Supported by our qualified Broker Support Team to help make the Equity Release as seamless as possible.
What is Equity Release?
Equity is the difference between the value of the property and what is owed on the mortgage. If the value of the home is greater than what is now owed on the mortgage, your customer may be able to ‘top up’ the existing mortgage through Equity Release, which is an additional mortgage loan secured on the property.
Product Features
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Borrow up to 90% of the property value. For example:
Property value €300,000
Current Mortgage €150,000
You could release equity up to €120,000 (up to 90% of the value of the property)
- Borrow anything from €15,000 up to 90% of the value of the home
- Get our most competitive rates
- Choose a term that suits best from 5 to 35 years. This term can differ from the current mortgage
- When you release equity in your home we’ll give you 2% of your new mortgage back as cashback. Cashback is not available with our High Value Mortgage fixed interest rate or standard variable interest rate
- 2% of the mortgage loan back as cash after drawdown
- Brokers can process Equity Release mortgages on all Bank of Ireland mortgage accounts that have 7 digit account numbers
Mortgage Flexi-Options
Equity Release customers can flex their mortgage to suit their lifestyle with our Flexi-options.
Deferred Start
Customers can choose to defer their first three monthly repayments (if approved). Repayments will be higher afterwards so the loan is repaid within the original term. You’ll need a life insurance policy for 102% of the loan. Terms and conditions apply.1
3-month payment break
A 3-month payment break up to three times over the life of the mortgage – really useful for extra expenses in a year such as the birth of a child or education fees. To be eligible:
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The mortgage loan must be drawn down at least 2 years (if drawn in instalments, it must be at least 2 years since the final drawdown),
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There must be at least 12 months between payment breaks,
- Customer must have complied with all the terms and conditions of the mortgage.
Applications are subject to approval. Available on a Principle Private Dwelling only. Only available on annuity (standard capital and interest) repayment mortgages. Lending criteria and terms and conditions apply.
At the end of the Payment Break period repayments will be adjusted so that the mortgage will be repaid within its original term. This means that the ‘Break’ repayments will be spread over the remaining mortgage, which means the new repayments will be higher than they were before the Payment Break.
Skip up to 2 payments a year
For a little extra to spend at certain times of the year – such as Christmas or holiday time – customers can spread their mortgage repayments in a year over 10 or 11 months and skip the other one or two.
For example, to skip the repayment in December to have some extra cash at Christmas time, we can arrange for the repayments to be higher for the rest of the year in order to spread the full 12 months’ repayments over 11 months.
Subject to meeting the conditions of the mortgage. Lending criteria and terms and conditions apply. Once the customer selects a skip month repayment option it will continue each year unless they ask us to change it.
Overpay a mortgage and save interest
Your customer can make overpayments, either regularly or as lump sums, when they find themselves with extra cash. This will reduce their capital balance and they pay less interest. It may even reduce their term.
- They can make regular or lump sum overpayments of any amount to a variable rate mortgage.
- If on a fixed rate they can overpay up to 10% of their normal monthly repayment (or €65, whichever is greater), without incurring a fee.
Customers can cancel regular overpayments at any time. Overpayments made are not refundable.
Split the mortgage rate
- With our Twin rate mortgage your customer can benefit from the certainty and stability of a fixed rate AND the flexibility of variable;
- Put a portion of the mortgage on a variable rate and the remainder on a fixed rate. Your customer decides the split.
Lending criteria and terms and conditions apply.
Bring a fixed rate when moving home
- Your customer can bring their Bank of Ireland fixed rate with them to their new mortgage without penalty as long as their new mortgage is drawn down within 6 months of redeeming their old mortgage. Please note that this flexi option will only be available for mortgages where a formal letter of offer has issued on or before 19 November 2026 (and, for the avoidance of doubt, an approval in principle does not constitute a loan offer for these purposes).
Early repayment compensation refund for movers
If your customer repays a Bank of Ireland fixed rate mortgage early because they are moving home, they may have to pay early repayment compensation. If they take out a new Bank of Ireland mortgage for a new home within 12 months, they may be able to request a refund of that compensation, subject to the conditions below.2
Important: you must request the refund. The refund is not paid automatically. To request a refund, the customer must contact us on 01 611 3333 9am to 5pm, Monday to Friday within 12 months of their new mortgage drawdown.
Change a payment date
- Your customer can change their repayment date to another one in the month that suits them better such as right after payday.
Applies to monthly repayments only. Subject to meeting the conditions of the mortgage. Customers can move their repayment date by up to 21 days. Their repayments will be recalculated so that their mortgage will be repaid by the originally agreed date.