AIB Owner Occupier Mortgage Rates are coming down.

 

We are reducing our Variable rates from the 1st of July for both new and existing mortgage customers.
  

  • This Reduction will benefit around 76,000 Standard Variable Rate (SVR) and Loan to Value Rate (LTV) customers.

  • A reduction of 0.25% on a €200,000 SVR  mortgage may save up to €320.00 per annum based on a 25 year term.

  • Existing Variable Rate Mortgage customers will receive a letter in the post outlining the exact reduction in their mortgage repayments.
     

  • Customers currently on a Fixed Interest rate will not be impacted until their current Fixed Rate expires.


If you have any questions you can phone 1890 724 724 or talk to the Mortgage advisor in your local AIB Branch.


Click here for more information about our current mortgage interest rates.

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Help and Guidance

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    Home Mortgage Regulatory Information

    WARNING: IF YOU CANCEL OR MAKE A CLAIM FOR REIMBURSEMENT OF A DIRECT DEBIT REPAYING YOUR MORTGAGE ACCOUNT, AND FAIL TO MAKE ALTERNATIVE ARRANGEMENTS FOR PAYMENT, YOUR ACCOUNT WILL GO INTO ARREARS.

     

    WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.

     

    THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME.

     

    NOTE: THE ABOVE NOTICE IN RESPECT OF ADJUSTMENTS TO REPAYMENT RATES WILL NOT APPLY DURING ANY PERIOD WHEN THE LOAN IS AR A FIXED RATE.

     

    • If you or your dependants intend to use the property as a principal place of residence, you must show evidence of mortgage protection insurance, unless you are exempt under the Consumer Credit Act 1995 (you can seek this insurance through us or from other sources). Allied Irish Banks, p.l.c. is a tied agent of Irish Life Assurance plc. for life and pensions business.

     

    • Maximum loan to value of Owner Occupier Residential Properties - 92% of purchase price or valuation whichever is lower. For Buy-To-Let/Investment properties - 75% of purchase price or valuation whichever is lower. Lending levels are subject to monthly repayment burden, typically not exceeding c. 35% of borrowers disposable income and will vary according to individual circumstances. Loan requests considered on the basis of proof of income, financial status and demonstrated repayment capacity (including capacity to repay at higher interest rates). Loans not available to people under 18. Mortgage loans require to be secured by a mortgage and charge on the subject property.

     

    • A typical €100,000 20 year Variable interest rate mortgage for an Owner Occupier Residential Property with LTV greater than 80% will have monthly repayments of €618.44 APR 4.33%.  If the APR does not vary during the term of the mortgage, the total cost of credit i.e. total amount repayable less the amount of the mortgage, would be €48,425.60. The effect of a 1% increase in interest rates for such a mortgage will add €54.13 to monthly repayments.

     

    • A typical €100,000 20 year Standard Variable interest rate mortgage for a Buy-To-Let/Investment Property will have monthly repayments of €678.12 APR 5.47%. If the APR does not vary during the term of the mortgage, the total cost of credit i.e. total amount repayable less the amount of the mortgage, would be €62,748.80.  The effect of a 1% increase in interest rates for such a mortgage will add €56.70 to monthly repayments.

     

    Surcharge Interest

    Arrears attract surcharge interest at 6% per annum in addition to the interest rate that applies to the loan. Surcharge can be avoided by making all repayments when due.
     

    • Execution and registration of the mortgage deed will involve payment by you of your solicitor's fees, outlays and registration fees. The amount of solicitor's fees can be determined by negotiation with your solicitor, who will also inform you of the amount of the outlays and registration fees.

    • We will charge you €60 for executing a discharge, release or vacate of a mortgage.


    The following is applicable only where the interest rate is FIXED for a period of at least one year:

    During any period when a fixed interest rate applies, the Lender may agree:

    (i) to allow full or partial out of course repayment ("prepayments"), or

    (ii) to convert the facility to a variable interest rate or to an alternative fixed interest rate ("conversions")

    Prepayments, conversions and early repayment following demand by the Lender will be subject to the payment by you of an early breakage cost calculated using the following formula:

    Early breakage cost = A x U x D%, where
     

    "A" is the amount of the prepayment or early repayment following demand by the Lender, or the amount of the conversion, and"U" is the unexpired term of the fixed interest rate period, and
    "D" is the difference between the fixed interest rate applying to the facility and the fixed interest rate which would then apply to the facility for the amount of "A" for the term of "U".

    E.G. €100k @ 7% for 60 months, full repayment after 36 months, current prevailing rate for 24 months= 5% early breakage cost €4,000 (€100k X 24/12 X 2% = €4,000)

     

    If the security includes a new mortgage of property other than your private dwelling place or holiday home, you will have to pay the Bank's solicitor's fees for each property mortgaged as well as your own solicitor's fees, outlays and property registration fees.


    Lending criteria, terms and conditions apply. 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. Allied Irish Banks, p.l.c. is regulated by the Central Bank of Ireland.

    Allied Irish Banks, p.l.c. and AIB Mortgage Bank subscribe to the Voluntary Code of Conduct on pre-contractual information for home loans. A copy of the Code is available on request.

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Distance Marketing Directive

Important Information about your Mortgage Distance Contract.

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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