Key Features of a First Time Buyer Mortgage with AIB
We know you’re taking a huge step forward – and that the whole mortgage application process may seem a bit daunting. So we’re here to give you all the information you need to set you on the road to getting a mortgage.
1. We offer competitive mortgage rates for First Time Buyers– fixed and variable (which will be related to your Loan to Value Ratio) have a peek at our current mortgage rates here. Find out more about AIB's interest rate options
2. We can offer First Time Buyer up to 90% Loan to Value on mortgages and 75% for one bedroom properties.
3. No Fees – When you drawdown a new AIB PDH (private dwelling house) mortgage with us, we’ll waive the maintenance and transaction fees on the current account you use to pay your mortgage. All you need to do is set up a direct debit to pay your Mortgage from an AIB personal current account.
4. We offer repayment terms of up to 35 years.
5. What you can borrow will depend on what you can comfortably afford to repay each month. As a general rule this should not exceed 35% of your disposable income, this may vary according to your situation.
6. You can prolong starting your repayments for six months, this is subject to approval. Ask your mortgage advisor about how you can apply.
7. You will get a free consultation with an AIB Financial Advisor. They will recommend the best options for you, including life insurance, specified illness and income protection options
8. First Time Buyers will be happy to hear that they can get 30% discount on Home Insurance if they have been claim free for 3 years. Discounts are applied on a reducing balance and a minimum premium amount of €157.50 applies
9. Managing new bills can be tough, so we offer a low-cost finance Masterplan Account to help
10. You will need to be over 18 (otherwise you can't sign the contract - which is the most important part of the process).