Kevin Slattery wouldn't go as far as to call it fate, but he does believe his 1870s home in Limerick was meant to be. "My wife and I came across the former priest's house around Christmas time, 2020. We plagued the estate agent for a viewing, but between Covid-19 restrictions and lockdowns, it never happened, and the house disappeared from the market. When it reappeared last summer, we took our chance, and thankfully, it's now our home."
As the description might suggest, this was not a turnkey property when Kevin and Agnieszka moved in last year. "The level of work needed for a house like this does put a lot of people off," he admits. "It was somewhat liveable when we first moved in, but once we began stripping back the walls there was mould, the bathrooms had to be completely gutted, and we don't have a kitchen right now." Add a leaky roof, rising material costs, and labour shortages into the bargain, and you get an idea of what the couple is working with. "It's not for the faint of heart," he laughs, "but we're getting there, bit by bit."
When it comes to reflecting on the measurable progress that has been made in the last eight months, Kevin lights up. "One of the most immediate and important things for us to do was put in external insulation and new windows. A house this old will never be an A-rating, but we knew we could get it to a B-rating with the right infrastructure and expertise." Those two initial energy-saving foundations were laid for Slattery when he was approved for a Green Loan with AIB. "We had considered a green loan from our initial viewing of the house, as we anticipated that the old sash wooden windows were done for, and we knew insulation would come next." The favourable interest rate, efficient approval process, and the opportunity to make a large amount of progress with the benefit of green finance made the application to AIB a no-brainer.
"Our experience with AIB in achieving the Green Loan was very simple and straightforward. I had done my research with the builders and window manufacturers, so I had all of the necessary information to hand. It was seamless from there."
Two weeks later, Kevin and Agnieszka's loan was approved. "Everything moved very quickly from there. We ordered the windows, the builders got working on the insulation, and the progress gave us an enormous boost. It really allowed us to move on and get other stuff for the house moving."
Beyond the immediate payoff, Slattery had plenty of reasons to invest in high-quality, practical essentials.
"Of course, with a loan and investment like this, it's also about the cost-saving advantages," he explains. "In our last house, a semi-detached, we were spending upwards of €400 every two months on gas bills alone. We both work from home, so energy costs are a big consideration for us. Knowing that we are futureproofing this house for rising energy prices is really reassuring. I'm also conscious that we keep this home's carbon footprint low and avoid using fossil fuels as much as possible."
We want to bring a mixture of the old and the new to this home
So, with a warmer, more secure house thanks to the green investment, what's next on the home makeover agenda? "Now that we've achieved the futureproofing we needed and have made the house more comfortable, we're working on the rest of the home on a room-by-room basis," Slattery says.
There's no arguing that taking on a project like this takes a certain amount of courage, patience, and sticking power, but for Slattery, there's more to be gained than sacrificed. "We want to bring a mixture of the old and the new to this home," he shares. "Instead of a completely modern house, we want to honour some of the old features. There's a small garden here with an old tree in the centre. If we modernised this house, it would take from the overall feel and style of the grounds. Keeping the details of the old and new really matters to us." With their meant-to-be home slowly taking shape, the integrity of this home's history and potential for its future is undoubtedly in safe hands.
Mary Whitelaw, director of Corporate Affairs, Strategy, and Sustainability, AIB
"Recognising that about 10 per cent of Ireland's carbon emissions come from homes, AIB is actively encouraging customers to go green with a Green Loan or Green Mortgage.
Our Green Mortgage allows customers with a BER rating between A1 and B3 to achieve a discounted rate of 2.1 per cent compared to a traditional mortgage. This means customers not only save on their monthly mortgage payments, but they also save on their energy bills – an added bonus for consumers, especially in a time of rising energy prices. AIB customers on a variable rate of 2.75 per cent would save €55.19 on their monthly repayments and €662.28 a year if they moved to AIB's Green Five Year Fixed Rate Mortgage of 2.1 per cent*.
With a Green Loan, customers can borrow to fund green upgrades, including buying an electric vehicle, installing insulation or new windows, or completing an entire retrofit. Like our Green Mortgage, Green Loan customers receive a discounted rate of 6.25 per cent compared to a standard loan. As well as receiving a discounted rate on their loan for carrying out these changes, customers may also be able to avail of grants from the government depending on the changes they are making.”
AIB customers can apply for a green mortgage in a branch or online using Ireland's first online mortgage tool, the My Mortgage app.
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*Calculation is based on a 25-year mortgage with a remaining balance of €170,000, a property valued at €350,000, and an LTV of <50 per cent. Customers will also save on their heating bills by choosing to live in an energy-efficient home.