Your home. all together better

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1 Your home all together better

2 The National Adult Literacy Agency (NALA) has approved the clarity of this brochure.

3 The EBS mutual difference EBS Building Society was founded in 1935 by a small group of Irish teachers working together to help each other buy their own homes. The idea was simple, people coming together to realise their dreams of home ownership as members of a mutual building society. Our purpose is the same today as it was then; EBS is still owned by our members and dedicated to helping them achieve their life goals. As well as home loans, we now offer a complete range of financial services to everybody - savings, investments, insurance, loans and credit cards - all designed to give them great value. EBS has always been about making things better for people - for our members and the community.

4 Contents The EBS mutual difference Introduction Firststep Buying a home for the first time? Familyfirst Getting some help to buy your first home 6 HomeAccess Making home ownership a reality for the first-time buyer SelfBuild Thinking of building your own home? Nextstep When its time to make your next move QuickSwitch Looking for a better deal on your mortgage? BuytoLet Buying to let LifeChoice Time to make some changes? Jargon buster Need some help?

5 EBS can help you get on the property ladder - and climb it at your own pace. As a mutual, EBS is committed to making home ownership a reality for as many people as possible. When you re ready to buy your first home, EBS will be there to get you started and guide you through the process from beginning to end. Once your growing family starts running out of space, we ll help you take the next step to a bigger property. And, when the time comes for your children to fly the coop, we ve come up with a home loan to help them on their way. Wherever you are on the property ladder, you can rely on EBS to give you all the help and expert advice you need. And when it comes to value, our priority is to offer our members the very best value home loans in Ireland *. * EBS has an unbeatable record over the past 10 years of offering our members the best value mortgages in Ireland, as verified by research carried out by an independent auditor. Today EBS has one of the lowest standard variable home loan interest rates in Ireland. 3

6 Buying a home for the first time? EBS helps thousands of eager first-time buyers each year to buy their first homes with EBS Firststep. EBS Firststep 1 at a glance Range of competitive HomeLoan rates Fixed Tracker Variable Reduce your repayments for the first year with EBS Easystep. Repay your Home Loan over 35 years. Buying your first home is an exciting time, but it also can be a bit daunting especially when you don t know what to expect. EBS organises First Time Buyer seminars around the country to help them get the information they need and to be more prepared for what s ahead. Visit for a list of dates and venues for our next seminars. We ve also produced a series of books called a little book about giving you straight-talking, impartial information and advice on a number of topics. 4

7 Getting some help to buy your first home. Rising property prices mean that many first-time buyers are finding it more difficult to get their foot on the property ladder. EBS Familyfirst 2 Familyfirst is a home loan specially designed to help first-time buyers buy a place of their own with the help of their parents. You can pick up your free copy of a little book about buying your first home at your local EBS office. As a parent, you can borrow against the value built up in the family home to help contribute to the cost of your child s first home. 5

8 Making home ownership a reality for the first-time buyer. As a mutual building society, EBS is committed to making home ownership a reality for as many people as possible. With the rise in property prices, many first-time buyers have found it difficult to buy their own homes. That s why we have been working with the Department of Environment and Local Government to develop a home loan for people who qualify for the Affordable Housing Scheme. This loan is called HomeAccess. EBS HomeAccess 3 at a glance Borrow up to 97% of the discounted purchase price of your home meaning you only need is a 3% deposit. Choose a mortgage term of up to 35 years giving you the option to have lower monthly repayments when you need them most. If you d like to find out more about the Affordable Housing Scheme visit An information leaflet on EBS HomeAccess is available from your local EBS office. 6

9 Thinking of building your own home? More people than ever before are looking at the option of building their own home. Not only is there hope of getting better value for money, you also get to design your home exactly how you want it. EBS SelfBuild is a home loan specially designed to help you turn your ideas into reality. EBS SelfBuild 4 at a glance Pay only the interest on your loan for up to 12 months or until the full loan amount is drawn down. Make use of stage payments, which means you draw down money only when you need it, so you pay less interest. If you d like more advice on what s involved in building your own home - from buying a site and applying for planning permission to choosing a builder and making staged payments - simply visit and follow the links to Building your own home. Borrow up to 100% towards construction. Free Course of Construction cover with EBS Householder 5 gives you extra peace of mind over the first 18 months of work. 7

10 When it s time to make your next move. However happy you are with your first home, sometimes it makes sense to move on. Maybe you need more space for a growing family or you ve spotted something special you know you can turn into your dream home. Whatever the reason for your next move, EBS Nextstep is a home loan designed specially to make it go as smoothly as possible. EBS Nextstep 6 at a glance Excellent bridging loan facilities available. Flexible repayment options. Easy access to additional money when you need it and pre-approved reserve facility. Don t be tempted to make an offer on a property before accepting offers on your current home. Avoid legally binding commitments to buy a new home until you have a similar agreement for your existing home. Option to combine your debt into one payment at a home loan interest rate. 8

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12 Looking for a better deal on your mortgage? EBS has designed the ideal mortgage for those who would like to change their mortgage lender or are considering borrowing more money. QuickSwitch is the fast and efficient way to switch your mortgage to EBS. EBS QuickSwitch 7 at a glance No legal fees. Fast processing Borrow to release equity or combine your debts into one payment. When you are switching your mortgage you can release some of the value that has built up in your property to do the home improvements you ve been dreaming about. Switch your mortgage and avail of one of Ireland s lowest standard variable rates. 10

13 Buying to let Buy-to-let has become popular with both seasoned investors building their portfolios and with people investing for their future. Some people are investing now to help their children buy their own homes when the time comes and others are making plans for their retirement. EBS BuytoLet is a mortgage especially for people who want to invest in residential property. EBS BuytoLet 8 at a glance Loans of up to 90% of the value of the property for first time investors in buy-to-let. Option to borrow up to 100% of the property if you have another property to use as security. If you re thinking of becoming a landlord, choose your tenants carefully. Before you advertise, decide what type of tenant you want and hold out until you get what you want. Make sure there are references and get a deposit upfront. Flexible loan terms of up to 30 years. Option to repay only the interest on the loan for the first 5 years (conditions apply). 11

14 Time to make some changes? Choosing an EBS home loan means you also get exclusive access to low-cost loans with EBS LifeChoice. So, whether it s time to make some home improvements, buy a new car or invest in your child s future, EBS LifeChoice allows you to apply for the money you need to put your plans into action at competitive interest rates. EBS LifeChoice 9 at a glance Choice of terms available to suit your changing needs. Borrow from d5,000. Free life assurance of up to d30,000 (conditions apply). Very competitive interest rates. Before you decide on the term of your loan, ask to see the cost of credit over different terms. The cost of credit is the true cost of your loan. Repaying your loan over a long term will mean lower monthly repayments, but more interest over the full term of the loan. So, paying back a loan in as short a time as you can afford will reduce its overall cost. 12

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16 Jargon buster Our jargon buster explains some of the terms you might come across when you re buying property. 14

17 Annualised Percentage Rate (APR): This is a percentage that includes the loan interest rate, the way the rate is applied and any lender fees and charges. It indicates the true cost of borrowing, so helping you compare the cost every year of different types of loan. Interest rate: This is the cost of borrowing money. For example, if you borrowed d100 for a year and the interest rate was 10% per annum, the amount of interest you pay would be d10. You could also say that the cost of borrowing d100 a year was d10. If the interest rate is fixed, it stays the same for a set period of time. If it is variable or tracker, it can go up or down over the term of the loan. Loan to value (LTV): This is the amount of the loan expressed as a percentage of the value of the property. For example, if you wanted to borrow d90,000 and the value of the property were d100,000, the LTV would be 90%. Stamp duty: This is a government tax charged on all residential properties. The amount of stamp duty you pay is determined by your individual circumstances. Your solicitor will determine how much stamp duty you will pay or contact the Revenue Commissioner for more details. 15

18 Need some help? If you d like to know more about how EBS can help you: call in to your local EBS office phone us on visit our website For quick and easy access to clear, independent financial information and advice, log onto Other brochures in this series are: You can get these from your local EBS office. 16

19 WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THE PAYMENT RATES ON THIS HOUSING LOAN MAY BE ADJUSTED BY THE LENDER FROM TIME TO TIME. YOU MANY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED-RATE LOAN EARLY. DEBT CONSOLIDATION LOANS MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS. THIS MEANS THAT YOU MAY PAY MORE than IF YOU PAID OVER A SHORTER TIME. Warning: the entire amount that you have borrowed will still be outstanding at the end of the interest only period (with interest only loans) Important Information (Note: Not applicable for EBS Buy To Let or EBS Householder). Lending terms and conditions apply. As a general rule the loan amount should not exceed 3 times the main income or 3 times the joint income (in the case of two earners). A mortgage on your home is required as security. The repayment for a loan amount of 100,000 over 20 years would be (variable rate 5.2% excluding insurance payments). An increase in interest rates of 1.0% would increase the repayment by A qualified valuer will need to value your property. This valuation should not cost you more than e127 (plus travel expenses where applicable). Under the Consumer Credit Act, 1995, a mortgage protection policy is required for all housing loans. EBS can arrange this for you. 1) The maximum loan property to value with EBS Firststep is 100%. With the Easystep option, your payments are reduced in year 1. This means that your repayments will increase from year 2 onwards to ensure that the full loan is repaid within the original term agreed. Your repayments from year 2 and onwards will include an interest charge for the Easystep option. 2) The maximum loan to property value with EBS Family First is 95%. 3) Normally we will lend only up to 97% of the purchase price of the property. The HomeAccess mortgage is not available to those who have purchased a low-cost site from their local authority. You are not eligible for an EBS HomeAccess mortgage if you previously bought a house under another local authority housing scheme. It is not possible to release further equity on your home (top-up) under a Home Access mortgage regardless of the amount of equity you have built up in your home. 4) The maximum loan property to value with EBS Self Build is 90%. You can borrow up to 90% of your site cost and 100% of your building cost, provided your total borrowings do not exceed 90% of the property s final valuation. The free Course of Construction insurance arranged by EBS covers the buildings for the damage caused by fire, flood and storm only. Course of Construction Insurance is underwritten by Allianz Corporate Ireland plc who is regulated by The Financial Regulator. There is no liability cover included on the policy. 5) EBS Householder is brought to you by EBS and Allianz Corporate Ireland plc. Terms and conditions apply. Full policy wording available on request. EBS householder is suitable for private dwelling houses of standard construction with a rebuilding cost not exceeding e1,000,000. EBS Householder is underwritten by Allianz Corporate Ireland plc. EBS Building Society (EBS) is a tied agent of Irish Life Assurance plc (Irish Life). EBS, Irish Life, Allianz Corporate Ireland plc and Genworth Financial Insurance plc are regulated by the Financial Regulator. 6) The maximum loan to property value with EBS Next Step is 92%. 7) The maximum loan to property value with EBS Quickswitch is 85%. Minimum loan amount for EBS Quickswitch is e70,000. With EBS Quickswitch, EBS does not charge switching fees and covers your legal costs provided you choose a solicitor from our Quickswitch scheme. However, if you would prefer to use your own solicitor you will be responsible for the costs. If you decide to move your mortgage to another institution before the end of a 5 year period you will be required to pay EBS e777. 8) With EBS Buy to Let, the maximum loan to property value (LTV) on your new investment property is 90%. In order to avail of 100% finance equity, at least 10% must be released from another property which may include your main residence. As a general rule the loan amount should not exceed 3 times the main income or 3 times the joint income (in the case of two earners). A mortgage on the buy to let property and any other equity released properties are required as security. The payment per month on a typical 20 year loan of e100,000 with LTV <75% is e (variable APR 5.2% excluding insurance payments). An increase in interest rates of 1% would translate into an additional e55.86 per month. The payment per month on a typical 20 year loan of e100,000 with LTV >75% is e (variable APR 5.2% excluding insurance payments). An increase in interest rates of 1% would translate into an additional e56.47 per month. Rates correct as at April A qualified valuer will need to value the property that is being offered as security. This valuation should not cost you more than e127 per property (plus travel expenses, where applicable). 9) The maximum loan to property value with EBS Lifechoice loans is 90%. The maximum term for EBS Lifechoice loans is 30 years. The minimum amount for EBS Lifechoice is e5000. Information correct as at time of going to print, February EBS Building Society is regulated by the Financial Regulator.

20 LEN /07 EBS Building Society is regulated by the Financial Regulator. Registered Office: The EBS Building, 2 Burlington Road, Dublin 4, Ireland. Registered No.139.

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