Approval in Principle lasts 6 months.

Bank of Ireland knows your time and resources are valuable so we’ve made it our business to come to you where you need us, when you need us, to discuss your mortgage needs.

• Bank of Ireland’s mobile mortgage managers can arrange an appointment with you at your convenience – even on evenings or weekends. To arrange your appointment click here.

• You will need to provide a copy of the planning approval up front, including folio no. and the site folio map the site map should be in PRA (Property Register Authority) acceptable format. You should also confirm the size of plot and size of any attached land - this is especially important where the new house is being built on a folio to be split from family land (This will need to be provided on a PRA approved map when submitting the application for planning permission.)
• Comprehensive costings are required, or a copy of the Fixed Price Contract (FPC), as verified by a supervising Architect/Engineer/Surveyor. This should include all fit out, fixtures and fittings. Allowance should also be made for fitted kitchens, connection to/provision of services, landscaping and boundaries, VAT and professional fees
• There are additional documents required to confirm that the building complies with Building Regulations - i.e.

1. Final Certificate of Compliance from Assigned Certifier
2. Declaration of Identity from Assigned Certifier to confirm all services within the site boundaries
3. Confirmation that financial contributions as per planning have been paid
4. Final Inspection from Valuer.

• Yes, it’s worth doing some research to understand what it means to be a landlord. Things to consider include collecting rent, managing utilities like electricity, gas, water, etc., and ongoing maintenance and repairs. You should also have a look for advice and tips on the likes of property presentation and furnishing, lease/tenancy agreements, tenant references and Building Energy Ratings (BER)
• Some good sources of information include the Irish Property Owners Association, the Private Residential Tenancies Board, Citizens Information and Threshold – check out their websites.

Bank of Ireland cannot accept responsibility for information on Third Party Websites.

• First you need to nominate an 'Assigned Certifier' – that is a registered Architect/Chartered Building Surveyor or Chartered Engineer - to oversee the building works and certify that they meet all Building Control Regulations
• You must put your own funds into the site purchase or to start the build
• As the work progresses, the Assigned Certifier will complete Stage Payment Certificates confirming the amount of work that has been completed
• Your Solicitor then requests a cheque for the works completed (less your initial funds input) - initial drawdown is only permitted when full planning permission is in place
• A minimum retention of 10% of the mortgage amount applies to all stage payment applications (subject to minimum retention of €15,000)
• The first stage must be drawn within 6 months of the Offer Letter and the final stage within 18 months of the Offer Letter
• As self-builds often run into unforeseen costs, you should have 10% surplus funding to cover contingency, cost overruns and furnishings. Making sure that the costs are right is one of the most important parts of the self-build process. You need to be realistic about how much you will need to spend.

Yes the maximum Loan to Value (LTV) is calculated based on the Site Purchase (if applicable) plus build cost, OR the final valuation figure (whichever is lower).

• Landlords are liable to pay Local Property Tax (LPT) where a property is rented under a lease of less than 20 years - check out www.revenue.ie for details
• There may be management fees if your property is part of a complex or development
• Try to build up a contingency fund to cover your costs when the property is empty or to pay for unexpected repairs and maintenance like replacing the heating boiler for example
• If you decide to engage an agency to work on your behalf don’t forget to allow for agency fees.

If you’re thinking of entering into property investment, here are some key things you should think about:

• Understand the rental market in your target area – for example, do a bit of research to identify typical renters (students, families, etc.), the most attractive property for rental purposes (apartments, houses, 2 beds or 3 beds, etc.), the average rental amount and the average time to letting when vacant. All of these questions can be answered by your local Estate Agent who can help guide you in your choice of property investment
• Plan to run your venture like a business and keep careful record of your finances. It’s a good idea to open a separate bank account for your rental property income and out-goings so that you can manage your finances closely. If possible get your rent paid by standing order into the account and keep accurate records of your property income and expenses including all receipts
• Make sure you make your tax return every year. Rental income is liable to income tax, PRSI and Universal Social Charge (USC) but you are allowed to offset certain expenses against your income tax. The Revenue Commissioners website has a useful `Revenue Guide to Rental Income’ for more information on this
• It’s important to keep your mortgage payments up to date. If you ever find that you are having difficulty with your repayments, or if you expect that you might have difficulty - talk to your bank.

• Yes, you will need to have buildings cover in place before the mortgage can be drawn down. It’s also good practice to have Third Party Liability, Contents and Loss of Rent Cover in place for investment properties. When engaging with an insurance company, let them know that your property is a rental property. If you don’t do this there could be a problem if you ever need to make a claim
• If your property is insured under an apartment block policy it may only cover liability arising from accidents in common areas i.e. the hall, stairs and landing. It may not cover accidents occurring inside the apartment but it’s worth checking this.

The Stage Payment or Self Build Mortgage is available to customers who wish to build their own home. Mortgage funds are released in stages as the build (and value of the build) progresses.

If you are living abroad and plan to return permanently to Ireland you can talk to us today about a mortgage. Call us on +353 1 4884077 or speak with a mortgage specialist in any of our branches.

Mortgage drawdown payments are sent direct to your solicitor’s account so that he/she can complete the property purchase on your behalf.

TRS was a tax relief on mortgage interest paid on qualifying mortgage loans taken out between 1 January 2004 and 31 December 2012. TRS was only available up to 31 December 2020. Where applicable, some TRS recipients will receive a final balancing payment in March 2021.

If you have any queries about your TRS entitlement you can go to: www.revenue.ie

Call the TRS Helpline on 01 738 3663 Or email: trsadmin@revenue.ie

Bank of Ireland cannot accept responsibility for information on Third Party Websites.

Our mortgage offers last for 6 months.