What is the Self Build Mortgage and how does it work?

A Self Build Mortgage is a mortgage loan specifically aimed at those individuals who need financing to build their own home. Unlike a mortgage to buy a house that has already been built, the Self Build Mortgage Banco Santander provides you with financing to build your home. This financing can be up to 100% of the actual cost of the construction, always limited to a maximum of 70% of the replacement value in the case of a finished construction. 

Banco Santander's Self Build mortgage offers a maximum repayment period of 30 years for first homes and 25 years for second homes, plus a payment holiday of up to two years. 

What are the requirements for taking out a Self Build loan?

In addition to meeting the usual solvency requirements necessary to apply for any mortgage loan, the Self Build Mortgage for building a house has a number of specific conditions:

  • To own the land for development: the interested party must certify that he or she is the owner of a plot suitable for development and that it is registered with the Property Registry.
  • Have a building plan drawn up by an architect and approved by the Architects Association.
  • Apply for a building permit at the relevant local council.
  • Have a construction budget drawn up by a construction company.

Is the value of the land included in the Self Build Mortgage?

No, the Self Build Mortgage is designed to finance the construction of the property only and one of the requirements is to prove ownership of the land in advance on which the property is to be built. But if you first need to acquire the plot on which to build your home, you can apply for Banco Santander's Other Purposes Mortgage, through which you can obtain a mortgage loan of up to 60% of the appraisal value of an unencumbered property.

How can I take this mortgage out with Banco Santander? 

If you're interested in taking out a Self Build mortgage with Banco Santander, give us your details and we'll call you or visit your nearest Santander branch.

Shall we discuss it?

If you would like more information, visit any of our branch offices.


Self Build Mortgage


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