Yes. But it can be challenging.
You see, modular construction is pretty new in Ireland – with the first state-sponsored homes built in 2016. The non-standard construction of modular homes and a general lack of Irish data on the resaleable value of these homes, causes most banks to treat them as a depreciable asset.
Irish Banks typically only accept traditional brick/concrete/stone finishes as security.
As a result, most Irish banks are unwilling to add non-concrete modular homes to their portfolio and refuse to offer mortgages for them altogether.
Buying a House in Ireland: A Step by Step Guide by a Builder/Solicitor
So What Other Options do I Have?
The good news is that I was able to reach out to local builders, and I am pleased to report that some banks are willing to provide mortgages as a result of their partnerships with some reputable builders.
- I was able to confirm that BuildWright, Ireland’s premier builder of concrete modular homes, has a partnership with Permanent TSB to grant mortgages to their clients.
I would also recommend that you go to your nearest PTSB branch and have a conversation with them.
Do not be discouraged though. If you still want to work with your local builder, the best advice is to consult with them for any specific details that need to be ironed out. They might be well able to assist you get a mortgage with your local lender.
To learn more about Modular Homes, read our comprehensive post HERE.
