A cosmopolitan couple find their AIB green mortgage the key to settling back in Dublin life

Michael Treacy and his Ukrainian wife, Tania Kuklina, returned to Dublin in August 2022 after 12 years to discover a very different landscape. They had met in the stylish district of Le Marais in the 4th arrondissement of Paris in 2011 while working in finance. During their early married years, they enjoyed the old-world charm of the narrow cobblestone streets and abundant galleries in the area, also known as South Marais, SoMa.

The pair moved to Hong Kong in 2015, where they set up a life together for many years in the Causeway Bay Fashion Walk area, taking time to explore Asia and start a family— a boy and a girl, Max and Maia— until the escalation of the Russia-Ukrainian war in February 2022. Tania’s family living there suddenly made the world feel very large. This, combined with a desire to set down roots somewhere for their family outside the skyscraper experience of Hong Kong, put Dublin back into their future plans.

Following several months of planning, they landed back in Dublin after considering Paris again as another viable option, but the constraints of apartment living there made it less appealing. Dublin, offering the possibility of a home within walking distance to the city centre, clinched the deal.

The couple assumed obtaining a mortgage on their return would be straightforward but hit roadblock after roadblock when speaking with professional mortgage advisors. They were told that without a credit history and with Tania in a new job, there was little chance of securing finance in the foreseeable future.

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An extremely tight rental market left them in a position where the family had to move in with Michael’s mother while trying to figure out their next move.

A visit to his local branch of AIB, where he had been a customer since opening an account ‘for his communion money’, created a chance encounter between Michael and the branch manager. On hearing the details of his predicament, the manager suggested he speak with an AIB mortgage expert.

Armed with a plethora of information from several other brokers, the pair were surprised and delighted to become pre-approved for a mortgage with AIB, which transformed their Christmas and New Year discussions, as house hunting was now a reality. They focused on the Drumcondra area, a spot they had set their hearts on due to its proximity to town, as well as the beauty of Dollymount and Bull Island, and well-built cycle lanes.

At this stage, there was no consideration of a green mortgage. However, having just received a utility bill for Michael’s mother’s house, they were dismayed at the amount. Accustomed to warmer temperatures in Hong Kong, it was a shock to discover the cost of running a house with a low energy rating in a chillier climate.

A high energy rating suddenly took top billing as a criterion in their house search. They began looking for B3 or higher-rated options. While few and far between, the number of sustainably built houses is increasing. Unconcerned by the lack of fireplaces in a home with a high energy rating, Michael notes, “Santa Claus had no fireplace to deliver presents in Hong Kong, so we were used to this!”

The couple found the house they wanted with a high energy rating and brought the suggestion to AIB, where they were presented with the option of a Green Mortgage. The Green Mortgage is available to all once their home has a B3 or higher rating and means lower monthly repayments than a standard repayment along with lower running costs for the home, something Michael describes as a very compelling proposition.

While the couple were pre-approved on February 1, 2023, AIB moved quickly to assist them once they found their ideal home. Happily, they were in a position to draw down their green fixed rate mortgage by March 3, giving them the security of protecting them from the increasing interest rate environment.

Having put down roots Michael has found that, while they loved living in Hong Kong, they are finding the cleaner air in Ireland a complete joy. They are thrilled with the standards of the school system in Ireland and enjoy the milder weather and green scenery. Having recently acquired a family dog, Ginger, a Cavapoo, they have space and luscious northside walks for him. However, Tania jokes that minding Ginger is a 50/50 split, she will look after the Cava, while Michael can look after the rest!

Living in a beautiful, sustainable home offering all the ease of urban life while still hearing song from migrant birds circling the skies near Bull Island, Michael has to consider that perhaps Drumcondra life with a green mortgage will give Le Marais a run for its money.

How can you apply for a green mortgage?

As Ireland’s largest financial services provider with 3.2 million customers, AIB seeks to be a driving force for the sustainability agenda in Ireland, supporting customers and communities to make the transition to a low carbon economy, explains Tom Kinsella, its head of homes.

“To apply for a green mortgage, you just need to be a new or existing customer with a home that has a Ber rating between B3 and A1. Such lending requires a minimum Ber rating of B3. New build homes, which are mostly A-rated, automatically meet this requirement.”

The same minimum B3 Ber rating is required on completion if you’re building your own home or if you want to fix your existing mortgage loan, or if you’re switching your mortgage to AIB, he explains.

To apply, existing AIB customers can submit a mortgage amendment form along with their BER certificate. For new applications, you can inform your mortgage adviser or select the green mortgage rate online. More information can be found on the AIB website under the green mortgage section.