AIB Switcher Mortgages
If youвЂ™re thinking of switching your home mortgage from your current provider, AIB would be delighted to talk to you.
To help cover your costs, weвЂ™ll pay в‚¬2,000 directly to the current account you use to pay your new mortgage. This payment will be made within 2 months of Mortgage drawdown.
AIB offers very competitive Fixed and Variable interest rates to all mortgage customers.
See how much you could save on our Switching Mortgage calculator**
Please Choose the rate option from dropdown
- Select Fixed Rate
- 1 Year Fixed
- 2 Year Fixed
- 3 Year Fixed
- 4 Year Fixed
- 5 Year Fixed
- Select LTV Rate
- LTV 50%
- LTV >50% 80%
- LTV >80%
We make Switching easyвЂ¦
We understand the idea of switching mortgage provider can be a little daunting, the paper work and the time it might take to sort it all out but we have a dedicated Switching team to help you. You can contact the Switching Team on 0818 303 035 (lines are open Monday to Friday 9am вЂ“ 9pm and Saturday 9am вЂ“ 6pm) or request a call from one of our Mortgage Advisors or drop in your local branch and weвЂ™ll help you through every step of the process.
Are you Eligible?
Switching is available for all Principal Private Dwelling House (PDH) mortgage holders in Ireland who have a mortgage with any other mortgage provider.
We will require that your mortgage repayments are not in arrears, also that your mortgage is not in negative equity, this is when the balance of your current mortgage is greater than the current market value of your property.
If you have a tracker mortgage with another mortgage provider, switching your mortgage to AIB means you will lose your existing tracker rate. We recommend you seek independent financial advice before deciding to switch your mortgage.
To be eligible for the в‚¬2,000 switching offer, you must have drawn down your new PDH mortgage on or after the 1 st June 2016. We may contact you by SMS or phone to let you know when the payment has been made.
Why choose an AIB mortgage
Your personal Mortgage Advisor will guide you through the mortgage journey, so you can focus on finding your new home
*Delay your mortgage repayment for the first 6 months, subject to approval
Competitive interest rates for owner occupiers including Variable and Fixed. To find out more about our types of mortgage rates click here. You can view our current Fixed and Loan to Value variable mortgage rates here.
No Fees вЂ“ When you drawdown an AIB PDH (private dwelling house) mortgage with us, weвЂ™ll waive the maintenance and transaction fees on the current account you use to pay your mortgage. All you need to do is set up a direct debit to pay your mortgage from an AIB personal current account.
**Existing customers, you can take a payment holiday from your mortgage for up to 6 months, subject to approval
Up to 90% Loan to Value on Switcher mortgages is available with 75% for a one bed property.
WeвЂ™ll give you в‚¬2,000 to cover the cost of switching your home mortgage to AIB.
Repayment terms of up 35 years may be available to you.
* New owner occupier mortgages only. Repayments will increase over the remaining loan term. Excludes movers in negative equity and self builds.
** Existing owner occupier mortgage customers not in financial difficulty. Repayments will increase over the remaining loan term.
How it works
You will need to be over 18 and security will be required before you can obtain a mortgage
What you can borrow will also depend on what you can comfortably afford to repay monthly, this typically should not exceed 35% of your disposable income, however this may vary according to individual circumstances
If you take a mortgage with a fixed rate of at least one year and decide to repay whole, or part early, if you convert to a variable interest rate, or, if you change to another fixed interest rate you may incur an early breakage cost payable to Allied Irish Banks p.l.c., and/or AIB Mortgage Bank.
You will require Mortgage Protection Insurance which can be arranged via AIB or you may purchase this through another Insurance company.
Keep in mind you will also need to use your own funds to cover the cost of a Valuation and your Solicitor’s Legal fees. Not forgetting possible repairs and decoration on your new home. We will pay в‚¬2,000 to help with these costs within 2 months of mortgage drawdown.
You will need to use a valuer from the AIB Residential Mortgage Valuers panel. The valuation report must be dated within four months of the date of the drawdown of funds, otherwise you may be required to obtain a new valuation based on purchase price or valuation of the property, whichever is lower.
Talk to Us
Drop in to any AIB branch and speak with a Mortgage Advisor today or phone the Switching team on 0818 303 035. TheyвЂ™ll explain exactly whatвЂ™s involved, and answer any of your questions.
** Where the calculator shows a positive figure, this is the potential amount that you could save per month by moving your mortgage to AIB.
The switcher calculator is intended as a guide for illustrative purposes only and is based on limited information that you have provided and does not consider your individual financial circumstances for example; where you are on an existing fixed rate with your current mortgage provider you may have to pay a breakage fee. In addition our calculator does not take into account additional fees that maybe required when switching your mortgage such as legal or valuation fees and does not include the в‚¬2,000 switching offer.
In addition if you select a Fixed Rate option and you subsequently drawdown a mortgage on any fixed rate option you may be subject to and early breakage fee. (Please refer to our regulatory warnings)
The calculator is only applicable for potential savings to switching the mortgage on your principle private dwelling. The quotation is non-binding and is subject to change and it is not an Approval in Principle or an offer of a loan, and any subsequent loan application will be subject to lending terms and conditions. (Please refer to вЂhow it worksвЂ™).
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