If you have a residential mortgage with us, you may be able to borrow to pay for home improvements. The repayments on a Home Improvement Loan (Top Up) are at mortgage rates, which are typically lower than our Personal Loan rates.

The first step in applying for a Home Improvement Loan (Top Up) is to speak to one of our Mortgage Consultants in your local branch. Fill in our form, or call 0818 210 585 or +353 1 215 1344 to book your appointment. 

How does it work?

The amount you can borrow is based on the equity or value in your home. The amount you can borrow starts from €25,000 up to 85% of the current market value of your property today, less the amount you owe on the property.

For example:

  • Your property today is worth €300,000
  • 85% of the property’s value is €255,000
  • You have €155,000 left on the mortgage
  • The maximum amount you could borrow (release as equity) is €100,000 (that's €255,000 - €155,000)

In order to avail of the maximum of 85% of the current market value of your property today, less the amount you owe on the property, you must have your mortgage with us for a minimum of 2 years with a good repayment history and are not seeking to refinance any short-term debt. 

If you are refinancing existing short-term debt please note the warning below:

Warning: This new loan may take longer to pay off than your previous loans. This means you may pay more than if you paid over a shorter term.

Key information for Home Improvement Loans (Top Up)

  • The maximum term you can avail of is 35 years
  • Minimum loan amount is €25,000
  • We offer an annuity mortgage which means that your repayments depend on the actual amount you borrow (capital) and the interest that will be charged on this capital
  • This is a variable rate loan, home improvement loan rates available here.

What else do I need to know?

Lending criteria, terms & conditions will apply. Mortgage approval is subject to assessment of suitability and affordability. Applicants must be aged 18 or over. Security is required and credit agreement will be secured by a mortgage or by a right related to residential immovable property. Life and Home Insurance are also required. For First Time Buyers, a maximum Loan to Value (LTV) of 90% will apply to a property’s purchase price. For Second Time Buyers a maximum LTV of 80% will apply. The maximum LTV for customers who hold their current mortgage with another bank but wish to switch their mortgage to permanent tsb while also releasing equity is 85%. Maximum loan amount will typically not exceed 3.5 times an individual’s gross annual income.

The monthly repayment on a 20 year mortgage with Loan to Value (LTV) greater than 80% with variable borrowing rate of 3.90% on mortgage of €100,000 is €600.72 for 240 months. Total amount repayable is €144,533.76. If interest rates increase by 1% an additional €53.72 would be payable per month. For this example, Annual Percentage Rate of Charge(APRC) of 4.01% applies and consists of variable borrowing rate of 3.90%, valuation fee of €150, Property Registration Authority (PRA) fee of €175, and security vacate fee of €35. Please note –this APRC does not factor in the €6 monthly fee for maintaining the Explore Account. Warning: The cost of your monthly repayments may increase – if you do not keep up repayments you may lose your home. Information correct as of 26/03/2020 but is subject to change.

Warning: If you do not keep up your repayments you may lose your home.

Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Warning: The cost of your monthly repayments may increase.

Warning: You may have to pay charges if you pay off a fixed-rate loan early.

Personal Loan

If this option isn't suitable for your needs, our personal loan might be just the ticket.

Find a branch

Find opening hours and locations of branches near you with our handy interactive map.

Home Insurance

There’s never been a better time to switch to permanent tsb with our All Around Protection policy. Switch today.

Life Insurance

We have a range of Life Insurance options to protect your income for you and your family.

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