Green Mortgage FAQs

  1. What is a Green Mortgage?
  2. What is a Building Energy Rating?
  3. What is validity period of a BER Certificate?
  4. Is the Green Mortgage available to New & Existing customers?
  5. Who qualifies for Green?
  6. Who does not qualify for Green?
  7. What does Structural Renovations mean?
  8. Is there a cost involved with obtaining a BER Cert?
  9. Is there a cost involved in switching to the Green Fixed Rate?
  10. What happens at the end of my Green 5 year fixed rate period?

 

1.What is a Green Mortgage?

A Green mortgage offers preferential rates for Home Loan Customers who can demonstrate the property for which they are borrowing meets with a Building Energy Rating [BER] of A1 to B3 (inclusive).  This can be evidenced by way of a BER Certificate issued by The Sustainable Energy Authority of Ireland [SEAI] or an Engineers Certificate of Inspection [for self-builds/structural renovations].

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2.What is a Building Energy Rating?

A Building Energy Rating [BER] rates your Home’s energy performance on a scale between ‘A’ and ‘G’.  ‘A’ rated Homes are deemed the most energy efficient and ‘G’ rated homes are the least energy efficient.

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3.What is validity period of a BER Certificate?

BER certificates are valid for 10 Years.  In some instances you may be provided with a Provisional BER certificate (buying a newly constructed property), and this is provisional certificate is valid for 2 years.

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4. Is the Green Mortgage available to New & Existing customers?

Yes, our Green Mortgage is available to both New and Existing Home Loan customers.

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5. Who qualifies for Green?
  • Customers buying, trading up, building or structurally renovating a home that has or will have (post completion of works) a BER of A1 to B3 (inclusive).

  • Customers who are switching their home loan from another lender to us and their property has a BER of A1 to B3 (inclusive).

  • Existing Home Loan Customers who are borrowing additional funds to structurally renovate their home to achieve an overall BER of A1 to B3 (inclusive).

  • Existing Home Loan Customers, whose property already has a BER of A1 to B3 and they have a term remaining on their loan of 5 years or greater.

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6.Who does not qualify for Green?
  • Buy To Let, Holiday homes, negative equity or Commercial Mortgage Customers

  • Home properties that does not meet with the qualifying BER of A1 to B3.

  • Home loan customers doing non-structural works as evidence of the BER cannot be certified.

  • Equity Release Top up products as such loans can only avail of a variable rate at drawdown. However existing customers on our variable ‘Top Up’ loan product type can avail of Green rate post drawdown if the BER on their family home is A1 to B3 (inclusive) and they submit a BER Certificate to the Bank together with a signed options letter.

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7. What does Structural Renovations mean?

Structural Renovation is defined as  - the renovation or alteration of a building to such an extent that all or substantially all of the building that existed immediately before the renovation or alteration began, other than the foundation, external walls, interior supporting walls, floors, roof and staircases, has been removed or replaced.  After completion of the renovation or alteration, the building is habitable. Please note building plans plus costings & completed certificate of inspection have to accompany such applications.

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8. Is there a cost involved with obtaining a BER Cert?

BER Certificate [In Date] - If you have an existing in date BER certificate, and wish to get a copy you can download it at no additional cost to you by visiting www.seai.ie

BER Certificate Expired / No Current BER Certificate – If your BER Certificate has expired or you do not have a BER Certificate, there will be a cost associated with obtaining a new BER Certificate. Please refer to www.seai.ie  for details.

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9. Is there a cost involved in switching to the Green Fixed Rate?

If you are on a variable rate there is no charge to switch to the Green fixed rate.  If you are on a fixed rate, you will be charged a breakage fee to switch to the Green fixed rate, unless you wait until your initial fixed rate term has matured.

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10. What happens at the end of my Green 5 year fixed rate period?

After year five, the fixed rate will mature to the prevailing Managed Variable Rate unless an alternative fixed rate is selected. The Bank will issue you with an options letters, 60 days prior to the maturity of your current fixed rate.  This letter will detail all alternative rate options available to you at that time.  You will need to select the option most suitable to you, sign and return the options letter to us prior to your maturity date and we will apply your new rate selection upon expiry of your current rate. 

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