No Fees Mortgage Benefit

As a thank you for taking your mortgage with us…

If you have an AIB home mortgage with us, we’ll waive the maintenance and transaction fees* on the current account you use to pay your mortgage.

Getting a new home is exciting but can be an expensive time, one where every cent counts, so banking free of maintenance and transaction fees will help.

Tracker Interest Rate Retention

When you have an AIB principal Private Dwelling House (PDH) mortgage and pay by direct debit from an AIB personal current account, we will waive all maintenance and transaction fees that may apply to that account.

What you need to know

• We will apply the benefit to the personal current account that you use to pay your mortgage by direct debit. Once set up, the benefit will only apply to this account.
• You’ll start to notice the savings on your current account statement which will appear as ‘No Fees - Mortgage’ every fee quarter.
• It will take a few days from when you drawdown your mortgage to apply the benefit, but no longer than five days. We will write to you to let you know when it has been applied.
• When you finish paying your mortgage or close your mortgage loan account, you may pay fees on your current account again.
• This benefit is only available with your principal Private Dwelling House (PDH) mortgage and not on Buy to Let mortgages.
• Terms and conditions apply.

What if you don't pay your Mortgage from an AIB Personal Current Account?

• You will still have time to get this benefit. All you need to do is set up a direct debit to pay your mortgage from an AIB Personal Current Account.
• If you would like to open an AIB personal current account, please contact your local branch.

* Other fees and charges may apply including service and international transaction charges. Maintenance and Transaction Fees are those fees described under the heading Account Fees at (A. Account Maintenance Fees and B. Account Transaction Fees) in the ‘Guide to Fees and Charges for Personal Accounts’ booklet online and in our branches. The fee structure and description of Maintenance and Transaction Fees may change in the future but we will tell you of any changes in line with the account terms and conditions.

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 here

2. As a First Time Buyer you will require a deposit of at least 10%. AIB can offer 90% Loan to Value on Mortgages. 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.

3. We offer repayment terms of up to 35 years.

4. 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.

5. You can prolong starting your repayments for six months, this is subject to approval. Ask your mortgage advisor about how you can apply.
   

Things I need to know before applying for a First Time Buyers Mortgage

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

• You will need to get Home Insurance (it’s the law). We can arrange this for you, or you can purchase it from another Insurance Company.

• Be aware that there will be a penalty charge if you break the following terms of your mortgage: if you take a mortgage with a fixed rate of at least one year and decide to repay this early (whole or partially), if you convert to a variable interest rate, or if you change to another fixed interest rate.

• Don’t forget to budget for other costs. For example, you will need to keep aside some funds for Valuation fees (your valuer will be from the 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 maybe 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.

More information on First Time Buyer Mortgages.

Features of a Home Mover or Switcher 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. A mortgage advisor will be there to help you through every step of the process

2. 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).

3. 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

4. We can offer home movers up to 90% Loan-to-Value mortgage (90% of your house price) and 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 under €275,000.

5. 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.

More information on Home Mover Mortgages.

More information on Switcher Mortgages.

Talk to AIB about your mortgage

Drop in to any AIB branch and speak with a Mortgage Advisor today. They’ll explain exactly what’s involved, 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 online.