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.
- A mortgage advisor will be there to help you through every step of the process
- You can delay starting your repayments for three months, which gives you breathing room to deal with all the other financial costs that come with buying a home (this is subject to approval).
- 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
- We can offer home movers up to 80% Loan-to-Value mortgage (80% of your house price) and 75% for one bedroom property.
- We can offer repayment terms of up to 35 years for your mortgage.
Things I need to know before applying for a Home Movers or Switcher Mortgage
- By law, you must be over 18 to sign the contract (an important part of the process).
- 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 came with buying your home. Don’t forget to factor them in. They include Valuation fees (You must use a valuer from AIB Residential Mortgage Valuers panel). You will also need to cover legal fees, surveyor fees and stamp duty. (Not forgetting possible repairs and decoration of your new home). The valuation report must be dated within four months of the date of the drawdown of funds, otherwise you may be required to obtain a new valuation. AIB has agreed with the panel a fee of €150 for the initial valuation and €65 for any subsequent valuations should they be required.
- 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
- Switching is available for all Principal Private Residence (PDH) mortgage holders in Ireland who have a mortgage with any other Mortgage provider. We will require that your mortgage repayments are not in arrears, also that your mortgage is not in negative equity, this is when the balance of your current mortgage is greater than the current market value.