Public Sector Mortgages

Certain lenders have recently created mortgages specially designed for public sector employees with important changes that could make a significant difference when applying for a mortgage. Allocations for employee pay scales, overtime and allowances are now taken into consideration. Rates start from as low as 2.4% APR making mortgages easier than ever for public sector employees to get.

What is Different about Public Sector Mortgages?

Basic Pay – Basic pay will now be taken as two points up in the pay scale when applying for a mortgage. 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.

Probation Period – In the case of probation periods 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 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 70 and no proof of pension is required and there can be up to 4 individuals per application which will give more flexibility for applicants.

Mortgage Rates for Public Sector Workers

Why Do You Need a Mortgage Advisor?

Firstly, It will not cost you anything! Who Can You Turn To For Advice / Support?
The process can be daunting so it makes sense to find a mortgage broker / advisor that can take the pressure off. A good advisor will simplify the process, gather all your information, advise you on ways to save for a deposit, know whether you should opt for a 25 or 35 year term, and most importantly, they’ll shop around for the best possible mortgage deal for you. It doesn’t cost you a € to chat with an advisor because their fees are covered by the mortgage lenders.

The advisor will do the following:

• Assess your chances of getting a mortgage
• Recommend measures to secure mortgage approval
• Fill out your application and make sure you have everything in place
• Get a quote from each bank for you and recommend the best
• Calculate the additional tax and legal expenses involved in the purchase
• Make sure all runs smoothly and stress-free for you

Tips For Buyers

• You should ideally get a Mortgage Advisor to check your application before you submit it. If you get a refusal from one bank, this just might affect your chances of getting approval from another bank.
• Do you have a deposit saved up? If not, talk to a Mortgage Advisor who can advise you on the best way to secure a deposit.
• Your mortgage repayments can be up to 40% of your net income.
• Have you budgeted for buying related costs such as valuation, legal fees and mortgage protection?
• If you are looking for more information and have never bought property before, check out our blog post on the Help to Buy Scheme and First-Time-Buyers here

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