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Des has a mortgage in Galway
If you’re thinking of buying a property to invest in, we can help.
We can’t advise on being a landlord, but we can help with:
✔ Competitive rates
✔ Quick approval in principle that lasts 12 months
✔ And experts to help you
Whatever stage you’re at, everything you need to know is here. Read a guide, watch a video. Take your time. And when you’re ready to chat we’ll help however we can, wherever it suits you.
Think of a mortgage as a home loan; a way to get your feet on the property ladder - the first step on the way to getting out of renting, or living with parents and getting a home of your own. Let’s look at a couple of basics.
Basically a mortgage is a loan used to buy a home. And the home becomes the security for the mortgage loan. A bank agrees to lend you money to buy, build or renovate a home and you agree to repay it.
When you apply for a mortgage with us we’ll give you what’s called an Approval in Principle. This shows how much we’re able to lend you based on the information you’ve given us. Of course, this isn’t a loan yet, but the figure we give you lasts for 12 months so you can go house hunting confident of what you can afford.
With our mortgage calculator it’s easy to find out how much you could borrow.
There’s also rates to consider. We’ve competitive fixed and variable rates, but what do these mean?
Fixed Rate or Variable Rate?
You can chose between a fixed interest rate, a variable one or a combination of both.
A fixed rate mortgage has a rate of interest which doesn’t change for a set period of time, so you know exactly how much you pay every month. A fixed rate makes it easier to budget for payments.
But remember it’s fixed for a certain time like three, five or seven years and if you change it before the end, we may charge you a fee.
A variable rate mortgage has a rate of interest which can change, for example, if we change our rates. We will always tell you in advance if it is going to go up or down and how your monthly repayment amount will change as a result.
So you have approval in principle, what’s next?
You go house hunting, find a home, make an offer and hopefully it goes sale agreed. When that happens let us know and we’ll guide you through the next stage. That includes things like getting the home valued by one of our valuers, getting it insured, telling us who your solicitor is, getting a mortgage protection policy in place and so on. It sounds daunting but we’ll help you through it all.
When everything’s done we’ll send you a contract – what we call a letter of offer - to sign. Your solicitor will also get a copy and they’ll take you through it before you sign it and they send it back to us.
There isn’t a bank that will lend you all of the money to buy a property, so you need to have enough money saved to pay a deposit.
Getting into the habit of saving can be hard, but once you realise that a place of your own is the goal it’s worth every cent.
Here’s some tips:
Budget your spending
You need to know what’s going out of your account versus what you have coming in.
Set up a savings account
Figure out how much you need to save. Put your details into our Savings Calculator and you’ll get a clear idea of how much you need to be saving each month in order to meet your target.
We have lots of different saving accounts to choose from. Consider an online notice deposit account.
Shop Around
We’ve all seen the figure of how much you can save by switching providers for things like your internet and electricity. Set aside a switching day, so you can get them all changed.
Reward Yourself
Build in a buffer for fun and set aside some money each month to treat yourself with. Sign up for AIB Everyday Rewards to get cashback from lots of stores when you shop.
Check out our savings options
Pop into a branch, make an appointment on aib.ie or ask us to call you back when you can speak with one of our Mortgage Experts.
You don’t need any documents or deposit saved to chat to an expert. We’ll make sure you’re on the right track from the start by helping you make a plan to get the deposit together. If you can’t make it to a branch, we can come to meet you, so this may also be an option for you.
Get your paperwork together
Once you’ve saved your deposit you will need to show us that you can afford to keep repaying the mortgage. Your Mortgage Expert will tell you exactly what documents you need to give us, such as payslips, bank statements, credit card bills and proof of saving or gifts.
Apply for Approval in Principle
Once you have your deposit together, you can apply for a mortgage and receive an Approval in Principle. This is when we agree, in principle, to give you a mortgage, based on the information you’ve given us. Then you’ll know how much you have to spend on your new home. There will be more conditions you’ll have to meet, but we’ll make these clear so you’ll know what else you have to do before we can lend you the money. The approval lasts for 12 months.
You can apply over the phone, or in a branch with one of our Mortgage Experts. If you’re unsure about anything, why not book an appointment online or pop into a branch to speak with one of us?
What happens after I get mortgage approval?
Once we give you approval in principle, you can go house hunting confident of what you can afford.
Make an offer
If you’ve found a home you like, you can put down an offer but be sure to have a surveyor check the property out. They’ll be able to spot any damp, cracks in the walls, infestation issues or faulty wiring. Once you’re satisfied the house or apartment is structurally sound, you can put down your deposit.
Find a Solicitor
If you haven’t got a solicitor yet, now’s the time to find one, maybe by asking friends or family for a recommendation. They’ll be doing most of the dealings with the seller or builders’ solicitor on your behalf, so make sure they’re reputable. Next, tell us once you’ve made an offer; we need to know the property details, including its value. This can be easily arranged by calling our Central Valuations Team on 1890 100 051.
Sign the offer letter
When we’re happy they’ve received all the relevant property details and any other things we’ve asked you to do (they are all laid out as conditions) we’ll send a formal offer letter to you and your solicitor. This is the official contract, so review it carefully together. Once you’re both happy, sign and return it to us.
Mortgage protection and home insurance
You’ll need to have both mortgage protection and home insurance in place before we send the money to your solicitor. Our AIB Financial Advisors will be happy to discuss your life / illness cover and income protection options. We’ll also give you 30% discount on home insurance if you’ve been claims-free for three years or more. Once those details are confirmed, the mortgage loan can go ahead.
You can choose between a fixed and a variable interest rate.
A fixed rate mortgage has a rate of interest which doesn’t change for a set period of time, so you know exactly how much you pay every month. A fixed rate makes it easier to budget for payments. But remember it’s fixed for a certain time like three, five or seven years and if you change it before the end, we may charge you a fee.
A variable rate mortgage has a rate of interest which can change. We will always tell you in advance if it is going to go up or down and how your monthly repayment amount will change as a result.
Where you see LTV, it stands for Loan to Value. It refers to the ratio of your loan to the value of the property. We offer different rates depending on that ratio.
| Rate type | Interest Rates | APRC | Cost per €'000 |
|---|---|---|---|
| LTV Variable >80% | 3.15% | ||
| LTV Variable >50%<=80% | 2.95% | ||
| LTV Variable <=50% | 2.75% | ||
| 1 Year Fixed | 3.15% | ||
| 2 Year Fixed | 3.15% | ||
| 3 Year Fixed | 2.55% | ||
| 4 Year Fixed | 2.85% | ||
| 5 Year Fixed | 2.55% | ||
| 7 Year Fixed | 3.15% | ||
| 10 Year Fixed | 3.30% |
| Rate type | Interest Rates | APRC | Cost per €'000 |
|---|---|---|---|
| Standard Variable | 4.85 | ||
| 1 Year Fixed | 5.55 | ||
| 2 Year Fixed | 5.75 | ||
| 3 Year Fixed | 5.95 | ||
| 4 Year Fixed | 6.15 | ||
| 5 Year Fixed | 6.35 |
If you are thinking of buying to rent, think of the location your tenants might want to live in. Here’s some pointers about Dublin’s commuter towns:
Maynooth
Maynooth may be a university town, but nowadays, more and more are choosing this charming Kildare location as their forever home. And it’s easy to see why. First, the leafy college campus is an ideal spot for a weekend jog or stroll. Foodies will be delighted with Maynooth’s stellar reputation for restaurants. For kids, there’s a well-equipped playground and several schools, including an Educate Together and Gaelscoil. Transport links are excellent thanks to the local train station, and the town is served by both Dublin Bus and Bus Éireann. The commute time by rail to Dublin Connolly is just 45 minutes.
Navan
Navan is a fantastic option. This historic Meath location has so much going on. Culture vulture get the multidisciplinary Solstice Arts Centre. This beautiful building boasts a gallery, theatre and café. Sport fans are well catered for here too, with GAA, athletics and even a cricket club in the locality. The beautiful Boyne River cuts through the town, and the scenic Boyne Ramparts Walk (8k from Navan to Slane), is perfect for a Sunday stroll. For families, Navan has some great schools, and there’s Tayto Park nearby. Traffic is a factor in commute time here, but you’re only looking at about one hour each way into Dublin city.
Naas
Naas is another established Kildare town with a strong sense of community. A 45-minute trip by car to Dublin, it’s also serviced by Bus Éireann and the nearby Sallins and Naas train station. Naas has plenty to keep people occupied; a local cinema, plenty of restaurants, and even its own theatre. There’s a longstanding farmers market every Sunday morning too, and a handful of independent coffee shops. There’s local GAA and Rugby clubs and a local choir. Families are well catered for here as well, with a playground, historical walks, and lots of schools to choose from.
Skerries
A relaxed pace of life by the sea, but still close to the city for work, Skerries is a north Dublin seaside town. Set against a truly idyllic backdrop, it’s got buckets of charm and a strong sense of community. Residents enjoy an evening walk along the beach with panoramic views of the five islands that surround this pretty town. The local Skerries Sailing Club is welcoming of new members, and has a great reputation. It’s easy to get into the city too; Skerries is serviced by Irish Rail, and the average commute time from Dublin Connolly by train is a manageable 35 minutes.
Apartments
For starters, energy bills will be lower. The more compact space means there’s no worrying about heating room after room, and the nature of an apartment building means your property is most likely surrounded by others on every side – so heat is retained much more efficiently than in a house. Apartment blocks are often located in incredibly handy spots; smack-bang in the middle of the city, or if not in the centre, a trendy neighbourhood or college is nearby. No tedious commute for your tenants.
Houses
Houses usually have more space, full stop. If your tenants are raising a young family, space is key.
Let’s not forget the issue of pets. If they love dogs a backyard or garden will help. A back garden’s not bad for attracting tenants either. Gardening has been found to greatly reduce stress and promote positive moods. With life’s pace continuing to quicken at lightning speed, nature’s calming benefits can help to soothe our frazzled souls after a hard day.
Fixer-uppers are often love-at-first-sight, but if you plan to be a landlord, they can present a great development opportunity in terms of controlling refurbishment costs. With perseverance, a dose of stubbornness, and a keen eye for the bigger picture, a fixer upper could be an unbeatable investment.
Here are five things you really need to look for in a fixer-upper.
1. Location, Location, Location
There’s an old saying that goes, “Buy the worst house on the best street”. This should be your fixer-upper mantra. Seek out the house that buyers would be clamouring for if it was a sleek turn-key, and look beyond the dodgy carpets and avocado bathroom suite. Assess the neighbourhood in general too. Is it well-maintained and predominantly owner-occupied? You should also note whether there are good schools, decent public transport, and shops or supermarkets nearby. All good signs that your long-term investment is that little bit more secure.
2. Know Your Biggies
There are some things you can optimistically add to your own to-do list when budgeting for the renovations. You can probably do the painting and laying floors might be manageable yourself, but dodgy plumbing, shaky foundations, and fried electrics are not. If you suspect something is wrong with any of the major parts (plumbing, foundations, electrics, waterproofing, windows, heating, roof, etc.) add a worst-case-scenario cost to your budget. Then double it. Because if Grand Designs has taught us anything, it’s that anything that can go wrong, will go wrong.
How to applyThis is where it all starts.
Thank you for applying with us. It's a big step but we’ve made it as easy as possible.
To get ready you’ll need to get a few things together.
✔ The basics like names, address, contact details, age.
✔ What you earn (we’ll ask you to back this up with payslips later).
✔ The big things you spend on like rent and loans.
✔ Some details of the property you’re thinking of buying.
There’s no commitment, but for our part, the first thing we’ll do is give you an idea of how much we could lend you. And when you see what your monthly repayments might be, you can easily see your budget.
Then, when you apply formally to us for a mortgage, we’ll confirm within three business days that we have all the information we asked you for, or we’ll let you know if there is anything missing. It will take us up to ten business days to tell you our decision about your application. If for any reason it takes us longer we will let you know why - and when we will get back to you.
More than 200 branches across Ireland makes us the perfect solution no matter where you are. Find the nearest branch to better serve you
Or maybe just talk to a Mortgage expert when and where it suits you.
Talk to an expert
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.
| 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 loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future. |
Before proceeding please read our Site Use Terms and Conditions, Privacy & Cookie statement which apply to your use of this website. AIB and AIB Group are registered business names of Allied Irish Banks, p.l.c. Registered Office: Bankcentre, Ballsbridge, Dublin 4
