Home Mortgages Regulatory Information
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Warning: The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home |
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Warning: You may have to pay charges if you pay off a fixed rate loan early. |
Where Interest Only Option is availed of:
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Warning: The entire amount that you have borrowed will still be outstanding at the end of the interest-only period. |
WARNING.
YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS 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 at 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).
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 EUR100,000 20 year Variable interest rate mortgage for an Owner Occupier residential Property with LTV greater than 80% will have monthly repayments of EUR553.73 APR 3.03%. 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 EUR32,895.20. The effect of a 1% increase in interest rates for such a mortgage will add EUR51.03 to monthly repayments.
A typical EUR100,000 20 year Standard Variable interest rate mortgage for a Buy-To-Let/investment Property will have monthly repayments of EUR615.79 APR 4.27%. 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 EUR47,790.32. The effect of a 1% increase in interest rates for such a mortgage will add EUR54.02 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 EUR60 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. EUR100k @ 7% for 60 months, full repayment after 36 months, current prevailing rate for 24 months= 5% early breakage cost EUR4,000 (EUR100k X 24/12 X 2% = EUR4,000)
Rates and repayments correct as at 30/03/2010. 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, Allied Irish Banks, p.l.c. and AIB Insurance Services Ltd. are regulated by the Financial Regulator.
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.