If you have a residential mortgage with us, you may be able to borrow to pay for home improvements. The repayments on a Home Improvement Loan (Top Up) are at mortgage rates, which are typically lower than our Personal Loan rates.
The first step in applying for a Home Improvement Loan (Top Up) is to speak to one of our Mortgage Consultants in your local branch. Fill in our form, or call 0818 50 24 24 or +353 1 215 1344 to book your appointment.
The amount you can borrow is based on the equity or value in your home. The amount you can borrow starts from €25,000 up to 85% of the current market value of your property today, less the amount you owe on the property.
For example:
Equity release Borrowers cannot be considered for further equity releases for at least 24 months.
If you are refinancing existing short-term debt please note the warning below:
Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.
Lending criteria, terms & conditions will apply. Mortgage approval is subject to assessment of suitability and affordability. Applicants must be aged 18 or over. Security is required and credit agreement will be secured by a mortgage or by a right related to residential immovable property. Life and Home Insurance are also required.
For First Time and Second Time Buyers a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price. The maximum LTV for customers who hold their current mortgage with another bank but wish to switch their mortgage to PTSB while also releasing equity is 85%. Maximum loan amount will typically not exceed 4 times an individual’s gross income for First time Buyers & 3.5 times an individual’s gross income for Second time Buyers.
The monthly repayment on a 20 year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 4.70% on mortgage of €100,000 is €643.50 for 240 months. Total amount repayable is €154,799.06. If interest rates increase by 1% an additional €55.73 would be payable per month. For this example, Annual Percentage Rate of Charge (APRC) of 4.84% applies and consists of variable borrowing rate of 4.70%, valuation fee of €150, Property Registration Authority (PRA) fee of €175, and security vacate fee of €35. Please note – this APRC does not factor in the €8 monthly fee for maintaining the Explore Account.
Warning: The cost of your monthly repayments may increase – if you do not keep up repayments you may lose your home.
Information correct as of 29/01/2024 but is subject to change.
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