Step 1: Work out your overall budget
Allow for the site, construction, professional fees, connections, insurance and finishing your home. Include a contingency for unexpected costs.
Self Build Mortgages
From first foundations to finishing touches, the Credit Union can help make your dream home a reality.
Why a Credit Union mortgage
Why self builders choose a Credit Union Mortgage
Building your own home starts with your vision. Bring it to life with your Credit Union, where local people with local knowledge provide personal service at every stage. With mortgage funds released in stages as your build progresses, you can plan each step with confidence. Explore fixed and variable rates, with a green discount for energy-efficient homes and flexible options built around you, your plans and your future.
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No breakage fees
Your Credit Union can offer fixed rates with no break fees, so you won’t face a charge if you need to exit your fixed rate early.
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Unlimited overpayments
You can make unlimited penalty-free overpayments, giving you the freedom to pay down your mortgage faster whenever it suits you.
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Local credit decisions
Your local Credit Union assesses your application. Local people with local knowledge.
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Member owned, not profit driven
Putting your needs first, with value and service taking priority over profits.
The Three Rates
Great fixed & variable rate options
Whether you’re looking for flexibility, a rate you can plan around, or an option for an energy-efficient home, explore the Credit Union mortgage rates available for your next step.
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5-year fixed green rate
A green fixed rate from your Credit Union rewards more energy-efficient homes with an even better-value mortgage rate.
3.65% APRC 3.85% (Annual Percentage Rate of Charge)
Find out more about the 5-year fixed green rate -
5-year fixed standard rate
Enjoy the certainty of a competitively priced fixed mortgage rate, with more flexibility.
3.95% APRC 4.05% (Annual Percentage Rate of Charge)
Find out more about the 5-year fixed standard rate -
Capped variable rate
All the flexibility of a variable interest rate with the added protection of a capped maximum interest rate for the first three years of your mortgage.
3.85% APRC 3.92% (Annual Percentage Rate of Charge)
Find out more about the Capped variable rate
Mortgage Calculator
Check your repayments & how much you can borrow
Start with the numbers. Explore estimated repayments, then talk through your mortgage options with your local Credit Union.
The Self Build Journey
Step by step guide to your Self Build mortgage
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Step 2: Get your site and plans ready
Appoint a solicitor to check the site’s ownership, access and legal requirements. Work with your architect or engineer to develop your plans and secure the necessary planning permission.
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Step 3: Prepare detailed building costs
Decide how you’ll manage the build and obtain detailed quotations and costings. Agree a realistic budget and schedule with your building professionals.
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Step 4: Get mortgage approval from your local Credit Union
Apply to your local Credit Union to find out how much you could borrow. When applying you’ll need documents showing your income, savings and financial commitments. You’ll also need to show planning permission, plans and certified costings for your build. Once you have approval, a valuation will be needed, including the estimated value of your completed home.
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Step 5: Accept your offer and prepare to build
Review your mortgage offer with your solicitor. Put the required insurance and professional arrangements in place and agree with your builder how stage payments will work before construction begins.
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Step 6: [Step 6 title to come]
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Step 7: Draw down funds as your build progresses
Your mortgage is released in agreed stages, supported by certificates confirming progress. Coordinate payment requests with your building professional and lender so funds are available when needed.
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Step 8: Complete your home and move in
Provide the required completion documents, final valuation and BER certificate, and meet any remaining mortgage conditions. Once these are satisfied, the final mortgage payment can be released.
Member Stories
Members who’ve been through it
Behind every mortgage is a person or family with plans of their own. These are the stories of members finding their way forward with their local Credit Union.
Over 400 member mortgage stories
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We were renting in Palmerstown and really wanted to stay near family. Our Credit Union talked us through the mortgage without making it feel like a big mystery. Getting the keys to our own place still feels a bit mad!
Aisling & Eoin,Palmerstown Credit Union -
Buying our first place was exciting, but the mortgage side had us a bit lost. Helena at Arklow Credit Union took the time to talk it through, and we never felt rushed asking questions.
Ger & Elaine,Arklow Credit Union
FAQs
Common Questions
Got a question? Explore our FAQs for straightforward answers about Credit Union mortgages.
How much can I borrow with a self build mortgage?
The maximum Loan To Value (LTV) available is 90% of the site cost/value plus cost of construction or 90% of the valuation on completion, whichever is lower.
How many stages can I draw down over the course of the build?
Your mortgage can be released in up to five stages as your build progresses. Each stage payment is supported by a certificate from your building professional confirming the work completed.
What rate types can I choose from?
Your mortgage advisor can explain the different rate types to you to help you choose what’s best for you. We offer fixed and variable rate options.
Variable rates can increase or decrease over time which means your repayment can go up or down.
Fixed rates stay the same over the fixed period, meaning your repayments don’t change during the fixed period either.
How long will it take to process my application?
[Answer to be confirmed by CU Mortgage Services.] Your local Credit Union will give you an indication of timings when you apply. Having your documents ready helps your application move faster.
How long will my Approval In Principle be valid for?
[Answer to be confirmed by CU Mortgage Services.] Your local Credit Union will confirm how long your Approval in Principle is valid for when it is issued.
What other expenses might I have to pay?
As well as your deposit, allow for legal fees, a lender’s valuation, your own survey, stamp duty and insurance such as home insurance and mortgage protection cover. If you are moving, also allow for selling costs and moving expenses.
Can I make additional payments and/or repay my loan early?
Yes. You can make unlimited penalty-free overpayments at any time. Credit Union fixed rates have no breakage fees, so you won’t face a charge if you need to exit your fixed rate early.
