Can I move to a lower Loan to Value (LTV)

band on my PDH Mortgage?

You have the option to move to a lower LTV band as the loan to value on your current PDH mortgage reduces.

Before you can move to a lower LTV band, you may need to provide us with an updated full valuation report. There are a couple of points you should be aware of:

• You are responsible for the cost of the valuation report.

• For existing mortgage customers, the valuation report must be dated within the past 6 months.

• For new mortgage applications, the valuation report must be dated within the past 4 months

• The valuation report must be completed by an approved valuer from the AIB Residential Mortgage Valuer's Panel.

Please note that while COVID19 restrictions are in place, and property access is not permitted, we will accept a “drive by” valuation from the bank’s panel of valuers so we can process your LTV rate change requests.

Prior to ordering a valuation report we recommend that you check the Property Price Register (www.propertypriceregister.ie) and or DAFT to help you understand what similar houses in your area have been sold for recently. This will help you estimate your current Loan to Value position.

To calculate your Loan to Value: Divide your mortgage loan balance (s) by the value of your property and multiply by 100 e.g. €280,000.00 ÷ €350,000.00 x 100 = 80% LTV

You won’t need to provide a valuation report if any of the below scenarios are relevant to you:

1. If you choose an LTV rate for the first time on your mortgage account and the LTV rate band is the same as the original loan to value ratio of your mortgage account at the time of drawdown; or

2. If you choose the same LTV band that was previously applied to your mortgage account; or

3. If you choose a >80% LTV band

To request movement to a lower LTV band you will need to print and complete the customer information and section 2 on the Mortgage Amendment Form, ensuring it is signed by all parties to the mortgage. You can email your request and valuation report, where required, to homemortgages@aib.ie. Alternatively, return to the address shown on the Mortgage Amendment Form.

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