Public Sector Mortgages

Public Sector Mortgages specially tailored for public sector employees

Mortgages Specifically for Public Sector

Key Features

  • Qualify for a larger mortgage loan than you will get with any local bank.
  • Lowest interest rates available in Ireland.
  • Quick and easy process.
  • Apply online and get approval within 48 hours.

Who Qualifies for this Mortgage?

  • Public Sector employees (Teachers, Nurses, Doctors, Guards, Army Officers, Civil Servants).
  • Only 1 spouse need to work in the public sector to qualify
  • First time buyers and second time buyers or residential property investments
  • Public sector employees looking to switch and get an better interest rate
  • Public sector employees looking to upgrade their existing home
  • Public Sector Employees looking to release equity on their existing mortgages

Our Mortgage offer for Public Sector Employees

In order to apply for our special Public Sector Mortgage, only one applicant needs to be a public sector employee.


Key features


(1) We consider your basic income to be two points up your current pay scale


(2) With regard to your variable income:


-Up to 100% of your regular overtime earned may be factored into our assessment if your employer confirms that it is regular and on your salary certificate.


-100% of your contractual allowances will be factored in if your employer confirms it is guaranteed and is evident on your most recent Employment Details Summary and on target income for the current tax year


(3) We will consider employees who are promoted within the Civil Service on a one year ‘probationary’ period.

Our Mortgage offer for Public Sector Employees

(4) If you are a new entrants to the Public /Civil service and are subject to a probationary period, we will review these applications on a case by case basis. Your previous employment history will be required to establish your experience and suitability for the new position.


(5) We have a streamlined application process specifically for public sector employees. Our team of professional and qualified mortgage consultants are highly familiar with the Public Sector pay scales, allowance and employment terms. This means they can assess and process your application swiftly with less hassle for you.


(6) We offer a competitive range of variable, 3 year and 5 year fixed terms starting at 2.40%.


(7) We have some of the lowest APRs in the market which means real long term value over the full mortgage term.


(8) We offer a number of flexible repayment options throughout your mortgage term.



A combination of market leading rates, real long-term value with low APRs (Annual Percentage Rates), flexible repayment options and award winning customer service.


Flexible Repayment Options

We offer a range of flexible repayment options. These are aimed to suit your individual changing needs throughout your mortgage term*


Overpay facility – customers can pay an additional 20% off their fixed rate mortgage without penalty in any 12-month period. This can either be in a lump-sum or regular overpayments.


Mortgage breaks – You can apply for a 3-month break from your mortgage up to 3 times throughout your mortgage term. This is to give a little breathing space during certain life events such as the birth of a child, medical of educational expenses. The mortgage must be drawn down for at least 12 months before applying for a mortgage break.


Loan- to- value rates throughout the mortgage term. If you choose a variable rate and as your Loan to Value reduces, you may be able to avail of lower rates. You will need to provide a new valuation on your home.




*All flexible options are subject to our lending criteria and terms and conditions


Key Qualifying Criteria

• At lease one applicant must be a Public Sector employee to avail of our Public Sector Mortgage

• 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 18 years and Maximum age on maturity 70 years


• Applicants must have a proven repayment capacity to meet stress test repayments


• A minimum deposit of 10% of the purchase price is required.


Information correct as at 17.06.20


Lending criteria, Terms and Conditions apply and are subject to change


Example (1)

First Time Buyers

One Public Sector + One Private Sector employee

This example is based on a teacher and their partner. The partner works in the private sector. They are both First Time Buyers. They are borrowing 90% Loan to value and need a 10% deposit.

• The Teacher is on pay point 8 with a salary of €45,652

• The Partner works in the private sector with a salary of €55,000


ICS Mortgages Public Sector Mortgage

• Teachers’ total salary is based on €59,498

(2 points up their salary scale is €49,118 plus an educational allowance and summer work for the Department of education at €10,380)

• Partners salary €55,000

Total mortgage amount they can borrow is €400,743


They could therefore purchase a property for €445,500


Under normal lending guidelines, this couple would be able to borrow €352,282 (3.5 times their combined salaries) and could therefore purchase a property for €399,500


In this example the applicants qualify for an additional

mortgage amount of €48,461

Example (2)

First Time Buyers

Both Public sector employees

This example is based on two Public Sector employees both working as clerical officers in the Dept. of Health and Dept. of Education.

Applicant (1) Clerical office Grade 7 – pay point 4 with a salary of €53,904 Applicant (2) Clerical officer Grade 4 – pay point 6 with a salary of €36,215


ICS Mortgages Public Sector Mortgage

• First Applicant total salary is based on €59,975

(2 points up their salary scale is €56,615 plus allowances of €3,360)

• Second Applicant total salary is based on €45,783

(2 points up their salary scale is €39,783 plus guaranteed average overtime of €6,000)


The total Mortgage amount they can borrow is €370,153


They could therefore purchase a property for €412,000


Under normal lending guidelines, this couple would be able to borrow €315,416 (3.5 times the combined salaries) and could therefore purchase a property for €351,500


In this example, the applicants qualify for an additional

mortgage amount of €54,737

Example (3)

Two Public sector employees looking to Switch their mortgage and Release Equity

This example is based on two Public Sector employees both working in the HSE. They want to switch their mortgage of €220,000 from their current lender and are looking for an additional loan amount to renovate their home.

Applicant (1) Clerical Officer Grade 7 – pay point 7 with a salary of €57,919 Applicant (2) Clerical Officer Grade 4 – pay point 9 with a salary of €41,274


ICS Mortgages Public Sector Mortgage

The first applicants total salary is based on €62,612 (2 points up their salary scale plus allowances of

€2,168)

The second applicants total salary is based on €44,162 (2 points up their salary scale)


The total Mortgage amount they can borrow is : €373,709


After paying their current lender the outstanding €220,000, the couple will have €153,709 for home renovations.


Under normal lending guidelines, this couple would be able to borrow €347,175 (3.5 times the combined salaries) and would have €127,175 for renovations after repaying their current lender.


I n this example, the applicants will have an additional €26,534 for renovations

Example (4)

Second time property purchase

One Public Sector + One Private Sector employee

This example is based on a 1 Public Sector employee and 1 Private Sector Employee who are trading up to a larger family home.

Applicant (1) Midwife Practitioner - pay point 5 with a salary of €64,571

Applicant (2) Private Sector Worker with a Salary of €45,119


ICS Mortgages Public Sector Mortgage

The first applicants total salary is based on €66,924 (2 points up their salary scale)

The second applicants total salary is based on €45,119

Total mortgage amount they can borrow is €392,150


They could therefore purchase a property for €490,188 (based on 80% loan to value)


Under normal lending guidelines, this couple would be able to borrow €383,915 (3.5 times the combined salaries) and could therefore purchase a property for €479,893.


In this example, the applicants qualify for an additional mortgage amount of €8,235


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Money Maximising Advisors Limited

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