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Borrowing more
- How much extra can I borrow?
- How long can I borrow the money for?
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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?
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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 (LTV) for debt consolidation and can’t borrow more for business reasons or speculative lending (such as stocks and shares).
Getting a new mortgage deal
- How do I know when my promotional rate comes to an end?
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How do I apply for a new mortgage deal?
Once you’re within four months of your promotional deal ending, visit your hub to see if you’re eligible to switch. You’ll be able to view all the rates that you can choose from and easily apply online.
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Will my property need to be revalued?
You can check the estimated value of your home from your hub. This is what we’ll use to provide your rates. If you think the valuation is too low and affects the rates you can have, you can pay to get your property revalued.
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Will solicitors need to be involved?
A solicitor isn’t normally involved when you switch your rate. However, if we need to set you up with a new mortgage account, we’ll need to instruct one . Don’t worry though - we won’t charge you for this. If you’ve registered for your hub, we’ll ask you to contact us when it’s time to switch.
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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.
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 an affordability assessment and you may have to pay to have your home revalued if you want to borrow more.
For example, you could convert part or all of your interest only mortgage to repayment, change the mortgage term, or borrow more money.
- 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 home
- Can I move my mortgage rate to my new property?
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Do I have to transfer my current mortgage rate?
Not at all. Transferring your current mortgage rate is totally your decision. However, you may have to pay any Early Repayment Charge that apply to your current mortgage when you move.
- What if my application to transfer doesn’t meet your lending criteria?
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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.
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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 Charge. 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 an Early Repayment Charge.
- How do I get an Early Repayment Charge Waiver Form?
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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 Charge paid.
- What if I can't complete on the purchase of my new home 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 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?
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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 lending 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.