Public Sector Mortgages
Sometimes the Questions
are complicated and the
answers are simple
If you work in the public sector, at Dowling Financial we can offer you a mortgage which has been specifically designed for you.
These mortgages, which are provided by ICS Mortgages, are designed for First-time buyers, Second-time buyers and those switching from another lender and possibly releasing equity in their home.
Only one applicant needs to be a public sector worker to avail of this offer.
Key Qualifying Criteria:
- 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 is 18 years and maximum age on maturity is 70 years
- Applicants must have a proven repayment capacity to meet stress test repayments
Key Product Features:
– Your basic income will be considered to be two points up your current pay scale.
– With regard to Variable income the following will apply:
- Overtime: Up to 100% of regular overtime earned may be factored into our assessment if your employer confirms it is regular on your salary certificate.
- Allowances: 100% of contractual allowances will be factored in if your employer confirms it is guaranteed and is evident on the most recent Employment Detail Summary and on target income for current tax year
– Employees who are promoted within the Civil Service on a one year ‘probationary’ period will be considered.
– New entrants to the Civil/ Public service who are subject to any probationary period will be reviewed on a case by case basis. Your previous employment history will be required to establish your experience and suitability for their new position.
– Mortgage rates starting at 2.40%.
– A range of variable, 3 and 5 year fixed rates.
– An overpay facility – you can pay an additional 20% off the loan amount in any 12 month period without penalty whether you are on a fixed or variable rate. This will reduce your mortgage term and the amount of interest you pay.
– Mortgage breaks – customers can apply for a 3-month break from their mortgage up to 3 times throughout their mortgage term. This is to give a little breathing space during certain life events such as the birth of a child, medical or educational expenses. The mortgage must be drawn down for at least 12 months before applying for a mortgage break.
If you are a Public Sector employee, please contact us and we would be delighted to give you further details of this attractive mortgage package.
Getting the keys to your new home could be sooner than you think!
In accordance with the provisions of the Consumer Credit Act 1995, the following are for your attention:
WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME
Note: The above notice in respect of adjustments to repayment rates will not apply during any period when the loan is at a fixed rate.
WARNING: IF YOU DO NOT KEEP UP YOUR REPAYMENTS YOU MAY LOSE YOUR HOME
In accordance with the provision of the Consumer Protection Code (CPC) 2012 the following are for your attention:
WARNING: IF YOU DO NO MEET THE REPAYMENTS ON YOUR LOAN, YOUR ACCOUNT WILL GO INTO ARREARS. THIS MAY AFFECT YOUR CREDIT RATING WHICH MAY LIMIT YOUR ABILITY TO ACCESS CREDIT IN THE FUTURE.
The following warning applies in the case of variable rate loans:
WARNING: THE COST OF YOUR MONTHLY REPAYMENTS MAY INCREASE.
The following warning applies in the case of fixed rate loans:
WARNING: YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY.
The following warning applies in the case of debt consolidation loans:
WARNING: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOAN. THIS MEANS THAT YOU MAY PAY MORE THAN IF YOU PAID OVER A SHORTER TERM
Why Choose Us
Regulated by the Central Bank
Removes the burden and stress
A trusted process
As your personal advisor on financial
matters, we work for you, not the Banks,
to make sure you get the best deal.
Want to start the process?
Let us guide you through the mortgage process