At Bank of Ireland, we’re with you through your mortgage journey, with solutions designed to suit you – from the time you start saving for your deposit, when you’re ready to buy, and throughout the life of your mortgage.
So whether you’ve recently taken out your mortgage or you have it for a while, we want to help you make the most of your mortgage. Have a look at how you can flex your mortgage to suit your lifestyle with our Flexi-options.
- 3 Month Payment Break
You can take a 3-month payment break up to 3 times over the life of your mortgage loan – really useful if you run into extra expenses in a year such as the birth of a child or education fees.
To be eligible for a payment break:
- Your 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),
- There must be at least 12 months between payment breaks (or 6 months must have lapsed since your COVID-19 payment break if you took one), and
- You must have complied with all the terms and conditions of the mortgage.
Applications are subject to approval. Available on your principal private dwelling only. Only available and annuity (standard capital and interest) repayment mortgages. Qualification criteria and terms and conditions apply.
At the end of the payment break period your repayments will be adjusted so that your mortgage will be repaid within its original term, i.e. your ‘break’ repayments will be spread over your remaining mortgage, which means your new repayments will be higher than they were before the payment break.
When you apply we will send you a ‘Mortgage Form of Authorisation’ with full payment break terms and conditions for you to sign and return to us.
- Skip up to 2 payments in a year
If you would like to have a little extra to spend at certain times of the year – such as Christmas or holiday time – you can spread your mortgage repayments in a year over 10 or 11 months and skip the other one or two.
For example, if you would like to skip your repayment in December to have some extra cash at Christmas time, we can arrange for your repayments to be higher for the rest of the year so that you will make your full 12 months’ repayments over 11 months.
Subject to meeting the conditions of your mortgage. Lending criteria and terms and conditions apply.
Once you select a skip month repayment option it will continue each year unless you ask us to change it.
- Overpay your mortgage and save interest
You can make Overpayments, either regularly or as lump sums, when you find yourself with extra cash. This will reduce your capital balance and you pay less interest. It may even reduce your term.
- You can make regular or lump sum overpayments of any amount to a variable rate mortgage.
- If you are on a fixed rate you can overpay up to 10% of your normal monthly repayment (or €65, whichever is greater), without incurring a fee.
Even a small overpayment can make a difference to your mortgage.
(You can cancel regular overpayments at any time. Overpayments made are not refundable)
Check out our Overpay Calculator to see how much you could save.
- Split your mortgage rate
Lending criteria and terms and conditions apply.
- With our Twin rate mortgage you can benefit from the certainty and stability of a fixed rate AND the flexibility of variable;
- Put a portion of your mortgage on a variable rate and the remainder on a fixed rate. You decide the split;
- Find out more about your rate options here.
- Bring your fixed rate with you
- Moving home? You can bring your Bank of Ireland fixed rate with you to your new mortgage without penalty as long as your new mortgage is drawn down within 6 months of redeeming your old mortgage;
- Find full details about our Movers mortgage here.
- Change your payment date
You can change the repayment date to another one in the month that suits you better such as right after payday.
Applies to monthly repayments only. Subject to meeting the conditions of your mortgage. You can move your repayment date by up to 21 days.
Your repayments will be recalculated so that your mortgage will be repaid by the originally agreed date.