Irish Association Of Self Builders                                         The Representative Body for Self Builders of Ireland

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Arachas Corporate Brokers Limited trading as Arachas is regulated by the Central Bank of Ireland

Self Build Direct is the leading insurance policy offering protection to individuals building or extending their homes.

Our cover leads the market and has been developed after assisting 1,000's of self builders over the last 20 years.

Finances


In order to build your house you first need to make sure that you have your finances arranged and ready to start. Some people already have the capital they need through the sale of the previous house or through personal means, but for most people they need to arrange for a mortgage from a bank or building society.


Do remember that not everyone qualifies for a mortgage as there are some criteria’s that you have to meet before any of the institutes are prepared to lend you the money. Each institute has their own criteria but most of them involve your status which has to do with your past credit history, your income and the amount of money you are applying for as a mortgage.


To get more information, contact the institutes directly or through a mortgage broker, but always shop around for the best deals.


The Following is a guide on the basic criteria that will be needed by the institutes:


  1. The first thing that they will be looking at is your previous credit history to find out if you are a good risk for them. So, if you have a county court judgment (CCJ) against you for non payment or bad debt and bankruptcy the chances are that you will not be getting the mortgage, or if you do it might be with a very high rates and conditions.
  2. The next thing would be your income to make sure that you can afford the repayments on the mortgage. This is usually done by the institutes on the basis of multiples and the amount of the loan. For example, your mortgage amount could be based on 3 to 4 times your gross single income or 2.5 to 3.5 times gross joint income. As an employed person you need to produce your p.60 as a proof of income and as self employed you need to have your accountant to provide prove of your previous 2 to 3 years taxable income.
  3. Lending institutes usually lend up to 90 to 95% of the value of the property so you need to make sure that you have enough money to put down as a deposit as well as enough for other expenses, including solicitors, stamp duty, valuation and other fees.
  4. Do remember that for a self builder some institutes only lend based on stage payments which means that as you finish different stages of the build they make the next payment.


If you qualify the criteria of the lending institute then you have to decide on the type of the mortgage and the term.


If you wish to get some ideas of the monthly repayment cost on your mortgage, click on the link below:
http://mortgages.hsbc.co.uk/mortgage_calculators/repayments_calculator/


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Self Build Insurance

Full Employers
Public Liability and All Risks cover for New Builds,
Extensions and Renovations
 
Cover can be taken at
any stage of the project
Very competitive premiums.

Phone 01 897 01 05

www.fingalinsurance.ie


Fingal Insurance Group Ltd
is Regulated by
The Central Bank of Ireland

Self Build Direct is the leading insurance policy offering protection to individuals building or extending their homes.
Our cover leads the market and has been developed after assisting 1,000's of self builders over the last 20 years.

Arachas Corporate Brokers Limited trading as Arachas is regulated by the Central Bank of Ireland