value of your home).

    • For First Time Buyers, maximum LTV available is 90% of the site cost/value plus cost of construction or 90% of the valuation on completion, whichever is lower.

    • For Second Time Buyers, maximum LTV available is 80% of the site cost/value plus cost of construction or 80% of the valuation on completion, whichever is lower.

     

    The amount you can borrow depends on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income. The general rule of thumb, you can borrow 3.5 times your income but it really depends on your overall financial commitments.

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    Interest Rates

    • Haven offers competitive interest rates from variable and fixed rate options. For additional advice on your interest options you should speak to your chosen Haven intermediary and they will guide you through all your available options.

    • For customers who are unsure of what type of rate to select, Haven can provide the option of splitting the loan amount in two, so you can avail of both the variable interest rate on a portion of the loan and a fixed interest rate on the remaining portion of the loan.

    • If you decide to avail of a fixed interest rate this will remain the same during the agreed fixed rate period, while a variable rate can fluctuate. You can see a full listing of our current rates by clicking here

    • One thing to keep in mind, if you decide to avail of a fixed rate and later during the fixed term agreement you decide to switch your rate to a variable rate, a breakage cost may apply. For more information with regard to our rate offerings you should consult with your chosen Haven retail intermediary.

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    Additional Information

    • Repayment term can be up to 35 years, subject to the age of borrowers

    • You will need to be over 18 and security will be required before you can obtain a mortgage

    • If your loan application has been successful you will be required to take out Mortgage Protection Cover & Home Insurance cover. These are not products that Haven offers directly but your chosen Haven intermediary will be able to support you through all the necessary requirements.

    • As your application progresses you will need to keep in mind costs that will arise from Valuation fees (you will need to use a valuer from the Haven Residential Mortgage Valuers panel), Legal fees, maybe a Surveyor and Stamp Duty fees. Also remember possible repairs and decoration costs on your new home.

    • Haven can even support its customers by releasing funds at various stages of the build.

    • Self-builders can draw down their cash in up to 6 stages, as your home is being built – allowing you to borrow only what you need across the period of the build.

    • Additional information relating to switching lender or changing mortgage type can be found on the www.ccpc.ie website.

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

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.

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

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