- How much extra can I borrow?
- How long can I borrow the money for?
Will I have to get my home revalued?
Yes. In most cases we 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.
It is possible that your home may not need to be revalued; this is subject to our current 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?
You can borrow up to 90% Loan to Value for a variety of reasons, such as home improvements. However, we do have some restrictions.
For example, you can only borrow up to 75% Loan to Value for debt consolidation and can’t borrow more for business reasons, or speculative lending.
Getting a new mortgage deal
- What happens when my promotional rate comes to an end?
How do I apply for a new mortgage deal?
Once you’re within four months of your current promotional deal ending, visit our customer hub to view your exclusive rates. As long as you’re eligible to switch you’ll be able to see how much a new rate affects your monthly mortgage payment.
If you’re not sure of your options you can give us a call and take advantage of our free advice service. Alternatively, if you’re happy to proceed without receiving advice, select your chosen rate and start the switching process online.
Will my home need to be revalued?
In most cases, we won’t need to revalue your property when you switch your mortgage deal. When a valuation is required, such as if you’d like to borrow more money or you believe the value of your property has changed, we’ll let you know and confirm any fees before this is instructed.
- 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 do want to make other changes along with switching your deal, you’ll need to apply over the phone. It’s worth noting that this would include an affordability assessment and may include a valuation that you’ll need to pay for if you want to borrow 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?
These are two different processes, so you wouldn’t be able to complete them together.
Whilst you’re welcome to pay off a lump sum (also known as a part redemption) before you switch your deal, we need at least 1 of your regular monthly payments to process between the lump sum payment and switching your product.
For example, if you paid a lump sum on the 1st of January, we would process your request to switch on the 1st of March, with your regular payment taken in February.
- 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 home
- Can I transfer my current mortgage rate?
- What if my application to transfer doesn’t meet your lending criteria?
- Do I have to transfer my current mortgage rate?
Will transferring my current mortgage rate be free of charge?
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 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 home, 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.
- What if I can't complete on the purchase of my new home within three months?
- Is there a minimum amount I can transfer?
- Can I transfer my current mortgage rate if I want to borrow less than my current mortgage?
- Can I transfer my interest rate more than once?
- If I currently have a Residential mortgage, can I transfer my mortgage rate to a different mortgage type (e.g. Buy to Let)?
- 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.