Mortgages

For more information on our announcement to reduce mortgage interest rates by 0.25% for new and existing owner occupier mortgage customers click here.

 

Thinking of 'Putting Down Roots'? Click on one of the options below, or call us on 1890 242 425 to talk to us today.

Still Researching? Why not visit our Online Calculator to see how much you could borrow.

We have the right kind of mortgage for you, whatever stage you’re at.

Whether you are buying your first home, moving home, or interested in an investment property, our expert team of mortgage advisors will help you ‘put down roots’. 

MORTGAGE APPROVAL FOR 12 MONTHS IS BASED ON INITIAL SANCTION IN PRINCIPLE LASTING 6 MONTHS AND LETTER OF LOAN APPROVAL ON THE SELECTED PROPERTY LASTING A FURTHER 6 MONTHS.

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    Features and Benefits

    Why choose AIB for your First Time Buyer mortgage?

    • We’ll help you with the homework so you can focus on finding your new home.

    • Competitive interest rates for owner occupiers including Variable (relative to your Loan to Value)and Fixed. You can view our current mortgage rates here.

    • As a First Time Buyer you will require a deposit of at least 10%. AIB can offer 90% Loan to Value on Mortgages up to €220,000 and over this amount 80% Loan to Value is available to you (75% for one bed apartments).

    • 3 months’ deferred start option available, subject to approval.

    • Repayment terms of up 35 years may be available to you.

    •  A Mortgage Advisor to guide you through the process.

    Additional Features and Benefits

    • 30% discount on Home Insurance for all First time Buyers if you have been claim free for 3 years*.

    • Consultation with an AIB financial advisor, which includes an assessment of your life insurance, specified illness and income protection options.

    • You can apply for a Low-cost finance Masterplan Account to help you manage your monthly bills.

     

    *Discounts are applied on a reducing balance and a minimum premium amount of €157.50 applies.

    How it works

    • You will need to be over 18 and security will be required before you can obtain a mortgage

    • What you can borrow will also depend on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income, however this may vary according to individual circumstances

    • If you take a Mortgage with a fixed rate of at least one year and decide to repay whole, or part early, if you convert to a variable interest rate, or, if you change to another fixed interest rate you may incur an early breakage cost payable to Allied Irish Banks plc., and/or AIB Mortgage Bank.

    • You will require Mortgage Protection Insurance which can be arranged via AIB or you may purchase this through another Insurance company.

    • Keep in mind you will also need money for Valuation fees (You will need to use a valuer from the AIB Residential Mortgage Valuers panel , Legal fees maybe a Surveyor and Stamp Duty. Not forgetting  possible repairs and decoration on your new home.

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    Home Mortgage Regulatory Information

    WARNING: IF YOU CANCEL OR MAKE A CLAIM FOR REIMBURSEMENT OF A DIRECT DEBIT REPAYING YOUR MORTGAGE ACCOUNT, AND FAIL TO MAKE ALTERNATIVE ARRANGEMENTS FOR PAYMENT, YOUR ACCOUNT WILL GO INTO ARREARS.

     

    WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

     

    THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.

     

    NOTE: THE ABOVE NOTICE IN RESPECT OF ADJUSTMENTS TO REPAYMENT RATES WILL NOT APPLY DURING ANY PERIOD WHEN THE LOAN IS AR A FIXED RATE.

     

     

    • If you or your dependants intend to use the property as a principal place of residence, you must show evidence of mortgage protection insurance, unless you are exempt under the Consumer Credit Act 1995 (you can seek this insurance through us or from other sources). Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc. for life and pensions business.

     

    • Maximum loan to value of Owner Occupier Residential Properties - 90% of purchase price or valuation whichever is lower. For Buy-To-Let/Investment properties - 70% of purchase price or valuation whichever is lower. Lending levels are subject to monthly repayment burden, typically not exceeding c. 35% of borrowers disposable income and will vary according to individual circumstances. Loan requests considered on the basis of proof of income, financial status and demonstrated repayment capacity (including capacity to repay at higher interest rates). Loans not available to people under 18. Mortgage loans require to be secured by a mortgage and charge on the subject property.

     

    • A typical €100,000 20 year Variable interest rate mortgage for an Owner Occupier Residential Property with LTV greater than 80% will have monthly repayments of €605.28 APR 4.07%. If the APR does not vary during the term of the mortgage, the total cost of credit i.e. total amount repayable less the amount of the mortgage, would be €45,268. The effect of a 1% increase in interest rates for such a mortgage will add €53.53 to monthly repayments.

       
    • A typical €100,000 20 year Standard Variable interest rate mortgage for a Buy-To-Let/Investment Property will have monthly repayments of €664.30 APR 5.21%. If the APR does not vary during the term of the mortgage, the total cost of credit i.e. total amount repayable less the amount of the mortgage, would be €59,432. The effect of a 1% increase in interest rates for such a mortgage will add €56.13 to monthly repayments.

     

    Surcharge Interest

    Arrears attract surcharge interest at 6% per annum in addition to the interest rate that applies to the loan. Surcharge can be avoided by making all repayments when due.

    • Execution and registration of the mortgage deed will involve payment by you of your solicitor's fees, outlays and registration fees. The amount of solicitor's fees can be determined by negotiation with your solicitor, who will also inform you of the amount of the outlays and registration fees.

    • We will charge you €60 for executing a discharge, release or vacate of a mortgage.


    The following is applicable only where the interest rate is FIXED for a period of at least one year:

    During any period when a fixed interest rate applies, the Lender may agree:

    (i) to allow full or partial out of course repayment ("prepayments"), or

    (ii) to convert the facility to a variable interest rate or to an alternative fixed interest rate ("conversions")

    Prepayments, conversions and early repayment following demand by the Lender will be subject to the payment by you of an early breakage cost calculated using the following formula:

    Early breakage cost = A x U x D%, where
     

    "A" is the amount of the prepayment or early repayment following demand by the Lender, or the amount of the conversion, and "U" is the unexpired term of the fixed interest rate period, and
    "D" is the difference between the fixed interest rate applying to the facility and the fixed interest rate which would then apply to the facility for the amount of "A" for the term of "U".

    E.G. €100k @ 7% for 60 months, full repayment after 36 months, current prevailing rate for 24 months= 5% early breakage cost €4,000 (€100k X 24/12 X 2% = €4,000)

     

    If the security includes a new mortgage of property other than your private dwelling place or holiday home, you will have to pay the Bank's solicitor's fees for each property mortgaged as well as your own solicitor's fees, outlays and property registration fees.


    Lending criteria, terms and conditions apply. Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages. AIB Mortgage Bank is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

    Allied Irish Banks, p.l.c. and AIB Mortgage Bank subscribe to the Voluntary Code of Conduct on pre-contractual information for home loans. A copy of the Code is available on request.

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Allied Irish Banks, p.l.c. is an authorised agent and servicer of AIB Mortgage Bank in relation to origination and servicing of mortgage loans and mortgages.  AIB Mortgage Bank is regulated by the Central Bank of Ireland.

Warning: If you do not keep up your repayments you may lose your home.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.