Move home

If you’re thinking of moving home, it’s important that you talk to us first. This is so we can assess your current financial situation and make the right recommendation for your needs.

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

• Your income;
• Details of the new home you’re looking to purchase;
• Details of your current financial commitments (including outstanding amounts and monthly payments).

To make things as quick and easy for you as possible, it’s worth having these details to hand before you speak to us. Our advice service is free to use.

Thinking of moving home and borrowing more? Our quick and easy to use calculator will give you an idea of how much your monthly mortgage payments could increase by.

• Can I move my mortgage rate to my new property?

  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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• 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 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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• 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 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 will be sent in the offer pack that your legal representative gets. But in case you need another form, please call us on 0345 300 8000.*

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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 Charges paid.

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• What if I can't complete on the purchase of my new home 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 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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• 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 Residential mortgage, can I transfer my mortgage rate to a different mortgage type (e.g. Buy to Let)?

  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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