Bank of Ireland (UK) plc is a subsidiary of the Bank of Ireland Group committed to the UK market and UK customers. It offers products in the UK market that are regulated in the same way as products offered by other UK-based providers. When it comes to mortgages, the company provides specialist advisers who can help you work out how much you can borrow and recommend the right rate for you.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
Overview of mortgages
Initial rate types
Fixed
Borrower types
First-time buyers, moving house, remortgaging
Mortgage amounts
From £25,001
Mortgage terms
From 5 to 35 years
Maximum LTV
90%
Lowest initial rate
4.82%
Longest fixed rate offer
7 years 2 months
Regions covered
Northern Ireland
Applicant age
From 18 to 75
Offers portable mortgages
Compare Bank of Ireland’s buy-to-let mortgage rates
Bank of Ireland is one of the biggest commercial banks based in Ireland. It offers a huge range of commercial banking products in the UK, including several types of mortgages.
What types of mortgages can I get with Bank of Ireland?
Fixed rate With a fixed-rate mortgage, your interest rate remains locked for an set amount of time. After your fixed-rate period ends, you’ll be switched to Bank of Ireland’s standard variable-rate.
Remortgages You can switch your existing mortgage to Bank of Ireland by applying for one of its remortgage products.
Variable rate With a variable-rate mortgage, your interest rate could fluctuate due to various economic conditions.
Tracker With this mortgage, the interest rate fluctuates based on the Bank of England base rate.
Buy to let You’ll need a buy-to-let mortgage if you want to borrow money for a second property to let out.
Interest-only With an interest-only mortgage, your monthly repayments consist only of the interest on the loan. You won’t pay off the capital until after the mortgage term ends.
How to apply
You can apply for a Bank of Ireland mortgage via the bank’s website or by calling 01890 365 345. You can visit a branch if you prefer. Alternatively, you can arrange for one of the bank’s mortgage experts to call you, via a form on its website.
What information is needed to apply?
You’ll need to provide personal information, as well as details about your employment, income and existing debt. Documents needed to support all this information include your P60, two months’ worth of payslips, six months’ worth of bank statements.
Eligibility criteria
You must be at least 21 years old when applying and no older than 75 when your term is set to end. You’ll need to earn an annual income of at least £20,000.
Contact information
You can contact Bank of Ireland by calling 0345 266 8928 or emailing boisalessupport@boi.com. Alternatively, you can send a letter to Bank of Ireland UK, PO Box 3191, One Temple Quay, Bristol, BS1 9HY.
Frequently asked questions
Yes, you can. Overpayments can be made online using a debit or credit card. You can also make monthly repayments online, up to a limit of £12,000. However, remember that you may incur additional fees if you make an overpayment that isn’t permitted in the terms and conditions of your mortgage.
Yes. While you can borrow money for a variety of reasons, you can’t borrow funds for business purposes or speculative lending.
The standard variable rate, or SVR, is set by the Bank of Ireland. It can go up or down at any time – it’s not linked to any external rate and is done entirely at the discretion of the Bank of Ireland.
Yes and no. When you apply to borrow more money, your application will be assessed against your current criteria including earned income and rental income generated by your property. Based on the information received by Bank of Ireland, it’ll either give you an approval in principle which will then be subject to credit scoring before you receive your formal offer.
With a Bank of Ireland mortgage, you can earn up to 3% of your mortgage balance as cashback.
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Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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