Public Sector Mortgages

Garda members, HSE staff, Prison officers, Firefighters and Teachers are among those Public Sector workers who are eligible to apply for specially designed public sector mortgages, created by certain lenders with important changes that could make a significant difference when applying for a mortgage. Allocations for employee pay scales, overtime and allowances are now taken into consideration. Rates start from as low as 4.70% APR making mortgages easier than ever for public sector employees to get.

What is different about Public Sector Mortgages?

Basic Pay – Basic pay will now be taken as two points up in the pay scale when applying for a mortgage. You will now be assessed with a higher wage on your application.

Overtime – 100% of overtime completed by public sector employees in the previous year can be included in the basic wage.

Probation Period – In the case of probation periods this will include existing public sector employees promoted or transferred on 12 months’ probation.  Whereas new entrants will be determined on a case by case depending on their employment history.

Contractual Allowances – 100% of your contractual allowances can be applied.  This will mean you will be able to take out a larger mortgage if needed.

Gift – 100% of the deposit can be gifted provided repayment capacity is evident.

Maximum Age – The maximum age at mortgage expiry has increased up to 70 and no proof of pension is required and there can be up to 4 individuals per application which will give more flexibility for applicants.