top up mortgage

Let's talk Top-Up Mortgages

I want to use the equity in my home to pay for my plans

Maybe you’ve decided that it’s time to show your home a bit of TLC. Actually, make that a lot of TLC – because a lick of paint just won’t do the trick anymore. Or maybe you’d like to help a dependant get on the property ladder.

Here’s the nuts and bolts of how you can use the equity in your home to pay for these home improvements or other large expenses. Our Mortgage Masters are here to answer any questions and explain how it all works. Ask them to call you back and start the conversation today.

And if you’re looking for a little more information, read our brochure.

How much can I borrow and for how long?

  • We want to give you room to plan a lovely renovation or support your other needs. But there are limits to how much you can borrow using an additional mortgage on your home.
  • You can borrow a minimum of €10,000 against your home. The maximum depends on the current value of your home, the balance of your current EBS mortgage, what you can afford to repay, what you choose to do with the money and more.
  • Choose a term from 5 years, up to 35 years (maximum 68 years of age).
  • You’ll need to give us information about your income and any other financial commitments you have, just like you did when you applied for your current EBS mortgage. This information helps us work out how much you could borrow.

What can I use the equity in my home for?

As well as home improvements, the equity in your home can be used for:

  • Inheritance tax on a property
  • Separation agreement payment
  • Support for family buying a home of their own

It might sound complicated but our Mortgage Masters have done this hundreds of times and are here to help you through the journey.

Ask them to call you back here, and start the conversation today.

Tips when planning home improvements

Budget, Budget, Budget

Know what you have to spend and be realistic with your budget. Think about including a contingency of 10% of the total cost as we all know surprises can arise once the work gets underway.

Qualifications are key

There are a lot of tricky building regulations so getting certified professionals on board to design, build and supervise your work ensures these are met. When picking an architect or builder, ask friends, family and colleagues for recommendations and check out their work.

Check out government grants

Everyone loves to save a little money so look into grants to see if they’re are available for the type of work you’re planning. This could help save you money on installation costs and reduce energy bills over time. The Sustainable Energy Association of Ireland (SEAI) is a good source of information.

Don’t forget planning permission

Check with your architect to see if you’ll need planning permission. If you do, you’ll need both the full and final planning approval for the ‘grant of permission’ before starting the work and getting a formal loan offer from us. We will need to see the letter you received that lists any conditions to the planning.

The paperwork

If we give you the loan in stages we will ask you for certain documents for the build so we can release the next payment. Your architect, engineer or building surveyor will help you complete these documents. They are familiar with this process and your EBS Mortgage Master will always be on hand to help.

Other things

  • You may need a solicitor to witness some documents when applying for a top-up mortgage.
  • If you choose a top-up mortgage, your life assurance may be affected. If this is the case, you should review it to make sure it covers the extra amount you borrow. Similarly your home insurance may be affected if you're extending or altering the structure of your home. You should contact your insurers to check if any changes will affect your cover.
  • Because the top-up mortgage loan is borrowed against the equity of your home, you'll need to have your home valued by an EBS approved valuer at a cost to you of €150. Your EBS Mortgage Master can tell you when you need to have the valuation done.

Ask your local Mortgage Master to call you back here and start the conversation today.

Fixed or Variable Mortgage Rates?

  • You know about fixed or variable rates already, which you pay on your mortgage. But there could be many things that have changed since you last made the decision. Our Mortgage Masters will be happy to guide you through the best option for you.
  • You can see a list of our current rates here
  • If you take out a Mortgage with a Fixed Rate of at least one year and decide to repay all or part of it early; if you change to a Variable Interest Rate; or; if you change to another Fixed Interest Rate we may charge you an early breakage fee. You can find information about how we calculate and when we charge this early breakage charge by clicking on ‘Home Mortgages General and Regulatory Information’ below and then selecting ‘Our mortgage interest rate options’.

EBS Green 4 Year Fixed Rate Mortgage

You can apply for the EBS Green 4 Year Fixed Rate Mortgage if you are topping up an existing mortgage. The EBS Green 4 Year Fixed Rate Mortgage features include:

  • A low rate of interest
  • 4 Year Fixed Rate Term
  • Available to new and existing EBS mortgage customers whose property has a certified Building Energy Rating (BER) of between A1-B3.

For more information on the EBS Green 4 Year Fixed Rate Mortgage click here.

Warning: If you do not keep up your repayments you may lose your home.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Warning: The cost of your monthly repayments may increase.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Start Here

Looking to make a place feel like your own? Start here, with a Mortgage Master to help you along your mortgage journey.

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