Bank of Ireland offers three types of Buy to Let Mortgages and our mortgage specialists can help you make sound decisions about which Mortgage to choose for your rental property.
Our options for Buy to Let Mortgages are:
- Repay interest and capital throughout the term of the loan
- Repay interest only in the first year for Loan to Value up to 70%
- Repay interest only in the first five years for Loan to Value up to 60%
Interest only options revert to a standard repayment mortgage at the end of the Interest only period. Terms of up to 30 years are available for Buy to Let mortgages. Interest only limits can vary, so come and talk to us.
The lender is Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical Buy to Let mortgage of €100,000 over 20 years with 240 monthly instalments costs €647.91 per month at 4.8% variable (Annual Percentage Rate of Charge (APRC) 5.1%). APRC includes a fee for the Banks solicitor of €950 plus VAT at 23% plus outlay of up to €350. The total amount you pay is €157,016.90. We require property insurance. You mortgage the property to secure the loan. Maximum loan is generally 70% of the property value. A 1% interest rate rise would increase monthly repayments by €55.43 per month.