Used at Stage 3: Arrange finance and budget
Will your cash last between bank payments?
A self-build mortgage is paid in stages: you pay for each stage of the build first, and the bank pays its share once that stage is done.
Leave out any part of the mortgage used to buy the site.
Money available to spend on the build, after buying the site. Enter 0 if none.
The stage names below come from Bank of Ireland’s published stages. The bank does not publish a fixed split for the first three payments. The 30%, 30%, 30%, 10% shares and €400,000 costs here are made-up figures for this example. Your bank’s stages may differ. Replace the names, shares and costs with your own bank’s stages and your builder’s prices.
Share means the percentage of the whole mortgage paid after a stage. Enter the spending for that stage alone, including VAT, fees and money set aside for unexpected costs (often 10%).
What you type stays on this device.
Example: change the numbers to see yours.
Your biggest cash gap
Extra cash needed before stage 3 (“Finished”). You pay for the work before the bank pays you.
| Your own money | €100,000 |
|---|---|
| + Earlier bank payments | €180,000 |
| − Work paid for by then | €320,000 |
| Cash gaphouse ready to live in, with plasterwork done, water and electricity connected | €40,000 |
If you cover the €40,000 gap with temporary cash, the bank’s €90,000 payment would repay that €40,000 and leave €50,000. The first gap is €10,000, before stage 1’s payment. Each gap already counts earlier bank payments. Don’t add the gaps together: €40,000 is the most extra cash needed at one time.
Across the whole build, €300,000 from the bank plus €100,000 of your own money covers the €400,000 cost, leaving €0 after all payments. The cash gap is about when money arrives.
What to do next
- Before work starts, ask your bank to split its payments into smaller stages, or ask your builder to wait for each bank payment before a bill is due. Get any agreement in writing.
- If those dates cannot change, keep €40,000 in extra savings available, beyond the money entered here, or discuss other funding with your lender before committing to the work.
Your bank may want insurance before its first payment. Add the quote to your first stage’s cost.
See what cover I needThis is an estimate from the figures you enter, not advice, so check it with a professional before you rely on it.
See cash at each bank payment
Your cash just before each bank payment. Yellow bars to the left of centre mean you’re short.
- 1. Floor level€10,000 shortIf you cover the €10,000 gap with temporary cash, the bank’s €90,000 payment would repay that €10,000 and leave €80,000.
- 2. Roof level€10,000 shortIf you cover the €10,000 gap with temporary cash, the bank’s €90,000 payment would repay that €10,000 and leave €80,000.
- 3. Finished€40,000 shortLowest cash · shown in the headlineIf you cover the €40,000 gap with temporary cash, the bank’s €90,000 payment would repay that €40,000 and leave €50,000.
- 4. Post-completion€30,000 shortIf you cover the €30,000 gap with temporary cash, the bank’s €30,000 payment would repay that €30,000 and leave €0.
How this works
The figures show the cash you’d have just before each bank payment: your own money plus what the bank has paid so far, minus what you’ve spent.
This assumes each bank payment arrives before you start paying for the next stage. Interest and payment delays aren’t included. Ask your bank for its list of stages and enter them under “See and change the stages, costs and bank payments”.
Guides that explain these figures
- Self-build mortgage stage payments explained
- Funding a gap in your self-build budget
- Cost to build a house in Ireland: how to budget for your self-build