EBS recently launched its Next Step product, targeting second-time buyers, under which applicants can earn a 10 per cent bonus on savings. It also has a range of top-up loans for customers who already have their mortgage at EBS. The amount customers can borrow is based on the difference between the existing balance of the mortgage and the current market value of the property.
Bank of Ireland
If you're under the age of 65 and don't qualify for the Life Loan, you can apply for Bank of Ireland's regular equity-release loan. The main difference is the repayments will start straight away, but it is possible to borrow substantially more against the value of your home. Customers can borrow from €6,400 up to 90 per cent of the property value, with the average loan standing at €51,000. Equity-release loans account for 26 per cent of all new mortgage lending at the bank.
AIB
At AIB, mortgage customers can apply for a top-up if additional funds are required for extending, renovating or refurbishing the house or if needed for educational or medical expenses. Customers can borrow up to 90 per cent of the market value of their home.
First Active
First Active customers who have an existing mortgage with the building society or a Utopia loan - a refinancing package where borrowers can pay back short-term borrowings at home loan rates - can also apply to make additional borrowings against the value of their home.
The minimum loan is €2,500 and the maximum is €65,000, provided this does not exceed 80 per cent of the property value. New customers must borrow a minimum of €10,000.
Permanent TSB
Existing mortgage customers can apply for additional loans, provided the new borrowing added to the existing loan does not exceed 92 per cent of the property valuation.
If used for home-improvement purposes, the money is borrowed at home-loan rates and the maximum term of the loan is 35 years, but if the loan is for any other purpose that maximum term will be 15 years and interest will be 1.5 per cent over the standard variable home-loan rate.
IIB
IIB Homeloans offers a fast-track service called Express Cheque where legal costs are fixed at €499. Applicants can borrow up to 92 per cent of the property's value.
