Further Advances

Further Advances FAQs

• What is the minimum and maximum amount a customer can borrow on a further advance?

  AIB do not have a minimum mortgage amount for further advances.

  Whilst AIB does not have a maximum mortgage amount for further advances, we do have a maximum Loan to Value requirement as set out below:

  1)      For purposes relating to the security property

  • NI Flats and 2 bedroom apartments (90%)
  • NI PDH valued >£300k - ≤£750k (90%)
  • NI PDH valued ≤ £300k (95%)

  2)      For purposes not relating to the security property (85%)

  3)      For purpose not relating to the property where NI PDH >£750k or where it relates to purchase of second home or holiday home (80%)

• Can my customer borrow additional mortgage funds to clear debts?

  No, AIB do not provide mortgage advances for debt consolidation.

• Will my customer need to provide costings for a further advance?

  For any further advance >£30,000, we will need your customer to provide evidence of the cost(s) to which the further advance will be used for.  For any further advance  of >£15,000 which results in a Loan to Value of >85%, we will need your customer to provide evidence of the cost(s) to which the further advance will be used for. 

   

  If the further advance is to be used for home improvements, we will require evidence of the cost(s) where the planned work involves any structural changes to the Property. Additionally, we will require building control and planning permission approval, if applicable. If you require further clarification please speak to your dedicated Business Development Manager.   

• Does the customer need to provide evidence of a contingency fund?

  Evidence of  a 10% contingency is required for all applications where the borrowing is > £30,000, >£15,000 with a Loan to Value of >85% LTV or if the works involve any structural changes. 

• What can my customer use a further advance for?

  Most applications will be for home improvements, AIB do provide further advance for other purposes, for a complete and up to date list, please speak to your dedicated Business Development Manager.   

  A further advance can be requested for the following purposes:

  1.      Expenditure on the mortgaged property

  2.      Repairs or renovations on another property

  3.      To purchase a second/holiday home

  4.      Family support for dependants into a new house purchase

  5.      Reimbursement of own resources and/or family members resources used to purchase or renovate their PDH

  6.      Separation agreement to pay a lump sum

  7.      Inheritance taxes

  8.      Education expenses

  9.      Medical expenses

  10.  Debt consolidation for existing AIB UK debt only

  11.  Wedding expenses

  12.  Exceptional Tax items 

  For clarification on the documents required for this type of application, please see Our Criteria