'I was able to show a good saving record'
ACCOUNTANT Erika Clancy moved into her own house last week.
She managed to secure a mortgage from AIB even though she was a trainee accountant on a contract when she got a home-loan approval last year.
Ms Clancy (26) has since been made permanent in a Limerick-based accountancy firm.
She puts her success at securing a mortgage down to a strong savings record.
"I was able to show AIB that I have a strong savings record. They want to see you sacrificing money every month," she said.
The mortgage was approved last December, allowing her to get mortgage relief. This amounts to €180 a month at the moment, and is due to last for seven years.
The last few months were taken up with renovating the 1904 red brick terraced house she bought in Limerick city.
The house had to be re-wired, have its plumbing upgraded and insulated.
She borrowed €220,000 from AIB on a variable rate. The interest rate has gone up this week, but she reckons she can cope with the higher repayments.
Getting mortgage approval she found straightforward enough, despite having to go back to the bank to get approval for a higher amount.
"AIB was clear on what I would get and what I would not get in terms of the amount of the mortgage," she says. But dealing with estate agents she found highly stressful.