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How long does it take to get mortgage approval?

We will quickly assess your application and you can expect a decision within a few days. If you are approved, you will receive a formal Letter of Offer (confirming that you qualify for a mortgage and under what conditions).

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What documentation will I need for a mortgage application?

Your mortgage adviser will assist you with this, but the standard documentation we require is likely to include originals of the following:

  • Your most recent P60
  • Certificate of income from your employer in the standard Bank format
  • Your two most recent payslip
  • Photo identification (e.g. current passport or driving licence)
  • A recent utility bill (e.g. phone bill or ESB bill)

Loan statements and evidence of your own financial input may also be required.

If you are self-employed you will be required to produce two years of audited accounts and confirmation from your accountant that tax is paid up to date. A valuation report will also be required on the property to be purchased.

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Are there any additional benefits for first-time buyers?

We offer first-time buyers a range of benefits including:

  • Competitive fixed and variable rates.
  • A repayment term of up to 35 years
  • Flexible repayment options* (Skipped repayments and level pay)
  • Home insurance discounts offers if you choose to take out insurance with us

* Flexible payment options are subject to lending criteria and terms and conditions apply.

 

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Do I have to already identify the particular home I want to buy before applying for a mortgage?

No. You can drop into one of our branches first and discuss your application with one of our mortgage advisers, or call 1890 365 345 to get an indication of how much you can borrow before you start the search for your home.

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Do you have a special mortgage to suit local authority homebuyers?

Our Affordable Housing Mortgage package has been specifically designed with you in mind if you are buying a house under a local authority Affordable Housing Scheme. Our Affordable Housing Mortgage offers:

  • The mortgage covers up to 97% of the actual price you pay for your home after the Affordable Housing Discount (or 85% of the Loan to Value, whichever is the lesser amount).
  • Competitive range of fixed and variable homeloan interest rates
  • Up to 35-year mortgage term
  • Flexible payment options*
  • Home insurance offers (if you take out insurance with us)

*Flexible payment options are subject to lending criteria and terms and conditions apply.

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What security do I require for buying an investment property in Ireland?

Security is by way of a First Legal Mortgage on the property being purchased together with fire cover on the property.

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What is an equity release mortgage?

This involves releasing some of the equity built up in your property. Using the equity in your home through our Equity Release package can be a cost effective way to borrow for purposes such as building an extension or carrying out renovations to your property. Click here for further details.

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What other costs can I expect when taking out a mortgage?

We will help you to keep costs to a minimum. There are other external costs involved in buying or selling a property, which could include:

  • Stamp duty
  • Legal fees to your solicitor
  • Valuation report, payable to the bank's valuer
  • Surveyor's report, if applicable

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How does Mortgage Interest Relief work?

You'll be glad to hear you can get some of your hard-earned cash back by claiming Mortgage Interest Relief, or Tax Relief at Source (TRS). This relief is available to first time buyers for seven years. In year one and two of your mortgage, you can claim Mortgage Interest Relief at a rate of 25%; 22.5% in years three, four and five; and 20% in years six and seven. Click here for more information.

Once you are approved for Mortgage Interest Relief, your mortgage lender will credit your paying account with the Interest Relief due after your full mortgage repayment has been made. So, for example, if the interest portion of your mortgage repayment was €100, your mortgage lender would credit your paying account by €25. To apply, simply log on to www.revenue.ieor contact the TRS helpline on 1890 463 626.

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