We are Allied Irish Banks, p.l.c. and AIB Mortgage Bank.
AIB plc introduces and arranges AIB Mortgage Bank mortgage loans. AIB Mortgage Bank provides mortgage loans and are the entity that our customers will contract with. AIB plc service the AIB Mortgage Bank mortgage loan for the lifetime of the product.
Our address is Bankcentre, Ballsbridge, Dublin 4.
Allied Irish Banks, p.l.c. and AIB Mortgage Bank are regulated by the Central Bank of Ireland.
Purpose of the mortgage loan
A mortgage loan from us enables you to purchase a residential property or to secure your borrowing against a residential property. Our mortgage products include owner occupier and buy-to-let mortgages.
How much can you borrow?
Maximum loan to value of owner occupier residential properties
First Time Buyers: 90% Loan to Value of the purchase price or valuation whichever is lower Movers: 80% of the purchase price or valuation whichever is lower.
Up to 80% loan to value is available for a studio apartment valued at €275,000 or above or a one-bedroom property. We do not lend for the purchase of studio apartments valued at under €275,000.
For buy-to-let/investment properties - 70% of the purchase price or valuation whichever is lower.
Lending levels are subject to monthly repayment burden, typically not exceeding c. 35% of borrower’s disposable income and will vary according to individual circumstances.
Mortgage loan requests are considered on the basis of proof of income, financial status and demonstrated repayment capacity (including capacity to repay at higher interest rates). Mortgage loans are not available to people under 18 years.
If you do not provide us with the requested documentation, we will not be able to assess your application and credit cannot be granted.
Once we receive your application and any other information we ask you to give us as set out in the mortgage application checklist we will contact you within three business days to say we have received it.
a) If there is any information missing we will tell you, within three business days;
b) We will let you know our decision on your mortgage application within ten business of receiving all the information we need;
c) If we cannot make a decision within ten business days we will tell you why and when we are likely to make a decision.
If your mortgage loan is an owner occupier mortgage, repayment terms of up to 35 years may be available to you, subject to maximum age restrictions, such as, up to your 69th birthday or, up to 71st birthday subject to documentary confirmation of employment or on retirement if earlier or 71 years if you are self-employed. If your mortgage loan is a buy-to-let mortgage, repayment terms of up to 25 years may be available to you.
Security for the mortgage loan
Mortgage loans are secured by a first legal mortgage/charge over your property. The property must be within the Republic of Ireland.
Foreign currency mortgage loans
If your mortgage loan is a foreign currency loan because its’ currency is different to either:
(a) The currency of the income or asset you intend to use to repay the mortgage loan; and/or
(b) The currency of the European Economic Area State in which you are resident.
You should be aware that fluctuations in the relevant currency exchange rates may affect the value of your outstanding mortgage balance and/or your repayment.
This could mean that you may find it difficult to afford your mortgage repayments. We can only facilitate one non-euro currency per mortgage application.