Self Build Home Loan

Self Build Home Loan

​A short term, interest only loan that could help you build your dream home.
​​Request a call-back Book an appointment
 
  • No restrictions on making over payments or lump sums
  • No Early Repayment Charges
  • Borrow from £10,000
​​​

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
​​

Self Build Home Loan Details

​Whether you are considering a self build, renovating or extending your current home, our Self Build Home Loan will help you achieve your dreams.

A Self Build Home Loan is a short term interest only home loan that releases funds in stages as the build progresses. This means that you only start to make repayments when you need the funds and can keep costs to a minimum during the build period.

When your home is nearing completion you will be required to convert the Self Build Home Loan to a residential repayment mortgage or repay the Self Build Home Loan. To find out more on our mortgage products and what your repayments may be, click on the link below.

Mortgage Calculator​
Calculate my mortgage repayments

There are no restrictions on making overpayments or lump sum payments and as interest is calculated daily, this means you get the benefit straight away. There are no early repayment charges on your Self Build Home Loan.

Please refer to the Representative Example, Mortgage Rates & Conditions​ below for more important information.​​​​​​

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Representative Example​

Total amount borrowed £149,000
Mortgage Term 18 months
Rate of interest 4.75% variable
Monthly repayment amount £588.17
Number of monthly repayments 18
Frequency of repayments Monthly
Total Amount payable £159,587.00
Product Fee £1,490
The overall cost for comparison 5.7% APRC

The actual rate will depend on your circumstances, please ask for a personalised illustration.

​​

Mortgage Rates

Rates correct as at 20th March 2017.​

Our Self Build Home Loans are not portable. Our Standard Variable Rate is our own interest reference rate and we can change this rate at any time.  The rate is set by us and we make it publicly available.  If we change this rate we will publish notices on our website, in our branches and in newspapers circulating in Northern Ireland.

 
Self Build Home Loan – Variable Current per annum % Overall​ Cost for Comparison APRC% Arrangement Fee
Danske Bank Home Loan to be taken at end of term 4.75 5.7 ​1% of the amount borrowed
with a minimum fee of £999 
No Danske Bank Home Loan to be taken at end of term 5.00 6.1 ​1% of the amount borrowed
with a minimum fee of £999 


Conditions​

  • An independent professional valuation will be required for purchases and remortgage applications. If you are an existing Danske Bank mortgage customer switching products, you will not normally require a professional valuation. These fees/costs are charged by the surveyor directly to you and vary from application to application. For full details on charges please see our Tariff of Mortgage Charges.
  • Whether we provide credit depends on your circumstances, and you must be 18 or over. Lending terms and conditions apply.
  • Your home is security for your mortgage. Other security may be required.
  • Choose from fortnightly or monthly repayments.
  • The actual rate and fee will depend on your circumstances. Ask for a personalised illustration.
  • A Danske Bank personal current account will be required to service the mortgage.
  • Minimum loan amount £10,000.
  • Minimum term of loan is 6 months, with a maximum of 18 months.
  • The bank only provides mortgages in sterling and will not consider Self Build Home Loan applications where the applicants income is in another currency.
  • This is not a portable mortgage.
  • If you have a mortgage, you must have adequate buildings insurance in place. You do not have to arrange this through us.
  • No higher lending charges apply, but other fees and charges such as legal fees may apply which are not charged by us or paid through us.
  • Available to both new & existing customers.
  • A product fee will apply.
  • When the build is complete, if you decide not to convert to a Danske Bank residential repayment mortgage you will be required to repay the outstanding capital to us.
  • If you choose a Self Build Home Loan, meeting the terms and conditions of your mortgage contract does not ensure repayment of the total amount of credit.

More information

When you take out a mortgage you are borrowing against the value of your home. When you come to sell your home you will need to use the sale's proceeds to repay your outstanding mortgage balance. Be aware that if the value of your home falls below the balance of your mortgage, then you will have to pay us the difference if you want to sell your home. Other security may be required. ​​​​​​​​​​​​

​​​​​​​​​​​​​​​

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

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