Equity release


What is equity release?

Equity

Equity is the difference between the value of your property and what you owe on your mortgage loan.

Equity release

Equity release lets you borrow money using the value of your home. If your home is worth more than what you still owe on your mortgage, you can take out an extra mortgage loan (called an equity release) secured against your property.


How much can you borrow?


With equity release you can:

  • Borrow anything from €15,000 up to 90% of the value in your home.
  • Choose a term that suits you best, from 5 to 35 years.
  • This term can differ from your current mortgage term.
  • When you release equity in your home, we’ll give you 2% of your new mortgage back as Cashback. Terms and conditions apply.

Cashback is not available with our High Value Mortgage fixed interest rate or our standard variable interest rate.1

Example

If your home is currently worth €300,000 and your current mortgage value is €150,000, you could release equity up to 90% of the value of your property. In this example that would be €120,000.

Property value€300,000
Current mortgage amount €150,000
You could release up to 90% €120,000


The lender is Bank of Ireland Mortgage Bank u.c. or Bank of Ireland. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €613.16 per month at 4.15% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to Tailte Éireann. The total amount you pay is €147,482.50. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4 times gross annual income for first-time buyers) and 90% of the property value. A 1% interest rate rise would increase monthly repayments by €53.89 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only. The mortgage will be subject to assessment of suitability and affordability. APRC calculations are based on the cost per month on a €100,000 mortgage over 20 years.

Why choose us for a mortgage?

Competitive rates

Our competitive interest options include variable rates and fixed rates up to 10 years. View our rates table to help decide your rate.

Better BER, better fixed rate

Enjoy an EcoSaver fixed interest rate linked to your Building Energy Rating (BER). The better your BER, the better your fixed interest rate. Terms and conditions apply.2

Flexible repayments

Control your mortgage repayments to suit your lifestyle with our mortgage flexi-options. Terms and conditions apply.

Expert guidance

Our dedicated mortgage team are here to help make the process as seamless as possible.

Cashback offer

With 2% Cashback, you can get up to 2% of your drawdown back in cash. Terms and conditions apply.1

Our guide to topping up your mortgage


  • Step 1. Check if equity release is right for you
    Use our mortgage calculator to see if you’re eligible. You can borrow money against the value of your home, but it’s important to consider factors like your remaining mortgage balance, how much equity you need to release, and your repayment options.

  • Step 2: Start your application
    When you’ve reviewed your options and decided how much equity you need to release, it’s time to fill in your mortgage application online, in a branch, or over the phone.

  • Step 3: Provide requested documents
    Alongside your equity release application, you’ll need documents like:

    – Proof of identification and address – your current passport or driver’s licence and a recent utility bill
    – Proof of income – your last two payslips and a salary certificate if you’re a PAYE employee or your most recent 2 years’ audited accounts if you’re self-employed
    – Records of your finances – your last 6 months’ current account statements and 6 months’ savings account statements demonstrating regular saving (if your accounts are not with Bank of Ireland)
    – Additional documents (if relevant) – things like separation/divorce agreement, evidence of inheritance, and statements for recently closed loans

  • Step 4. Get approval in principle (AIP)
    If your application is successful, we’ll send you a formal ‘Approval in principle’ letter.

    Remember: AIP is not a loan offer. AIP generally lasts for 6 months. If it expires, you’ll need to apply for AIP again.

  • Step 5. Arrange a property valuation and complete your full application
    Once you’re ready to proceed, arrange a property valuation for your current home (by a professional valuer that we approve of). We will send you a list of valuers at this stage. Then contact us to finalise your mortgage application. At that stage, we’ll send you a formal ‘Mortgage Loan Offer’. It will include details of any final requirements you may need to meet before you can draw down the money.

  • Step 6. Appoint a solicitor
    If you do not already have a solicitor, now is the time to appoint one to help ensure everything is done legally and correctly during the equity release process. Your solicitor will review the offer letter and work with us to draw down the funds.

  • Step 7. Access your equity
    Review the new mortgage terms, work with your solicitor to complete the legal requirements, and draw down your mortgage loan.



Is equity release right for me?

An equity release mortgage could be the right choice based on your needs, but if you need to borrow a smaller amount, a personal or home improvement loan might be a better fit.

Discover your borrowing options

What makes us different?

Manage your mortgage

We have two dedicated mortgage portals; one designed to help you view your mortgage details and the other to allow you make changes to your existing mortgage.

Manage my mortgage

Choose how you apply

You can talk to us about your mortgage journey online, in-branch, or over the phone.

Start application now

Want to upgrade your BER?

Plan works, estimate the costs and savings of improving your home’s energy efficiency, and view financing options.

Try our energy upgrade tool


Mortgage-related products

Mortgage protection

Helps towards repaying your mortgage if you pass away or are diagnosed with a covered serious illness (if you choose this benefit). Giving peace of mind to you and your family.

Better BER, better fixed rate

Enjoy an EcoSaver fixed interest rate linked to your Building Energy Rating (BER). The better your BER, the better your fixed interest rate. Terms and conditions apply.2

Home insurance

Safeguard your home and personal belongings from fire, flood, or theft with comprehensive insurance. Home insurance gives you peace of mind that your property and belongings are fully protected.

Frequently asked questions


  • For what reasons can I take out an equity release mortgage on my home?
    We can do an equity release for the purpose of home improvements, education expenses, and medical expenses.

    Please note: We will need costings and receipts for these purposes.

  • What costs are associated with equity release?
    There will be solicitor’s fees and valuation fees to consider.

    Please note: Where the property is a ‘buy-to-let’ property, you will also require a Bank of Ireland panel solicitor. You will also need to pay the Bank’s panel solicitor fee. The standard Bank of Ireland panel solicitor fee is €950 plus 23% VAT plus additional outlay (up to a maximum of €350).


Warning: If you do not keep up your repayments you may lose your home.
Warning: You may have to pay charges if you pay off a fixed-rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit, a hire- purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Warning: The cost of your monthly repayments may increase.

Information and legal notices

Legal and regulatory information for mortgages.

View information and legal notices


1 2% cashback on draw down of a new Buy-to-Let or Equity Release mortgage. Cashback is not available on High Value Mortgage fixed interest rates or standard variable rate. Terms and conditions apply.

HVM is the High Value Mortgage Fixed Interest Rate:
The High Value Mortgage Interest rates are a one, four, five or seven year fixed interest rate with no Cashback. The High Value Mortgage fixed interest rate is available to you if you are buying or building a property to live in as your home or are switching your mortgage loan to the Bank of Ireland Group from another mortgage lender outside our Group, AND you are borrowing €250,000 or more. View High Value Mortgage fixed interest rate for full details and terms and conditions.
2 The EcoSaver fixed interest rate provides customers with discounts based on their Building Energy Rating (BER). The better the BER, the better the discount. The EcoSaver fixed rate is available to all customers, if you're new to Bank of Ireland or already have a mortgage with us. You can get the EcoSaver fixed interest rate if you are borrowing to buy a home for yourself or your family, an investment property to let, or you're switching your mortgage loan to us from another lender. You must supply a valid BER certificate to take advantage of the EcoSaver fixed rate. Available with fixed rates only. Terms and conditions apply.

Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.