The Home Movers’ Mortgage Journey

You’re buying a new home, and you have lots to do – between selling your existing home to finding a good moving van. Our Home Movers’ Buyer mortgage has been designed just for those who are thinking of moving home.

 

Read on to discover how to start your home movers’ mortgage application and get the ball rolling. And if you need any more information, you can download our Home Buyer’s guide which will bring you through each step.

The first 5 steps of a home movers’ mortgage journey

 

Step One: Find out the current value of your home

This will help you to work out the budget for your new home. It’s a good idea to get valuations on your home from a few of your local estates agents. Estate agent’s fees can vary from 1.5% to 2.5% (so remember to query the price!).

 

Step Two: Create Your “New Home Profile” 

How many bedrooms do you need? What area would you like to live in? At this point you should tick off those big and small necessities. Some of the most popular items on the list for home movers include a garden, off-street parking, access to public transport and access to schools. Next, you can do a price comparison for your New Home Profile in your chosen area(s). 

 

Step Three: Work out your timeline 

Should you Sell and Buy or Buy and Sell? There really is no straight answer, as it all depends on how much time you have to move and how flexible you are about the type of house you buy. You may already have seen your dream house and want to buy it now before you sell, or you might prefer to sell your home and rent until you find the right house.

 

Step Four: Your new home budget 

You’ll need to work out your New Home Budget (the amount you can afford to spend on your move). This will depend on the money left over from the sale of your existing home (your equity), any savings you have, and your new mortgage loan too.

 

Step Five: Talking to an AIB Mortgage Advisor

You don’t have to have your deposit saved or your documents in order to talk to an AIB mortgage advisor. No matter what the query, you can drop in or make a mortgage appointment with a Mortgage Advisor before you begin the official process, and we’ll make sure you’re on the right track from the very start. 



Need more information on what happens next? Download our useful Home Mover’s Guide here.

 

I’m in Negative Equity. Can I move home?

Don’t worry – negative equity doesn’t have to mean you cannot move home – you can apply for an AIB Negative Equity Mover mortgage. Find out more in our FAQ section, or contact a mortgage advisor at your local branch for a helpful chat. 

Key Features of a Home Mover’s Mortgage with AIB

 

So you’ve decided to move home. You’ve gone through the journey before – but you may need a refresh on some essential parts of the process. Whatever stage you’re at, AIB will be here to give you all the information you need. Check out the home mover’s guide here, and find out more about the features of an AIB mortgage below.
 

  1. Your personal Mortgage Advisor will guide you through the mortgage journey, so you can focus on finding your new home

  2. *Delay your mortgage repayment for the first 6 months, subject to approval

  3. Mortgage approval for 12 months, giving you time to find the perfect home

  4. Home movers can avail of competitive fixed and variable mortgage rates have a peek at our current mortgage rates here – Find out more about AIB's interest rate options here

  5. No Fees  – When you drawdown an 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.

  6. **Existing customers, you can take a payment holiday from your mortgage for up to 6 months, subject to approval.

  7. We can offer repayment terms of up to 35 years for your mortgage.

  8. You will need to be over 18 (otherwise you can't sign the contract - which is the most important part of the process).

  9. 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.

  10. Managing new bills can be tough, so we offer a low-cost finance Masterplan Account to help.

 

* New owner occupier mortgages only. Repayments will increase over the remaining loan term. Excludes movers in negative equity and self builds.
 

** Existing owner occupier mortgage customers not in financial difficulty. Repayments will increase over the remaining loan term.

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Home Movers’ Mortgage Resource Centre

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    Things I need to know before applying for a Home Movers Mortgage

    • You will need security to back up the purchase of your new home.

    • You will already have Home Insurance, so you’ll know it is a legal requirement and an essential part of your mortgage. You can check out AIB’s Home Insurance here

    • If you break a fixed rate mortgage of at least one year and decide to repay this early (whole or partially) if you change to another fixed interest rate or convert to a variable interest rate you will be charged a penalty fee

    • Remember those additional costs that can come with buying your home. Don’t forget to factor them in. They include Valuation fees. You will also need to cover legal fees, surveyor fees and stamp duty. (Not forgetting possible repairs and decoration of your new home).

    • A valuation of the property will have to be carried out by a valuer on our residential mortgage valuers panel. This can only be arranged by contacting our Central Valuations Team on 1890 100 051. The valuation will cost you €150.00. If this is carried out more than four months before the requested date of drawdown of the loan or of the final stage payment, a re-valuation will be required and this will cost you €65.00.

    • The currency of your loan and repayments will be euro. If the currency of (some of) your income or assets you intend to use to repay the mortgage loan is not euro, and/or you live in a European Economic Area (EEA) state that is not in the euro zone, the mortgage loan is a foreign currency loan. 


    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.

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Frequently Asked Questions

There are some important questions you may have about moving home. Click here to view our list of mortgage FAQs.

Home Insurance

Decided to sell your home and move to a new one? It could be time to find a good deal on your home insurance too. Click here to check our competitive rates.

Talk to AIB about a home mover's mortgage

Drop in to any AIB branch and speak with a Mortgage Advisor today. They’ll explain exactly what’s involved in your Home Mover’s Mortgage, and answer any of your questions.

 

You can also use the call back button or our handy Online Mortgage calculator where you can also apply for a Mortgage on line.

Other Information


AIB Home Insurance is exclusively underwritten by AXA Insurance dac. AIB Insurance Services Limited is regulated by the Central Bank of Ireland. Allied Irish Banks, p.l.c. is tied to Irish Life Assurance plc, for life and pensions business. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland. Irish Life Assurance plc is regulated by the Central Bank of Ireland.


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

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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 credit agreement, your account will go into arrears, this may effect your credit rating, which may limit your ability to access credit in the future.

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