Public Sector Mortgages
In the journey to homeownership, those working in public sector roles, have special options.
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Understanding Public Sector Mortgages
Public sector mortgages are tailored to meet the unique needs of employees working in various governmental organisations, including local councils, public hospitals, schools, and other public service entities. These mortgages are designed to offer favourable terms and conditions to support public sector workers in purchasing their own homes.
Benefits of Public Sector Mortgages in Ireland
Public sector mortgages provide numerous benefits tailored to the unique circumstances and needs of public sector employees, making homeownership more accessible and affordable.
Higher Borrowing Limits
With the inclusion of contractual allowances and the ability to include 100% of overtime pay, public sector employees may qualify for larger mortgage amounts compared to traditional mortgage products. Lenders may offer loans based on projected future income, with some considering your basic pay to be three points higher on the pay scale.
Fast and Easy Process
The entire process of getting a public sector mortgage is often streamlined and efficient. Mortgage lenders usually have dedicated teams focused on facilitating the application process, allowing borrowers to move into their new homes more quickly and with less hassle.
Tailored for Public Sector Employees
These mortgages are specifically designed to meet the needs of public sector employees, with features such as flexible repayment terms and eligibility criteria that consider the stable nature of public sector employment.
Gifted Deposits
Public sector mortgage schemes may allow for 100% of the deposit to be gifted, depending on the lender, provided the borrower can demonstrate repayment capacity, making it easier for borrowers to access homeownership with the help of family or friends.
Additional Payments
Depending on the lender, you can make extra payments of up to 20% of your mortgage in a 12-month period without being penalised. This will reduce both the duration of your mortgage and the total interest paid.
Government Support
Public sector mortgage schemes receive support or backing from the government, such as the First Home Scheme and the Help to Buy Scheme.
Extended Age Limits
The maximum age at mortgage expiry is often higher for public sector mortgages, allowing borrowers more time to repay their mortgage. The maximum age at maturity is 70.
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Who qualifies for public sector mortgages?
While eligibility requirements can vary depending on the specific mortgage scheme and lender, typical criteria for public sector mortgages may include:
Eligibility Criteria
- Employment with a recognised public sector organisation such as teachers, army officers, nurses, doctors, and guards.
- At least one applicant must be employed in the public sector.
- First-time buyers, Second-time buyers, and those switching from another lender and possibly releasing equity in their home.
- Applicants must possess the required authorisation to reside and work in the state
Property Requirements
- All properties must be located in the Republic of Ireland.
- Properties must be used as primary residence for applicants.
- A minimum deposit of 10% of the purchase price is required.
- A full valuation of each property is necessary.
- Mandatory requirements include life insurance and home insurance.
Age Limit and Repayment Capacity
- The minimum age of applicants is 18 years, and the maximum age at maturity is 70 years.
- Applicants must demonstrate a proven repayment capacity to meet stress test repayments.
How is the process to apply for a mortgage?
1. Enter your details
Your dedicated award-winning mortgage advisor will guide you through your application.
2. Digital Application
Log in to your digital application portal and upload all documents required. You can even sign digitally to make the process even easier and hassle-free.
3. Approval
Check your application’s status at your convenience. Indicative Approval in 72 hours after assessment.
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Your Questions Answered
Basic pay may increase the amount you can borrow
When applying for a mortgage, some lenders may consider your basic pay to be three points higher on the pay scale.
Consequently, your income evaluation for the application will be higher, potentially resulting in the lender offering a larger loan amount.
Overtime
If you receive variable income, such as shift allowance or overtime, you can include 100% of it in your mortgage calculation by providing a two-year employment summary.
Probation Period
When it comes to probationary periods, they will cover current public sector workers who have been promoted or transferred during a 12-month probationary period. On the other hand, the admission of new applicants will be evaluated individually based on their work history.
Contractual Allowances
You can apply 100% of your contractual allowances, allowing for a larger mortgage if needed.
Gift
100% of the deposit can be gifted, provided that there is evidence of repayment capacity.
Maximum Age
The maximum age at mortgage expiry has been raised to 70 years old.
Mortgage lenders tend to prefer individuals in secure employment with a substantial income. Therefore, government employees often meet the job stability requirements set by most lenders. This makes it easier for civil servants to get higher income limits and loan amounts.
Required documents may include proof of identity, proof of income (such as payslips or tax returns), employment verification, bank statements, details of existing debts or financial commitments, and information about the property being purchased.
Public sector mortgages are intended for purchasing properties to be used as primary residences. Using the property for investment purposes may not be allowed under the terms of the mortgage agreement.
This is when you are given an indication of approval from our first discussion with you, without having to see any documentation. This is not guaranteed approval.
Warning: You may lose your home if you do not keep your repayments.
Warning: The cost of your monthly repayments may increase.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, limiting your ability to access credit in the future.
Warning: The entire amount you have borrowed will still be outstanding at the end of the interest-only period. The lender may adjust the payment rates on this housing loan from time to time. (Applies to variable-rate loans only).
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