Changes to Irish Lending Criteria

To refect changes in market conditions the following changes have been made to the Irish Lending criteria and will take effect from Wednesday 18th February 2009

Re-mortgage lending
A maximum loan to value of 60% has been introduced for all re-mortgage business.

Interest Only
The Society has withdrawn from the interest only market, only applications on a capital and interest basis will be considered.

Maximum Age
The maximum age is 65 (at the end of the mortgage term), however, applications may be considered up to a maximum age of 70 (at the end of the mortgage term) where the applicant can demonstrate the ability to service the loan by continued employment of pension income

Location
The property must be situated in a main city / suburb in Ireland. Lending on ‘rural’ properties will be considered where the maximum loan to value is 50%. Guidance relating to rural properties is shown below:

Rural Guidance note - Any standalone property or village area 5 miles outside a main city / suburb with a population of circa 5000.

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