If you are a Bank of Ireland Mortgage customer and are considering borrowing more money against your property for home improvements, educational expenses or medical expenses, we may be able to help.

  • How does it work?

    Equity is the difference between the value of your property and what you owe on your mortgage loan. If the value of your home is greater than what you now owe on your mortgage, you may be able to ‘top up’ your mortgage through Equity Release, which is an additional mortgage loan secured on the property.

    For Example

    Your home is currently worth€300,000
    Current Mortgage€150,000
    You could release equity up to €120,000 (up to 90% of the value of your property)

    With Equity Release you can

    • Borrow anything from €15,000 up to 90% of the value in your home.
    • Get our most competitive rates.
    • Choose a term that suits you best, from 5-30 years (to maximum age 70). 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. Cashback is not available with the High Value Mortgage fixed interest rate.
    The lender is Bank of Ireland Mortgages. 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 €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase - If you do not keep up your repayments you may lose your home.

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