For the majority of us, buying a home – whether it’s a house or an apartment – will be the biggest financial undertaking of our lives. But picking a mortgage provider can be almost as important as choosing the perfect home – with so many options on the market, it can be overwhelming.
Every year, thousands of potential homeowners choose AIB as their mortgage provider. This is no accident, says Geraldine Casey, AIB managing director, retail banking. She emphasises the experience AIB has in terms of supporting their mortgage customers and also highlights the significant investment they have made to ensure their mortgage application and drawdown process is as seamless as possible.
“At AIB we have a long-standing track record of supporting our mortgage customers through our expert homes advisers, competitive offerings and deep local expertise, all of which is reflected by how many customers choose AIB for their mortgage,” says Casey. “We know our customers lead busy lives and they want the process to be convenient. That’s why we invest in technology to help simplify and enhance our customers’ mortgage journey. And with the largest branch network in Ireland customers can talk to us in person in their communities throughout the country.”
AIB has also sought to lead the way with its sustainable green offerings as well as reductions in its fixed rates, says Barry Naughton, AIB area head of homes west and mid east. Yet he acknowledges that choosing a mortgage can still be challenging.
Here are 10 things you probably didn’t know about an AIB mortgage.
1. AIB can support every customer throughout the mortgage process
“Whether a customer is thinking of buying their first home, moving home, building a new home or renovating their existing home, our wide range of mortgage products has them covered,” Naughton says. “AIB welcomes the opportunity to discuss mortgage options with all customers whether they are a long-standing customer or new to AIB.”
2. AIB mortgage advisers can help, even at the very earliest stages of your journey
“It’s a big step when you’re thinking of buying your first home,” Naughton says. “It takes lots of planning and saving so we advise people to get in touch with us as early as possible.”
An AIB mortgage adviser can talk to you about keeping on track to save a deposit, calculate how much you might be able to borrow and help you to get ready to apply. “There is also lots of helpful information on our website and our mortgage calculator provides an indication of the amount you may be in a position to borrow based on your savings, income and outgoings,” Naughton adds.
3. AIB mortgage rates are highly competitive
AIB has a full suite of competitive mortgage options for our customers across green, variable and fixed rates, Naughton says. Flexibility is also a hallmark of an AIB mortgage – customers on a fixed rate can also overpay by up to €5,000 each calendar year for the term of their fixed rate without incurring any early repayment charges. “For customers who prefer full flexibility, we offer competitive variable rate mortgage options, and customers can also split their mortgage loan between variable and fixed rate, in whatever proportion they choose,” Naughton explains.
4. AIB customers now benefit from longer Approval in Principle periods
AIB has recently extended its Approval in Principle period from six to 12 months, giving more time for customers to find and buy their new home. “This offers enhanced support and flexibility to customers navigating protracted home-buying journeys, particularly those purchasing new builds with longer completion times,” Naughton notes. AIB also offers €3,000 to customers who are switching their mortgage to AIB to help cover their costs.
5. You might qualify for an even better “green” mortgage rate
Last year AIB launched two new “green” fixed rates. These are its lowest mortgage rates, starting from 3 per cent and are available to customers whose homes have a Building Energy Rating (Ber) of between A1 and B3, which typically covers all recently built homes. This also applies to homes that have been renovated to meet that standard. “It is important to note that our suite of rates are available to both new and existing customers so for example existing customers whose home has a Ber rating between A1 and B3 can also avail of our green mortgage products and, with rates as low as 3 per cent, customers can save money while also helping to tackle climate change,” explains Naughton.
6. In fact, a mortgage with AIB comes with inherent sustainability credentials
“In addition to the tangible supports for customers to transition to a low carbon economy with reduced rates for green mortgages, AIB’s strategic priority of greening our business can be seen in many of our actions such as AIB’s €30bn Climate Action Fund, which is actively supporting our customers by deploying green and transition finance,” Naughton says. “AIB has established a Climate Capital segment to deploy significant additional funding towards renewable energy and sustainable infrastructure projects, both nationally and internationally.”
7. It is now easier than ever to apply for a mortgage with AIB
Any potential customer can choose the channel that is most convenient for them - either online, through AIB’s extensive branch network (the largest in the country) or over the phone. “It is easy to book an appointment with a mortgage adviser in any of our branches through our website booking system, and customers can also complete their application over the phone or alternatively, can apply online in their own time,” says Naughton.
8. AIB understands the unique challenges involved in self-builds
“We recognise that building your own home can be challenging but our mortgage advisers are available to talk to customers about mortgage options including using the site as a deposit, budgeting tools and staging the building costs,” Naughton says.
And AIB self-build customers can now avail of the full range of AIB mortgage products, subject to adherence with Zero Energy Building (nZEB) standards, which is typically the standard required for a self-build property. “So a self-build customer or those topping up their mortgage to pay for renovations that require planning permission and comply with nZEB standards, can qualify for AIB’s Green Mortgage rate, which is one of the lowest green rates on the market,” Naughton explains.
9. Technology is making the mortgage journey a smooth one
AIB continues to invest heavily in technology to simplify and enhance the mortgage journey for its customers. Naughton notes that they have introduced a number of new features on its My Mortgage application journey such as Docusign and OpenBanking to improve the experience for customers. And once the application is in, AIB makes all the next steps as easy as possible. “We’ll provide you with access to our MyMortgage app which lets you manage your mortgage application on your mobile, tablet or desktop, in your own time, eliminating the mortgage paperwork,” Naughton says. The MyMortgage app allows customers to upload documents, and review and download Approval in Principle and other documents. And whenever you need any help, you can contact one of their expert mortgage advisers on the MyMortgage message function. “Almost nine out of 10 AIB customers now use our MyMortgage App to manage their application.”
10. There’s a whole host of reasons why an AIB mortgage is the popular choice
“A key reason why customers choose AIB is our commitment to innovation, competitive mortgage offerings, and sustainability,” Naughton says. “As a leader in sustainable lending, we are dedicated to supporting Ireland’s transition to a greener future, helping customers make environmentally responsible financial choices. By prioritising both affordability and long-term sustainability, we continue to provide real value to our customers while contributing to the continued success of the Irish economy.”
