You can contact us in a number of ways. Choose whatever suits you. Here are some of our most commonly used documents, including reference guides and forms. Your valuation can be arranged by calling our Valuations Team on If you already have a mortgage with us, our customer support team can best answer your questions on Registered in Ireland: Registered No.
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The alternative is to go directly to the bank or banks yourself. But you need to consider is it better to deal with a lender or Insurance company directly when they only have their own products to offer you?
As regulated intermediaries we are obliged to look after your interest. Lenders pay intermediaries to give them business because it is good value for them to do so. New lending rules will limit borrowing in most cases to a maximum of 3. This is not to say that you will qualify for this amount but rather that this will act as a cap.
Borrowing limits also take account of the following: Restrictions on the percentage of your net income that you can Ensuring that you have a certain minimum level of money to cover the cost of living Proving that you can afford the proposed repayments by reference to cuureent spending and savings habits In practice it is difficult to arrange mortgage facilities for incomes less than 30k for a single person 50k for a couple.
In assessing a mortgage application the key consideration lenders look at is ability to service loan repayments. In order to assess this, lenders review your current income and make estimations as to the likelyhood of your income continuing into the future. In this regard certain classes of employment are by their very nature more secure than others.
A mortgage is a long-term commitment. AIB can only include your sustainable income when calculating the amount you can borrow. If you are a PAYE employee this means your guaranteed basic salary, not including bonuses or other once-off income. The Interest Rate is the actual rate at which interest is charged on the amount you borrow. AIB calculates interest on a daily basis. APR stands for Annual Percentage Rate APR which is the total cost of your mortgage over its term, taking into account both interest rate charged and other fees, as well as whether interest is charged monthly or quarterly.
With a fixed rate mortgage, your interest rate and monthly repayments are fixed for a set time as agreed between the lender and borrower.
Although a fixed rate means your repayments cannot increase for a set period of time, your repayments will not fall during the fixed rate period. As a result, you could miss out on lower interest rates and lower repayments. Fixed rates may cost more over the long run but they offer peace of mind as you know your repayments will not rise during the fixed rate period. Call into your local branch or take a look at what savings and deposits options we have available.
Variable rates offer the most flexibility. They allow you to increase your repayments, use a lump sum to pay off all or part of your mortgage or re-mortgage without having to pay any fixed rate breakage fees. However, because variable rates can rise and fall, your mortgage repayments can go up or down during the term of your loan.
To show your sustainable income you will need to provide 3 moths payslips and have an AIB Salary Certificate signed and stamped by your employer. You can pick up this certificate in your local branch. The maximum amount you can borrow depends on several factors such as your income and your capacity to repay your loan.
For a guideline on how much you could potentially borrow check out our online Mortgage Calculator. Commercial Should I deal through a broker! How much can I borrow? Will you take all of my salary into account? What proof of income is required? How much of a deposit do I need? What else should I bear in mind when taking out a mortgage? Ask a Question.
First step to owning a home is mortgage approval
The alternative is to go directly to the bank or banks yourself. But you need to consider is it better to deal with a lender or Insurance company directly when they only have their own products to offer you? As regulated intermediaries we are obliged to look after your interest. Lenders pay intermediaries to give them business because it is good value for them to do so. New lending rules will limit borrowing in most cases to a maximum of 3.
What proof of income is required for a mortgage?
Many first-time buyers make the mistake of finding a house first, writes Laura Slattery. When thoughts turn to buying your first home, a picture emerges of a dream home, surrounded by the Irish equivalent of a white picket fence and fully decorated with all the interior finishings that money and taste can buy. It's when first-time buyers try to convert fantasy into reality that they usually run headfirst into a few brick walls. As a property ladder novice going down this path for the first time, the chances are you won't quite know what you're doing. You may know what you want, but the technical details of how to get it are still surprising.