Get a lower rate of interest if you are topping up an existing mortgage and your home has a high energy rating
Do you have an EBS mortgage and are dreaming of home improvements? If the balance of your current EBS mortgage is less than the current value of your home, you may be able to use this equity to take out an additional mortgage to help with these expenses and more. Read our mortgage top up brochure for a little more info.
Here are some useful answers to big questions
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.
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.
Know your budget - Be realistic with your budget and know what you have to spend. 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 - Get certified professionals on board to design, build and supervise your project so that it meets building regulations. Choose an architect and builder from recommendations. Check out their work.
Government grants - Everyone loves to save a little money so look into grants to see if there are any 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.
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 with your top-up mortgage application.
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 are 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.