PTSB has agreed a deal with Irish modular building company BuildWright to provide mortgages for their new modular homes, which offer customers a near turnkey home constructed in about just six months.
The bank said that customers buying a BuildWright modular home qualify for its Green Mortgage fixed lending rates which range between 3.35% and 3.8% - 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 - and 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.
They are available at a fixed price to customers.
The homes start from €180,000 including VAT for "The Cuileann", a two-bed measuring 883 square feet (excluding foundations) which the purchaser must complete via a third-party contractor for about €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.
PTSB's Chief Retail Banking Officer, Patrick Farrell, said its mortgage offering for modular homes 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," he added.
BuildWright's Managing Director Stephen Wright said 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," Mr Wright said.
"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," he added.
