SelfBuild - mortgage rates

BlackHound

New Member
Messages
2
Hi,
We are first time buyers (FTB) (actually planning to build)
and looking at the different rates available at the moment.
We have spoke to Bank of Ireland, AIB and EBS at this stage.
We plan to build a home at least with a B3 BER.
Looking at the rates, I can't understand why I wouldn't go with AIB, maybe I am missing something, and that is why I am posting here.
Anyone thinking otherwise, or got reasons of why I would go with one of the others?
Thanks in advance!


BanksYears FixedFixed RateAPRCCash Back?Comments
AIB 3 Year Fixed32.45%2.88%No for FTB
AIB 5 Year Fixed52.45%2.81%No for FTB
AIB Green 5 Year Fixed52.152.69%No for FTBGreen = with a BER rating between A1 and B3
EBS52.90%3.40%2% upfront and 1% in 5 years
Bank of Ireland 53.00%3.70%Get 2% of your new mortgage back as cash after you draw down your mortgage
If you have a Bank of Ireland current account, an additional 1% of your mortgage back in cash in five years’ time (subject to meeting the conditions of the mortgage).
Bank of Ireland - Green InfoGreen = with a BER rating between A1 and A3, discount of 0.20% off any of our fixed rate options ranging from 1 to 10 years. Drawdown by 30th June '21
 

RedOnion

can edit posts
Messages
5,776
Hi,
On your table, completely ignore the APRC. It's meaningless for fixed rate mortgages.

Of those options, AIB is the cheapest overall for you.

Make sure you talk to people who have done self builds. I've heard of issues with some lenders getting all the paperwork they need for the final drawdown.

Completely unrelated, make sure you understand fully the rules for the Help to buy scheme for self builds if you're applying for it, in particular that you must draw down a mortgage of at least 70% of the final value.
 

Leo

Moderator
Messages
12,433
Some guidance on the above here. The banks won't lend or release funds for non-compliant works.
 
Top