Mortgages Specifically for Public Sector
- Qualify for a larger mortgage loan than you will get with any local bank.
- Lowest interest rates available in Ireland.
- Quick and easy process.
- Apply online and get approval within 48 hours.
Who Qualifies for this Mortgage?
- Public Sector employees (Teachers, Nurses, Doctors, Guards, Army Officers, Civil Servants).
- Only 1 spouse need to work in the public sector to qualify
- First time buyers and second time buyers or residential property investments
- Public sector employees looking to switch and get an better interest rate
- Public sector employees looking to upgrade their existing home
- Public Sector Employees looking to release equity on their existing mortgages
Our Mortgage offer for Public Sector Employees
In order to apply for our special Public Sector Mortgage, only one applicant needs to be a public sector employee.
(1) We consider your basic income to be two points up your current pay scale
(2) With regard to your variable income:
-Up to 100% of your regular overtime earned may be factored into our assessment if your employer confirms that it is regular and on your salary certificate.
-100% of your contractual allowances will be factored in if your employer confirms it is guaranteed and is evident on your most recent Employment Details Summary and on target income for the current tax year.
(3) We will consider employees who are promoted within the Civil Service on a one year ‘probationary’ period.
(4) If you are a new entrants to the Public /Civil service and are subject to a probationary period, we will review these applications on a case by case basis. Your previous employment history will be required to establish your experience and suitability for the new position.
(5) We have a streamlined application process specifically for public sector employees. Our team of professional and qualified mortgage consultants are highly familiar with the Public Sector pay scales, allowance and employment terms. This means they can assess and process your application swiftly with less hassle for you.
(6) We offer a competitive range of variable, 3 year and 5 year fixed terms starting at 2.40%.
(7) We have some of the lowest APRs in the market which means real long term value over the full mortgage term.
(8) We offer a number of flexible repayment options throughout your mortgage term.
A combination of market leading rates, real long-term value with low APRs (Annual Percentage Rates), flexible repayment options and award winning customer service.
Below are some examples with specific calculations;
First Time Buyers
One Public Sector + One Private Sector employee
- This example is based on a teacher and their partner. The partner works in the private sector. They are both First Time Buyers. They are borrowing 90% Loan to value and need a 10% deposit.
- • The Teacher is on pay point 8 with a salary of €45,652
- • The Partner works in the private sector with a salary of €55,000
- • Teachers’ total salary is based on €59,498
- (2 points up their salary scale is €49,118 plus an educational allowance and summer work for the Department of education at €10,380)
- • Partners salary €55,000
- Total mortgage amount they can borrow is €457992
- They could therefore purchase a property for €508880
- Under normal lending guidelines, this couple would be able to borrow €402608 (4 times their combined salaries) and could therefore purchase a property for €447342
- In this example the applicants qualify for an additional mortgage amount of €61,538
Two Public sector employees looking to Switch their mortgage and Release Equity
This example is based on two Public Sector employees both working in the HSE. They want to switch their mortgage of €220,000 from their current lender and are looking for an additional loan amount to renovate their home.
Applicant (1) Clerical Officer Grade 7 – pay point 7 with a salary of €57,919 Applicant (2) Clerical Officer Grade 4 – pay point 9 with a salary of €41,274
The first applicant’s total salary is based on €62,612 (2 points up their salary scale plus allowances of€2,168)
The second applicant’s total salary is based on €44,162 (2 points up their salary scale)
The total Mortgage amount they can borrow is : €427,096
After paying their current lender the outstanding €220,000, the couple will have €207096 for home renovations.
Under normal lending guidelines, this couple would be able to borrow €396772 (4 times the combined salaries) and would have €176772 for renovations after repaying their current lender.
In this example, the applicants will have an additional €30324 for renovations
First Time Buyers
Both Public sector employees
This example is based on two Public Sector employees both working as clerical officers in the Dept. of Health and Dept. of Education.
Applicant (1) Clerical office Grade 7 – pay point 4 with a salary of €53,904 Applicant (2) Clerical officer Grade 4 – pay point 6 with a salary of €36,215
- First Applicant total salary is based on €59,975
(2 points up their salary scale is €56,615 plus allowances of €3,360)
- Second Applicant total salary is based on €45,783
(2 points up their salary scale is €39,783 plus guaranteed average overtime of €6,000)
The total Mortgage amount they can borrow is €423032
They could therefore purchase a property for €470035
Second time property purchase
One Public Sector + One Private Sector employee
This example is based on a 1 Public Sector employee and 1 Private Sector Employee who are trading up to a larger family home.
Applicant (1) Midwife Practitioner – pay point 5 with a salary of €64,571
Applicant (2) Private Sector Worker with a Salary of €45,119
The first applicants total salary is based on €66,924 (2 points up their salary scale)
The second applicants total salary is based on €45,119
Total mortgage amount they can borrow is €448172
They could therefore purchase a property for €497968 (based on 80% loan to value)
Under normal lending guidelines, this couple would be able to borrow €438760 (4 times the combined salaries) and could therefore purchase a property for €487511
In this example, the applicants qualify for an additional mortgage amount of €10456
Key Qualifying Criteria
- At lease one applicant must be a Public Sector employee to avail of our Public Sector Mortgage
- All properties must be in the Republic of Ireland
- They must be used as Principal Dwelling Houses
- Applicants must have the required permission to reside and work in the state
- A full Valuation of each property is required
- Security, buildings insurance and life cover are required
- Minimum age of applicants 18 years and Maximum age on maturity 70 years
- Applicants must have a proven repayment capacity to meet stress test repayments
- A minimum deposit of 10% of the purchase price is required.