Change the Loan to Value (LTV) on my current Mortgage

 

You may 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.

 

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 complete the Mortgage Amendment Form or send us a written request, signed by all parties to the mortgage. Your request and valuation report, where required, should be sent to us at AIB Home Mortgage Operations, Accounts Section, 1 Adelaide Road, Dublin 2.

 

Home Mortgages Regulatory Information

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