Check our Switching Calculator.
Get an indication of hat your repayments will be and how much you can save by switching your mortgage to us.
Eight steps to switching to BOI
1. Choose how you’d like to talk through your options with one of our qualified mortgage specialists.
- Request a call back or talk to us via Skype or Facetime.
- Make an appointment in your branch or with one of our Mobile Mortgage
- Chat to us on switcher line, 1890 365 850.
2. Complete your application form. One of our mortgage specialists will guide you through every step. You can print the form here or ask for one at your local branch.
- We’ll let you know within 3 business days that we received your initial application, and tell you what further paperwork we’ll need from you to complete it.
- We’ll confirm when we’ve got everything, and give you a decision within 10 business days of that.
- If it’s going to take any longer we’ll tell you why, and we’ll let you know when we expect to have a decision.
3. Your mortgage approval. Once your new mortgage is approved we’ll send you a Mortgage Loan Offer Letter outlining the details of your new loan and its terms and conditions.
4. The legal process. You’ll need a solicitor to complete the legal work on your behalf, including transfer of title to your new lender. We’ll send your solicitor a copy of your Offer Letter and loan documentation.
Ask your solicitor to request the mortgage deeds on ATR (Accountable Trust Receipt) from your current mortgage provider. You’ll need to sign a letter giving them authority to do so, and give them details of your current mortgage provider and the account number.
5. Your property valuation. You will need to arrange a property valuation using a valuer from our panel to confirm the value of your property.
6. Mortgage protection and fire insurance policies. When you’re switching a mortgage to BoI, you’ll need to have the following.
- Buildings (fire) insurance policy covering your property.
- A mortgage protection policy. This is to ensure that if you were to die before your mortgage was paid off, the remainder of the loan would be paid off and your family wouldn’t have to worry about the unpaid debt.
You may be able to keep your existing mortgage protection and fire policies if they are sufficient to cover the terms of your new mortgage. You will need to assign them to Bank of Ireland using the following forms.
We’ll need your solicitor to send your original Life Policy Schedule to us. If it can’t be found, they can give us a standard Letter of Undertaking instead.
7. Repay your existing mortgage and complete the switch. Once all of your new mortgage loan documentation is signed and in order we’ll organise with your solicitor to repay your existing mortgage. Your new BoI mortgage will now be active.
8. Up to 3% Cashback on your new mortgage. Get 2% Cashback when you draw down your new BoI mortgage. If you have a BoI current account you can also qualify for Cashback PLUS - an extra 1% of your mortgage back as cash after 5 years. Find out more about Cashback PLUS.
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.