- How much extra can I borrow?
- How long can I borrow the money for?
Will I have to get my property revalued?
Yes, in most cases we’ll need a valuation of your home and you’ll be charged a fee for this. Take a look at our tariff of mortgage charges for more details. In some cases we may not need to revalue your home, although this is subject to our lending criteria.
- Will I be credit scored when I apply to borrow more?
- Are there any restrictions on what I can borrow the money for?
Getting a new mortgage deal
What happens when my promotional rate comes to an end?
We’ll send you a letter before your promotional deal ends explaining what your options are. If you do nothing, you’ll go onto a variable rate. This means the rate could go up or down at any time and so will your monthly payments. The letter will confirm what your new rate and regular monthly payment will be and when the change will happen.
How do I apply for a new mortgage deal?
Once you’re within four months of your promotional deal ending, visit your customer hub to see if you’re eligible to switch. You’ll be able to view all the rates that you can choose from in one place.
If you’re happy to proceed, select a new rate and submit your request online. However, you can give us a call on 0800 917 9012* if you’d prefer to speak to us. As we don’t offer any advice on Buy to Let mortgages, we can only provide you with information on our products and take your instructions over the phone.
Will my property need to be revalued?
In most cases, we won’t need to revalue your property when you switch your mortgage deal. However you can pay to have your home revalued if you think the estimated valuation we give is too low and affects the rate you can have. Please get in touch if you want to discuss this.
- Will solicitors need to be involved?
When I switch my deal, can I make other changes at the same time?
Yes. It’s certainly possible to make other changes at the same time as switching your deal, as long as this meets our current lending criteria.
For example, you could convert part or all of your interest only mortgage to repayment, change the mortgage term, or borrow more money.
If you’re applying online, you can request a reduction in mortgage term up to a certain limit. To reduce your term further or make any other changes, you’ll need to apply over the phone. It’s worth noting that this would include a rental assessment and you may have to pay for your property to be revalued if you’re borrowing more.
To find out more, call us on 0345 300 8000*.
- When I switch my deal, can I also pay a lump sum off my mortgage at the same time?
- I've applied for a new deal, but have also received an interest rate change letter. What should I do?
Transferring your current mortgage rate when moving property
- Can I transfer my mortgage rate?
- What if my application to transfer doesn’t meet your lending criteria?
- Do I have to transfer my current mortgage rate?
What charges will apply?
You’ll be charged a lending fee for setting up the new mortgage account, as well as solicitor and valuation costs. You may also have to pay a mortgage release fee to close your old account. Your original mortgage offer terms and conditions will have more information on this.
- Can I transfer my current Buy to Let mortgage rate to a Buy to Let property I already own?
Can I transfer my current mortgage rate without paying Early Repayment Charges?
Yes. To do this your legal representative must complete and return an Early Repayment Charge Waiver Form. This should be sent to: Mortgage Customer Services, Bank of Ireland, PO Box 3191, 1 Temple Quay, Bristol, BS1 9HY. Or it can be faxed to 0117 943 6555. We need to receive this at least one week before you plan to pay off your existing mortgage.
When we’ve received the Early Repayment Charge Waiver Form, we’ll produce a redemption statement without any Early Repayment Charges. However, we’ll only issue this statement on the condition that redemption takes place at the same time as completion of a new mortgage with Bank of Ireland. Also, the new loan shouldn’t be less than the existing amount, or this would incur Early Repayment Charges.
- How do I get an Early Repayment Charge Waiver Form?
Can I transfer my current mortgage rate if I’m unable to redeem and complete my new mortgage on the same day?
If you’re unable to redeem (pay back) and complete on a new mortgage on the same day, then you can apply to transfer your current mortgage rate using our Non Simultaneous Porting Policy.
This means once you’ve applied to transfer your existing mortgage rate to your new property, we’ll give you three months to complete the purchase. You’ll still have to pay any Early Repayment Charge upfront. But as long as you pay back your original loan and complete on the new mortgage within the three month window, then we will refund any Early Repayment Charges paid.
Whatever option you end up taking, before paying back your existing mortgage (also known as redeeming), you’ll need to submit your application to transfer it to your new property.
- What if I can't complete on the purchase of my new property within three months?
- Can I transfer my current mortgage rate if I want to borrow less than my current mortgage?
- Is there a minimum amount I can transfer?
- Can I transfer my interest rate more than once?
- If I currently have a Buy to Let mortgage, can I transfer my mortgage rate to a different mortgage type (e.g Residential)?
- Can I transfer a rate from my further loan?
Will my new mortgage exactly match my existing mortgage?
Not necessarily. We’ll recalculate your payments, so the monthly payments on your new account may not match your current monthly payments exactly.
Also, your new mortgage will need to meet our current underwriting criteria. This could mean you need to make changes to your new account to reflect this, for example the amount you have on a repayment or interest only basis.