PTSB today announces it is partnering with Irish modular building company BuildWright to provide mortgages for new innovative modular homes, which offer customers a near turnkey home constructed in approximately six months.
Customers purchasing a BuildWright modular home qualify for PTSB’s Green Mortgage fixed lending rates which range between 3.35% and 3.80%, depending on the loan amount, term required, and Loan to Value (LTV).
The modular homes are delivered with 90% of the build completed offsite in a controlled factory environment – including windows, doors, kitchen, internal finishes – in approximately six months and only then introduced onto the home site itself for assembly. This is in contrast with self-build homes, which are constructed entirely onsite and can be subject to variable cost inflation and potential construction delays.
BuildWright modular homes are A2-rated structures built using concrete. The modular build design of the homes enables future bolt-on options to expand the size of the home subject to site accessibility.
The A2-rated modular homes are available at a fixed price to customers. The homes start from €180,000 including VAT for ‘The Cuileann’, a two-bed measuring 883 sq ft, excluding foundations which the purchaser must complete via a third-party contractor for circa €40,000 – meaning a total of circa €220,000 for this sized home. There are a range of options available including the 3-bed ‘Drumlin Lodge’ measuring 1,780 sq ft for €355,000, and the four-bed ‘The Esker’ measuring 1,980 sq ft, for €409,000.
The PTSB modular home mortgage is currently only available to customers purchasing their modular home via BuildWright.
“PTSB is delighted to introduce this mortgage offering for modular homes, which underscores the bank’s commitment to providing market-leading solutions to support housing delivery.
The modular one-off build segment is a targeted and developing area of the housing market. By partnering with BuildWright, we can provide more choice for would-be homeowners, particularly for people who wish to live in rural areas.”
“The housing market is currently very challenging with demand significantly outstripping supply, so new solutions are required to broaden the availability and choice of new homes.
PTSB is a market leader and so it is refreshing to see a leading Irish bank embrace the advantages that modern construction methods can offer. We look forward to continuing to transform and enhance the home-building journey for many customers in the years ahead, confident that in PTSB we have an outstanding partner for the funding requirements involved to provide new modular homes.”
Notes to Editor:
This is a press release which covers the main points of this announcement, but it does not provide detail on every aspect of the changes being announced. Terms and conditions apply to PTSB products.
** The following table is indicative of current lending rates and potential customers are encouraged to enquire further at one of PTSB’s 98 branches nationwide.
|
Green Mortgage Rates for Loans <€250,000 |
LTV |
Rate |
|
Green 3 Year Fixed Home Loan |
≤60% |
3.45% |
|
Green 3 Year Fixed Home Loan |
>60% & ≤80% |
3.60% |
|
Green 3 Year Fixed Home Loan |
>80% & ≤90% |
3.80 % |
|
Green 5 Year Fixed Home Loan |
≤ 60% |
3.45% |
|
Green 5 Year Fixed Home Loan |
>60% & ≤ 80% |
3.60% |
|
Green 5 Year Fixed Home Loan |
>80% & ≤90 |
3.80% |
|
Green Mortgage Rates for Loans >€250,000 |
LTV |
Rate |
|
Green 3 Year HVM Fixed Home Loan |
≤60% |
3.35% |
|
Green 3 Year HVM Fixed Home Loan |
>60% & ≤80% |
3.50% |
|
Green 3 Year HVM Fixed |
>80% & ≤90% |
3.70% |
|
Green 5 Year HVM Fixed Home Loan |
≤ 60% |
3.35% |
|
Green 5 Year HVM Fixed Home Loan |
>60% & ≤ 80% |
3.50% |
|
Green 5 Year HVM Fixed Home Loan |
>80% & ≤90 |
3.70% |
Based in Co Monaghan, BuildWright is part of the Wright Group, an Irish construction company which has supplied materials to the agricultural and construction sector for over 70 years. In 2005, the company opened a purpose-built factory in Co Monaghan and is a leading supplier of precast concrete products to the Irish and UK construction markets. Now patent protected, the BuildWright™ system was launched to the market in 2018.
