Public Sector Morgages
We offer Public Sector Mortgages
If you work in the public sector, at Finance Solutions we can offer you a mortgage which has been specifically designed for you. These mortgages, which are provided by our lending partners, are designed for First-time buyers, Second time buyers and those switching from another lender and possibly releasing equity in their home. Only one applicant needs to be a public sector worker to avail of this offer.
Here are some of the key product features:
- Your basic income will be considered to be two points up your current pay scale.
With regard to Variable income the following will apply:
- Overtime: Up to 100% of regular overtime earned may be factored into our assessment if your employer confirms it is regular on your salary certificate.
- Allowances: 100% of contractual allowances will be factored in if your employer confirms it is guaranteed and is evident on the most recent Employment Detail Summary and on target income for current tax year
- Employees who are promoted within the Civil Service on a one year 'probationary' period will be considered
- New entrants to the Civil/ Public service who are subject to any probationary period will be reviewed on a case by case basis. Your previous employment history will be required to establish your experience and suitability for their new position.
- We'll look for the best mortgage rates in the market.
- A range of variable and fixed rates.
- Some lenders offer an overpay facility – in some cases you can pay an additional 20% off the loan amount in any 12 month period without penalty whether you are on a fixed or variable rate. This will reduce your mortgage term and the amount of interest you pay.
- Some lenders offer mortgage breaks – customers can apply for a 3-month break from their mortgage up to 3 times throughout their mortgage term. This is to give a little breathing space during certain life events such as the birth of a child, medical or educational expenses. The mortgage must be drawn down for at least 12 months before applying for a mortgage break.
Key Qualifying Criteria:
- All properties must be in the Republic of Ireland
- They must be used as Principal Dwelling Houses
- Applicants must have the required permission to reside and work in the state
- A full valuation of each property is required
- Security, buildings insurance and life cover are required
- Minimum age of applicants is 18 years and maximum age on maturity is 70 years
- Applicants must have a proven repayment capacity to meet stress test repayments
If you are a Public Sector employee, please contact us and we would be delighted to give you further details of this attractive mortgage package.
Getting the keys to your new home could be sooner than you think!
We picked up our keys to our first home today. Until we met with finance solutions we thought this day would never come. Ken Murray's team helped us with every stage of the process. They kept us informed at every stage and coached us to make our finances attractive to banks. We got the mortgage we wanted even after the same bank offered us a lower mortgage only months beforehand. I can't thank them enough as we have the house we wanted and not the one we nearly settled for. I would encourage anybody in the market to at least meet with them to discuss what they can do.
- P & R Kavanagh - Dublin