Whatever your mortgage question,
you can bank on us.

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 0345 600 5925 to talk to us about your mortgage needs.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Mortgage FAQs

Here are some of the most frequently asked questions about our mortgages:

Do I have enough for a deposit?

You’ll need to save or have at least 5% of the cost of your new home. At the moment we offer the following:

Lending Type	Minimum deposit
NI PDH valued <250k	5%
NI PDH valued >250k - < £750k	10%
New Build properties	10%
PDH Apartments	10%
All Great Britain (GB) PDH	15%
NI PDH valued >750k	20%
1 Bed PHD Apartments	20%
Holiday Home/Second Home	20%

Speak to one of our dedicated mortgage advisers on 0345 600 5925 or click here to request a call back. Start saving today. View our range of savings accounts.

Can we afford to upsize?

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 0345 600 5925 and speak to one of our dedicated mortgage advisers or click here to request a call back.
Which mortgage is right for me?

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 0345 600 5925 for further information or to make an appointment.
How much I can borrow?

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.
What steps are involved in getting a mortgage?

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 0345 600 5925 or click here to request a call back.
What interest options do you have?

We’ve a range of fixed and variable rate mortgages available, click here for further information.

To find out if one is suitable for you and how much your monthly repayment would be call us on 0345 600 5925.
Can I apply for a mortgage before I’ve found a property?

You will need an offer accepted on a property before you can formally apply for a mortgage, but we can offer a no obligation quote before you proceed. The sooner you enquire about 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.
What proof of income is required?

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.
What documentation do I need to supply with my mortgage application?
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 0345 600 5925. But, at the very least, all customers need to supply:

Three months’ bank statements for any non-AIB (NI) accounts

Proof of savings and any funds you will be putting towards the purchase of your home (again, only if these savings are not held with AIB (NI))

Three months’ statements for all non-AIB (NI) borrowings. For example credit cards, car/personal loans and mortgages

You will also need to supply evidence of your employment and income

For PAYE employees, this includes:

Three months’ payslips

Your P60
I’m self-employed/a company director. Can I get a mortgage?
Yes – provided your income is sufficient and you provide documents to support your application.

We’ll need to see:

Three years’ financial accounts certified by your accountant

Confirmation that your tax affairs are up-to-date and in order

Three months’ account statements, for any non-AIB (NI) accounts.
What kind of insurance do I need to take out with a mortgage?

You need to have home insurance (buildings cover) in place before you can draw down your mortgage. Your minimum buildings cover will need to match the rebuild value of the property. Other risks may need cover depending on property.
What is the difference between the interest rate and the APRC?

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).
What other costs may be associated with purchasing a property?

You should remember to budget for all the costs associated with buying a new property, which may include:

Legal fees

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.

Valuation

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.

Surveyor’s fees

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.

Stamp Duty

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.

Booking or application fees

Depending on the specific mortgage you choose, you may have to pay a booking or application fee. Ask us for more information.
What interest rate options does AIB (NI) offer?

Your AIB (NI) mortgage champion can tell you exactly what our current rates are and how they translate into monthly repayments, but this is how they work:

With a variable rate mortgage, your monthly repayments may rise and fall as market interest rates change. You can make early or lump sum repayments to reduce the overall cost of your mortgage and pay the loan off early. An early repayment charge may apply. You should speak to us for details. You can also switch to a fixed rate any time you want (subject to product availability and criteria).

With a fixed rate mortgage, it means that your rate and repayments will stay the same for a specific period of time, even when market rates change. A fixed rate protects you from interest rate increases but you will not benefit if interest rates fall during the fixed period. An early repayment charge may be incurred if you wish to pay a lump sum, pay off your mortgage in full, or switch to a variable rate mortgage within the fixed rate period.
I’m planning to build my own home - can I get a mortgage?
Yes, mortgages are available for self-build customers, provided you meet all the usual criteria, which is:

You can afford the mortgage repayments.

Your basic income is sustainable.

Your mortgage amount is 75% or less than the market value of the property.

You will need to supply documentation relating to the build, including but not limited to; Planning Permission, Building control, Costings & Insurances.
Can I use a gift as my deposit?

Yes. You’ll need to provide evidence of the gift along with a completed gift letter which we will supply.

Representative example

Loan value: £176,588
Loan term: 28 years
Loan Type: Fixed rate for 2 years, reverting to standard variable rate for the remaining term
Initial monthly repayments: £700.48, followed by a repayment of £890.31 for the remaining term
Fixed rate: 2.10% for 2 years
Standard variable rate: currently 4.20%
APRC (annual percentage rate of charge): 4.06%
Number of monthly instalments: 336
The following fees are included in the calculation for this example:
- Funds transfer fee, £30;
- Mortgage exit fee, £55;
- Valuation fee £200

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 £118,285.24. This means that the borrower would have to pay a total amount of £294,873.24. Home insurance is required.

For more information, see General Information about AIB (NI) Mortgages.