Mortgages Tailored for Public Sector
More and more lenders are providing specialist public sector employee mortgages with crucial differences that can maximise your mortgage. Here at Mortgage123, we are “One Broker, All Banks” meaning we have access to lenders who are currently offering these specialised mortgages catered towards public sector employees. These exceptions to the standard mortgage will allow lenders to take into account important monetary factors that are unique to the public sector. This can make a significant impact on the overall mortgage amount you can borrow as an employee in the Irish public sector.
What is Different about Public Sector Mortgages?
Basic Pay – Basic pay can be assessed up to 5 times up on the pay scale when applying for a public sector employee mortgages. You will now be assessed with a higher wage on your application.
Overtime – 100% of overtime completed by public sector employees in the previous year can be included in the basic wage.
Bonus – 100% of bonus pay will be accepted with evidence from a EDS over 3 years, provided that the bonus pay does not exceed 50% of your basic salary. If there is less than 3 years evidence then lenders will accept up to 50% of bonus pay.
Probation Period – This will include existing public sector employees promoted or transferred on 12 months’ probation. Whereas new entrants will be determined on a case by case basis depending on their employment history.
Contractual Allowances – 100% of your contractual allowances can be applied. This will mean you will be able to take out a larger mortgage if needed.
Gift – 100% of the deposit can be gifted provided repayment capacity is evident.
Maximum Age – The maximum age at mortgage expiry has increased up to 75 and no proof of pension is required. There can be up to 4 individuals per application which will give more flexibility for applicants.
Public Sector Mortgage Rates
There are no preferential rates for public sector employees in Ireland. However, discounted mortgage rates are available based on the energy rating of the property (BER) and/or the Loan-to-value ratio.