Self-Build Mortgages
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Let us help you build your dream home
Only AIB (NI) assigns a Self-Build Specialist to assist you during the self-build mortgage process. That’s an expert adviser who helps keep your self-build on-time and on-budget—and it’s totally free.
The Self-Build Specialist is an independent adviser from a top construction firm. They will work with you to ensure budgets and plans are managed from the outset, helping ensure your build runs smoothly.
That will make the whole self-build process simpler for you—and let you focus on move-in day.
Why choose a AIB (NI) Self-Build Mortgage?
Free Self-Build Specialist
We are the only mortgage provider in NI that gives you a free Self-Build Specialist. This advisor will visit your site at various stages of the build. Initially, they will provide a report for you on forecasted cashflow, risks, plans, insurance and more. Then they will visit at each drawdown stage to help make sure it all goes to plan.
‘Interest Only’ Option
Our ‘interest only’ option is available for your construction period up to 18 months from the initial drawdown.
No Application or Booking Fees
With a AIB (NI) self-build mortgage, you won’t have an application fee or booking fee.
Stage Drawdowns Available
You can draw down your mortgage in up to 4 stages, depending on the size and complexity of the build.
AIB (NI) Guide to Self-Build Mortgages
-
Use our Mortgage Calculator
You can apply for up to 75% of the final value of the property. Find out how much you can borrow with our mortgage calculator .
-
Meet a Mortgage Adviser
Talk to a AIB (NI) Mortgage Adviser to discuss the self-build process. They will answer any questions you may have and guide you through the process.
-
Planning Permission
You will need full planning permission in order to get approval for a self-build mortgage.
Consult your Local Authority for more information on planning regulations in your area before you proceed with your mortgage application.
-
Plan Your Finances
Plan your finances before you start your build and take into account any variations that may arise. Think about extra costs such as solicitor fees, valuation fees and Stamp Duty Land Tax, and the cost of furnishing and decorating your new home. Our independent Self-Build Specialist will verify projected costs and help minimise over-spending during the build. All new Self-Build applicants must demonstrate ability to fund a minimum of 15% contingency or higher if stipulated by the Project Monitor report.
-
Arrange Insurance Cover
You need to have self-build insurances (property under construction insurance and public and employee insurance) in place before you can draw down your mortgage.
-
Stage Payments
Once approved, self-builders can draw down their mortgage in up to 4 stages within a maximum of 18 months – allowing you to borrow only what you need across the period of the build.
-
Useful Information
- What you can borrow will depend on what you can comfortably afford to repay monthly, this may vary depending on individual circumstances
- You will need to be over 18 and security will be required before you can obtain a mortgage
Talk to us
Speak to a mortgage adviser today. They’ll explain exactly what’s involved, and answer any of your questions.
Call us on 8008008888, request a callback or drop in to any AIB branch.
Representative example
- Loan value: £192,800
- Loan term: 25 years
- Loan Type: Self Build
- Monthly repayments: £1,449.96
- Rate 7.70%
- APRC (annual percentage rate of charge): 8.00%
- Number of monthly instalments: 300
-
The following fees are included in the calculation for this example:
- Funds transfer fee, £30;
- Mortgage exit fee, £55;
- Valuation Fee £250
If the rates do not vary during the term of the mortgage, the total cost of credit (the total amount repayable less the amount of the mortgage) would be £242,523.00. This means that the borrower would have to pay a total amount of £435,323.00. Home insurance is required.
Help and guidance
General Information about AIB (NI) Mortgages
Frequently asked questions
Whatever your mortgage question, you can bank on us
Mortgage Charges
Your mortgage fees and charges explained
Important Information
AIB (NI) reserves the right to withdraw or amend products at any time. Loans are granted subject to an appraisal of the applicant's financial standing. Applicants must be 18yrs or over. Minimum mortgage amount £25,000. Self-build mortgages are available for properties based in Northern Ireland only. Lending criteria, terms and conditions apply. An independent valuation will be required. Your mortgage will be secured against the mortgaged property. Primary residence only.
Before proceeding please take time to read our Site Legal Notice , Privacy and Cookie Statements. By proceeding further you are deemed to have read and accepted these when using our website.
AIB Group (UK) p.l.c. is covered by the Financial Services Compensation Scheme, Financial Ombudsman Service and is a Registered Firm with The Lending Standards Board.
The AIB logo and AIB JOINT VENTURES LIMITED by AIB Group (UK) p.l.c. incorporated in Northern Ireland. Registered Office Aib, St. Helen's, 1, Undershaft, London, EC3A 8AB. Registered Number NI018800. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.