Whether you're a first time buyer, or you’ve done it before, it’s natural to have questions when you’re buying a new home. At AIB (NI), we want to help. You can call us on 028 9082 1655 to talk to us about your mortgage needs.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Here are some of the most frequently asked questions about our mortgages:
You’ll need to save or have at least 5% of the cost of your new home. At the moment we offer the following:
Speak to one of our dedicated mortgage advisers on 028 9082 1655 or click here to request a call back. Start saving today. View our range of savings accounts.
This really depends on how much you can afford comfortably in monthly repayments. This is for the length of your mortgage, which may be up to 35 years, depending on your age. We look at the detail of your overall financial situation – including income, outgoings, savings and other loan repayments. Then we calculate the monthly mortgage amount that you can afford to repay. To find out what you can borrow call us on 028 9082 1655 and speak to one of our dedicated mortgage advisers or click here to request a call back.
At AIB (NI) we’ve a range of fixed and variable rate mortgages with terms up to 35 years, click here for further information.
Come and talk to us today and we can tell you which is the right mortgage for you. Call us on 028 9082 1655 for further information or to make an appointment.
This really depends on how much you can afford comfortably in monthly repayments. This is for the length of your mortgage, which may be up to 35 years depending on your age. We look at the detail of your overall financial situation – including income, outgoings, savings and other loan repayments. Then we calculate the monthly mortgage amount that you can afford to repay.
You’ve probably already worked this out yourself, but it’s important to remember a few key points. Most importantly, only reliable income should be included in your calculations. By this we mean guaranteed income – bonuses and one-off payments shouldn’t be included. Remember that your outgoings may increase in more ways than just the monthly mortgage repayment. There’s the cost of life assurance and home insurance to consider too.
There are several steps to getting a mortgage; from saving a deposit, organising all the relevant documentation, having your mortgage interview to see which mortgage is suitable for you, to finally getting approval and purchasing your new property.
However the first and most important step is to talk to a mortgage adviser who will be able to guide you through the full process making sure you have all the information you require. To speak with one of our mortgage advisers please call us on 028 9082 1655 or click here to request a call back.
Yes, you can. The sooner you apply for a mortgage the sooner you know how much you can afford. Then, once you’ve found your new property, we can provide you with a formal letter of offer, subject to eligibility criteria and terms and conditions.
As a mortgage is a long-term commitment, we can only include your sustainable income when calculating the amount you can borrow, not bonuses or other one-off payments. To show your sustainable income you will need to provide three months’ payslips.
We need to see records of your bank accounts, savings and debt. Of course, we will have access to any AIB (NI) records, but for any non-AIB (NI) accounts you will need to supply copies of statements. The mortgage champion at your local branch can explain everything you need. Or you can call us on 028 9082 1655. But, at the very least, all customers need to supply:
For PAYE employees, this includes:
Yes – provided your income is sufficient and you provide documents to support your application.
We’ll need to see:
You need to have home insurance (buildings cover) in place before you can draw down your mortgage.
The interest rate is the actual rate at which interest is charged on the amount you borrow. APRC stands for Annual Percentage Rate of Charge (APRC), which is the total cost of your mortgage over its term, taking into account both interest rate charged and other fees. APRC includes valuation, booking and application fees (some or all of these may be applicable on your mortgage, we will be able to advise you).
You should remember to budget for all the costs associated with buying a new property, which may include:
When you find the house you want and we’ve approved your mortgage, you need to choose a solicitor to act on your behalf. It is worth shopping around to get the best quote available.
For more information on switching your mortgage click here.
We’ll arrange a valuation report, completed by an approved valuer from our AIB (NI) Residential Mortgage Valuers panel. Once approved, your letter of loan offer will be sent to your solicitor.
This is free for switchers and first time buyers.
For your own peace of mind, you may want to organise a structural survey. Generally it’s not a Bank requirement, but will inform you of any issues which may affect your property.
If you buy property in the UK, you might have to pay Stamp Duty Land Tax. Your solicitor will be able to advise you how much Stamp Duty Land Tax you will have to pay.
Depending on the specific mortgage you choose, you may have to pay a booking or application fee. Ask us for more information.
Yes, mortgages are available for self-build customers, provided you meet all the usual criteria, which is:
Yes. You’ll need to provide evidence of the gift and that the gift will not need to be repaid, for example a statement of savings/deposit accounts and a letter from the person providing the gift that it does not need to be repaid.
If the rates do not vary during the term of the mortgage, the total cost of credit (the total amount repayable less the amount of the mortgage) would be £94,831.60. This means that the borrower would have to pay a total amount of £237,273.60. Home insurance is required.
For more information, see General Information about AIB (NI) Mortgages.
