Moving property

Looking for an investment property that’s closer to home, or the potential of increased rental income from a new property? Whatever your plans, we'll do everything we can to help make transferring your current mortgage rate to your new property as soon as possible.

  • No Early Repayment Charges (ERC’s) – if you complete the sale and purchase of the properties within a three month window
  • Save time – no need to shop around looking for a new deal.
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Buy to let

We know that moving your investment to a new property can be tricky enough, without having to look for a new mortgage lender. When the time comes to move, we want to make it as easy as possible for you to transfer your existing Buy to Let mortgage rate.

As we already hold some of the information you’ll need to supply, you might find sorting the mortgage for your new investment property is easier than you think.

To keep it simple, we have two options you can choose from:

  • Move your current rate and balance to your new property, avoiding any Early Repayment Charges (if applicable). If you need to borrow more you can do this on one of our property mover deals
  • Choose one of our property mover deals for the new mortgage. You need to make sure you’re not in a promotional period on your current mortgage, or be happy to pay any Early Repayment Charges.

Whatever option you end up taking, before paying back your existing mortgage, you’ll need to submit your application to transfer it to your new property. You’ll also need to complete the new purchase within three months of selling your current property. If you don’t do this, you won’t receive a full refund of any Early Repayment Charges paid, and you’ll need to select a new mortgage deal from our product range. There may also be restrictions on the Loan to Value (LTV) of the new property that you’re purchasing.

A ‘receiver of rent’ may be appointed and/or the property may be repossessed if you do not keep up repayments on your remortgage

If you’re thinking of moving your property investment, you’ll need to speak to us so we can assess your current financial situation.

As part of the application process, we’ll ask you to confirm:

  • The rental income you expect to receive from your new property
  • Details of the new investment property you’re looking to purchase
  • Details of your income and current financial commitments (including outstanding amounts and monthly payments).

To save time and make things as simple as possible for you, it’s worth having these details to hand before speaking to us. You can even schedule a call back while you’re getting the information together.

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*Calls are recorded for training and monitoring purposes. Lines are open 9am– 5pm Monday to Friday. 03 calls cost no more than calls to geographic numbers (01 or 02). Calls from landlines and mobiles are included in free call packages.

A ‘receiver of rent’ may be appointed and/or the property may be repossessed if you do not keep up repayments on your remortgage

It’s important that any Buy to Let loan is affordable for you, so that it makes financial sense and doesn’t put you at unnecessary risk.

To help make sure this is the case, we work out the affordability of a Buy to Let loan mainly based on the expected monthly income from letting the property to a tenant. In certain scenarios we may also be able to take into account your personal income, subject to our lending criteria.

The actual income generated (which must be received in £GBP) may be different, and can be affected by changes in the rental market over time. It’s worth noting that if this happens, you’ll still be responsible for meeting the costs of your loan and any additional costs from letting the property.

A ‘receiver of rent’ may be appointed and/or the property may be repossessed if you do not keep up repayments on your remortgage

  • Can I transfer my mortgage rate?

    Yes, subject to the terms and conditions in your mortgage Offer. Any new application will need to meet our standard lending criteria.

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  • What if my application to transfer doesn’t meet your lending criteria?

    If we’re unable to help you, you may want to talk to an independent financial adviser to discuss your options. It’s worth noting that any Early Repayment Charges will still apply.

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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 Charges that apply to your current mortgage when you move.

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  • 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.

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  • Can I transfer my current Buy to Let mortgage rate to a Buy to Let property I already own?

    Unfortunately no. You can only transfer your Buy to Let mortgage rate to a new Buy to Let property you’re looking to purchase.

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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 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.

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  • How do I get an Early Repayment Charge Waiver Form?

    An Early Repayment Charge Waiver Form be sent in the offer pack that your legal representative gets. But in case you need another form, please get in touch.

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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 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.

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  • Can I transfer my current mortgage rate if I want to borrow less than my current mortgage?

    Yes. However, you’ll have to pay a pro-rata Early Repayment Charge when you repay your current mortgage in full. This will be based on the reduction in the amount borrowed.

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  • What if I can't complete on the purchase of my new property within three months?

    After the three month porting window has passed, you won’t receive a refund of any Early Repayment Charges paid. You’ll also need to select a new mortgage deal from our product range.

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  • Is there a minimum amount I can transfer?

    Yes. The minimum loan amount is £1,500.

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  • Can I transfer my interest rate more than once?

    Yes, you could transfer your mortgage rate more than once. Again, this would be subject to the terms and conditions in your mortgage offer and meeting our standard underwriting criteria.

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  • If I currently have a Buy to Let mortgage, can I transfer my mortgage rate to a different mortgage type (e.g Residential)?

    No. Unfortunately we’re unable to transfer interest rates between different types of mortgage. This is because they have different lending and underwriting criteria.

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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 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.

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A ‘receiver of rent’ may be appointed and/or the property may be repossessed if you do not keep up repayments on your remortgage