According to the Bank of Ireland, there are many different homeowner mortgage packages available. These include: a First Time Buyer’s Package, a Trade Up Mortgage, a Switcher Package, a Breakthrough Mortgage, an Equity Release, an Investment Property Package, and a Lifeloan.

The First Time Buyer’s Package offers a 1 year fixed rate of 2.6% APR, then rolls over to a variable rate. Buyers can also receive 20% off the annual insurance premium. The loan must be for a minimum of E150,000 to qualify for the reduced insurance premium. An individual will need documentation of rent payments, a savings account, proof of secure employment, proof of income, a credit history, and spending history.

The Trade Up Mortgage Ireland package has fixed and variable rates. A potential buyer can get a 1 to 5 year fixed rate, which then rolls over to a variable rate. A bonus of E150 furniture removal voucher is included.

The Switcher Package offers an E1000 contribution for legal fees. There is also a 20% discount off of the annual insurance premium. Once again this is only for loans starting at E150,000.

A Breakthrough Mortgage can be acquired if an applicant qualifies for a Local Authority Affordable Housing Scheme. A loan for up to 97% of the purchase price may be obtained and can be financed for up to 35 years. Fixed and variable rates will apply. An applicant is not qualified for this loan if building a house on an Affordable Housing Site.

An Equity Release homeowner mortgage can be repaid in 5 to 30 years. One can borrow from E5, 000 to 90% of the home’s value. Once again 20% off the annual insurance premium is offered for loans of E150,000 or more.

Investment Property loans can be financed for as long as 25 years. An interest only mortgage may be obtained with the borrower paying interest only for the first 1 to 5 years. The loan then reverts to a standard repayment mortgage.

To qualify for a Life Loan, the borrower must be 65 years or older. You can acquire a lump sum of anywhere between E20,000 to E400,000. There is no repayment until the home is sold, the home is vacant for 6 months, or the borrower passes away. If considering a Lifeloan an individual is required to obtain independent welfare, financial and legal advice before applying. Rates on this type of loan are fixed for 15 years, after which a choice of fixed or variable rates applies. Depending on location, a minimum property value applies.

A Home Buy Direct equity loan is free of charge for the first 1 to 5 years. This money can be used for a deposit and to cover up to 30% of the purchase price. Annual income must be less than E60,000 to qualify for this mortgage.