How can we help?

How long does the mortgage offer stay valid for?

Our mortgage offers last for 6 months.  

How long does Approval in Principle last?

Approval in Principle lasts 6 months.

How will the mortgage drawdown payment be sent to me?

Mortgage drawdown payments are sent direct to your solicitor’s account so that he/she can complete the property purchase on your behalf. 

Can I apply for a mortgage if I do not live in the Republic of Ireland?

If you are living abroad and plan to return permanently to Ireland you can talk to us today about a mortgage. Call us on +353 1 4884077 or speak with a mortgage advisor in any of our branches.

How can I get the balance on my mortgage?

Call us on 01 6113333 to find out the balance on your mortgage. 

What is switching?

Switching is when you move your mortgage from one lender to another without moving property.

How can I find out what rate am I currently on?

Please contact your mortgage advisor at your branch or ring our Mortgage Team on 01-6113333.

What is a Mobile Mortgage Manager?
  • Bank of Ireland knows your time and resources are valuable so we’ve made it our business to come to you where you need us, when you need us, to discuss your mortgage needs.
  • Bank of Ireland’s mobile mortgage managers can arrange an appointment with you at your convenience – even on evenings or weekends.  To arrange your appointment click here
What is a Mover?

A Mover is defined as a person who, either on his or her own or with others, already owns a home (or has owned one before) and is moving to a new home. 

Why should I choose Bank of Ireland?

We’ll give you 2% Cashback when you drawdown your new mortgage with us. If you’re a Bank of Ireland current account customer, you can also qualify for Cashback PLUS - we’ll give you an extra 1% of your mortgage back as cash after 5 years. Find out more about our Cashback PLUS offer. (Terms and Conditions apply)

What is the maximum I can borrow when switching to Bank of Ireland?

The maximum amount we will lend is 90% LTV (Loan to Value). This is subject  to certain criteria.

What is the Maturity date on my Mortgage?

The Maturity date on your mortgage is the date in which you are due to finish paying for your mortgage. If you wish to find out your maturity date, please contact your mortgage advisor at your branch or call our Mortgage Team on 01 -6113333.

What is TRS (Tax Relief at Source)?

From January 2014, Revenue will grant mortgage interest relief (where applicable) only on mortgage interest paid by a customer, rather than mortgage interest charged by the Bank. This is in line with the relevant legislation. As a result, Bank of Ireland will pay TRS only on the amount of mortgage interest that has been paid within the tax year.

This means, if you do not make a mortgage repayment, or pay less than the amount of interest due on your mortgage, your TRS entitlement may be reduced.

This change will have no impact for customers who make repayments that cover the interest charged to their mortgage account.

If you have any queries about your TRS entitlement you can go to: www.revenue.ie

Call the TRS Helpline on 1890 463626

Or email: trsadmin@revenue.ie

Bank of Ireland cannot accept responsibility for information on Third Party Websites.

How do I apply for a mortgage?
  • You can start your application online here in just a few minutes. We’ll capture some information up front and one of our expert mortgage advisers will call you back to go through the rest of your application
  • Alternatively you can call us on 0818 200 339 or ask to speak with a Mortgage Advisor in one of our 250 branches across the country. Our advisers will be more than happy to talk you through the application process and let you know what’s involved. 
  •  We may have a Mobile Mortgage Manager in your area who can meet you at a time and place that suits you – even at weekends – to chat through your requirements. 
  • You can also Skype or Facetime a mortgage advisor to make a mortgage application. Click here for further details.  
I am currently on a variable rate mortgage- how do I move to a fixed rate and what options are available?

Call us on 01 6113333 or speak with a mortgage advisor at your branch and we will be happy to outline the fixed rate options available to you and how to avail of them. You can view the rates available here.

What rates can I avail of if I switch?

You can avail of our competitive new business fixed rates from 1 to 10 year fixed as well as our variable rates.  You can also avail of our Twin rate option whereby you can split your rate and avail of both a fixed and variable rate e.g. 60% fixed and 40% variable.  This will give you the certainty of fixed repayments and the flexibility of variable repayments.

What are my rate options?

You can choose from Bank of Ireland’s range of competitive fixed and variable rate options. The rates vary depending on the amount of your loan relative to the property value (Loan to Value, or LTV). 

What documentation do I need?

These are the documents you should be in a position to provide up front with your application:

  • You will usually need ID documents for all parties to the mortgage – generally a Passport or Driving licence and a utility bill to confirm current permanent address 
  • Each PAYE applicant will also need to provide their most recent (original) P60, last 3 months’ payslips and (if not with Bank of Ireland) last 6 months’ bank statements 
  • Self-employed applicants will need to provide their last 2 years’ certified/audited accounts and (if not with Bank of Ireland) last 6 months’ business bank account statements 
  • Self-build applicants will need to provide a Fixed Price contract or detailed building costings. 

If your application is approved your Offer letter will outline any additional documentation requirements specific to your mortgage but we usually require:

  • A certificate of income for PAYE employees (we’ll provide the format for this)
  • For self-employed – Accountant’s or auditor’s written confirmation of up to date personal and business taxes, along with management figures for the current trading year
  • For self-builds, Assigned Certifier’s (Architect/Engineer’s) report
  • Statements showing your last 12 repayments for any mortgage you hold that is not with bank of Ireland
How do I find out if I will need to pay a breakout fee if I move from my fixed rate mortgage?

Call us on 01 6113333 and we can provide this information for you.

Can I switch other products at the same time?

Yes, you can switch your home insurance and mortgage protection cover to Bank of Ireland.  For further details talk to an advisor at your local branch.

In addition, an advisor can help you switch your current account , credit cards and any other products to Bank of Ireland.

How do I get a balance certificate?

Call us on 01 6113333 for a balance certificate.

If I need a copy of a mortgage statement, how far back can I go?

There is no restriction on how far back statements can go, and there is no charge for a copy of a statement. Call us on 01 6113333.

How do I get an interest certificate?

Call us on 01 6113333 for an interest certificate.

How can I find out my redemption figure (the full amount needed to pay off my mortgage)?

Call us on 01 6113333 for a redemption quote.

How can I change the address on my account?
  • A change of address on your mortgage account needs to be submitted in writing - send your change of address details, quoting your mortgage account number, to:

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
IFSC
Mayor Street Lower
Dublin 1.

  • Or you can fax the details to 016113120. 
  • If you have a joint mortgage, all joint borrowers must sign the request to change our records.
How do I find out the reinstatement value of my property?

The Society of Chartered Surveyors Ireland has a useful calculator that will give an indication of your reinstatement cost. Alternatively you can have a valuation varied out by a professional valuer. 

Can I reduce my buildings sum insured?
  • If the reinstatement value of your property has reduced you may be able to reduce your home insurance (buildings cover) premium. The Society of Chartered Surveyors Ireland has a useful calculator that will give an indication of your reinstatement cost. If you do reduce your premium, you will need to send a printout of the reinstatement calculation along with a copy of your new home insurance schedule to us at the address below. 
  • If you have more than four bedrooms you will need to get a valuation of your property from a Bank approved valuer. Call us on 01 6113333 or talk to your mortgage advisor for more information. 

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
IFSC
Mayor Street Lower
Dublin 1.

I want to reduce my level of life cover how do I do this?

You will need to contact your life assurance company who will ask the Bank to approve the reduced amount of cover. We will only agree to the reduced amount if it is the same as or more than the full amount you owe on the mortgage and the life assurance will cover the remaining mortgage term.

How do I get a copy of my loan offer?

Call us on 01 6113333 and we can provide this for you.

What do I need to do with regard to my mortgage if I change my insurer?

You can switch your life or home insurance provider at any time and if you do so, you will need to send a copy of your new home insurance or original life policy to us at the following address (please include a note of your mortgage account number). The Bank’s interest will need to be noted on your new home insurance policy. 

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
IFSC
Mayor Street Lower
Dublin 1.

Can I view my mortgage account online?

Yes, if you have a Bank of Ireland mortgage and have a Bank of Ireland current account and are registered with Banking 365. 

What professional services are needed?
  • You will need a solicitor to managing the legal process of buying property. Called ‘Conveyancing’, this includes researching, documenting and transferring ownership of a property, filing records in state registries and paying government stamp duty on the sale. Your solicitor will also carry out ‘Searches’ to ensure that the person selling the property has a legal right to sell it and that there is nothing on the title (such as another mortgage) that might affect you, and to check for planning permission.
  • A professional valuer is also required to provide a report that describes the property and estimates its market value. The valuer must be acceptable to the Bank.
  • The Valuation Report is not a detailed structural or planning survey and we strongly recommend you have one carried out by a qualified Surveyor for your own peace of mind.
Can I apply for a mortgage if I'm not a Bank of Ireland customer?

You can apply to Bank of Ireland for a mortgage even if you’re not a Bank of Ireland customer. You will need to provide ID documents for all parties to the mortgage – generally a valid Passport or Driving licence, and a utility bill (less than 6 months old)  to confirm current permanent address.

How can I change my surname on my account?
  • Send a copy of your passport or marriage certificate, with a signed letter to confirm the name change, to:

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
IFSC
Mayor Street Lower
Dublin 1.

  • Your letter will need to quote your mortgage account number.
I have a general query on my existing mortgage with Bank of Ireland who can I talk to about this?
  • You can raise any query about your existing mortgage account with a mortgage adviser in your bank of Ireland branch, call us on 01 6113333, or alternatively write to us at the following address (make sure to quote your mortgage account number):

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
IFSC
Mayor Street Lower
Dublin 1.

Can I get a mortgage to build a new home?

The Stage Payment or Self Build Mortgage is available to customers who wish to build their own home.  Mortgage funds are released in stages as the build (and value of the build) progresses.  

Can I apply for a mortgage if I dont already have a property lined up?

Yes, we provide ‘House-Hunter mortgage approval in principle’ which means you can apply for your mortgage before you have found a suitable property. This Approval in Principle lasts for 6 months.

What does a bank look for in a mortgage application?

We’re keen to see that you can afford to take on a mortgage and still have enough money left each month to enjoy your new home… even if rates increase. Here are some of the things we will take into consideration as part of your application:

  • Your sums: We like to see that you have done your calculations and have a good understanding of what you can afford, how much you can put into the sale and how you can afford to repay your mortgage. Have a look at our mortgage calculators to see how much you can borrow and how much you can afford to repay.
  • Your savings: It’s really important to show that you have saved regularly over 9 to 12 months – it demonstrates that you are serious about getting a mortgage and also shows (with rent if you are paying it) what you might be able to afford in mortgage repayments  
  • Your day-to-day finances: You should be able to show that your bank accounts have been operating satisfactorily.
  • Your other borrowings: It’s a good idea to pay down credit cards and personal loans if you have any as much as possible as additional borrowing could affect the amount you can borrow for your mortgage.
  • Additional costs: You will need to show how you can cover additional costs such as stamp duty, legal fees and any additional expenses that might be required to make your new property habitable.
Can I get a mortgage to include purchase of the site?

Yes the maximum Loan to Value (LTV) is calculated based on the Site Purchase (if applicable) plus build cost, OR the final valuation figure (whichever is lower).

How does the self-build mortgage work?
  • First you need to nominate an 'Assigned Certifier' – that is a registered Architect/Chartered Building Surveyor or Chartered Engineer - to oversee the building works and certify that they meet all Building Control Regulations 
  • You must put your own funds into the site purchase or to start the build 
  • As the work progresses, the Assigned Certifier will complete Stage Payment Certificates confirming the amount of work that has been completed 
  • Your Solicitor then requests a cheque for the works completed (less your initial funds input) - initial drawdown is only permitted when full planning permission is in place
  • A minimum retention of 10% of the mortgage amount applies to all stage payment applications (subject to minimum retention of €15,000) 
  • The first stage must be drawn within 6 months of the Offer Letter and the final stage within 18 months of the Offer Letter 
  • As self-builds often run into unforeseen costs, you should have 10% surplus funding to cover contingency, cost overruns and furnishings.

Making sure that the costs are right is one of the most important parts of the self-build process. You need to be realistic about how much you will need to spend. 

What additional documentation do I need if I am building my own home?
  • You will need to provide a copy of the planning approval up front, including folio no. and the site folio map the site map should be in PRA (Property Register Authority) acceptable format. You should also confirm the size of plot and size of any attached land - this is especially important where the new house is being built on a folio to be split from family land. (This will need to be provided on a PRA approved map when submitting the application for planning permission.) 
  • Comprehensive costings are required, or a copy of the Fixed Price Contract (FPC), as verified by a supervising Architect/Engineer/Surveyor. This should include all fit out, fixtures and fittings. Allowance should also be made for fitted kitchens, connection to/provision of services, landscaping and boundaries, VAT and professional fees. 
  • There are additional documents required to confirm that the building complies with Building Regulations -  i.e. 
  1. Final Certificate of Compliance from Assigned Certifier 
  2. Declaration of Identity from Assigned Certifier to confirm all services within the site boundaries 
  3. Confirmation that financial contributions as per planning have been paid 
  4. Final Inspection from Valuer.
What are the key considerations when taking on an investment property?

If you’re thinking of entering into property investment, here are some key things you should think about:

  • Understand the rental market in your target area – for example, do a bit of research to identify typical renters (students, families, etc.), the most attractive property for rental purposes (apartments, houses, 2 beds or 3 beds, etc.), the average rental amount and the average time to letting when vacant. All of these questions can be answered by your local Estate Agent who can help guide you in your choice of property investment.
  • Plan to run your venture like a business and keep careful record of your finances. It’s a good idea to open a separate bank account for your rental property income and out-goings so that you can manage your finances closely. If possible get your rent paid by standing order into the account and keep accurate records of your property income and expenses including all receipts.
  • Make sure you make your tax return every year. Rental income is liable to income tax, PRSI and Universal Social Charge (USC) but you are allowed to offset certain expenses against your income tax. The Revenue Commissioners website has a useful `Revenue Guide to Rental Income’ for more information on this. 
  • It’s important to keep your mortgage payments up to date. If you ever find that you are having difficulty with your repayments, or if you expect that you might have difficulty - talk to your bank. 
What kinds of expenses could you face when taking on an investment property?
  • Landlords are liable to pay Local Property Tax (LPT) where a property is rented under a lease of less than 20 years - check out www.revenue.ie for details. 
  • There may be management fees if your property is part of a complex or development.
  • Try to build up a contingency fund to cover your costs when the property is empty or to pay for unexpected repairs and maintenance like replacing the heating boiler for example.
  • If you decide to engage an agency to work on your behalf don’t forget to allow for agency fees.
Are there particular Insurance requirements for investment properties?
  • Yes, you will need to have buildings cover in place before the mortgage can be drawn down. It’s also good practice to have Third Party Liability, Contents  and Loss of Rent Cover in place for investment properties. When engaging with an insurance company, let them know that your property is a rental property. If you don’t do this there could be a problem if you ever need to make a claim.
  • If your property is insured under an apartment block policy it may only cover liability arising from accidents in common areas i.e. the hall, stairs and landing. It may not cover accidents occurring inside the apartment but it’s worth checking this.
Is there more information available for potential investors?
  • Yes, it’s worth doing some research to understand what it means to be a landlord. Things to consider include collecting rent, managing utilities like electricity, gas, water, etc., and ongoing maintenance and repairs. You should also have a look for advice and tips on the likes of property presentation and furnishing, lease/tenancy agreements, tenant references and Building Energy Ratings (BER). 
  • Some good sources of information include the Irish Property Owners Association, the Private Residential Tenancies Board, Citizens Information and Threshold – check out their websites. 

Bank of Ireland cannot accept responsibility for information on Third Party Websites.

What kind of mortgage does Bank of Ireland provide for investment properties?
  • Bank of Ireland provides a Buy to Let mortgage specifically for investment properties and is very keen to help property investors in purchasing their rental property. 
  • We provide interest-only repayment options for 1 and 5 years depending on the loan to value, and our Buy to Let Mortgage rates are very competitive.  I’d advise anyone thinking of buying an investment property to talk to their Bank of Ireland mortgage adviser first and we can go through our mortgage proposition in detail. Our doors are open and we’d be delighted to talk to you.  
Can I change my life policy provider?

Yes you can. We will need the original policy document sent in to:

Mortgage Accounts Administration
New Century House,
Lower Mayor Street,
Dublin 1

The cover must be up until maturity date and balance of mortgage currently. Contact policy provider and notify Bank of Ireland Mortgages of any changes. A new deed of assignment will need to be filled out. If you have further questions please call Our Mortgage Team on 01 6113333.

What if my current property is in negative equity?

If your current property is in negative equity, we may be able to provide a mortgage for a new home where you bring the negative equity portion of your current mortgage across to your new mortgage.

Special conditions include: 

  • Your new mortgage Loan to Value (LTV) can be no more than 175% including the negative equity portion, or 125% for self-builds
  • Available on owner occupier mortgages only and applicants must be existing Bank of Ireland Mortgage customers
  • You must be able to fund the mortgage deposit plus stamp duty and any costs
  • The existing property must be sold and the proceeds paid off the original mortgage before the new mortgage can be drawn down.
What is a first time Buyer?

A First Time Buyer is defined as a person who has never before, either on his or her own or with others, purchased a house, a site to build a house, or an apartment, in Ireland or abroad.  In the case of a joint application, both parties must be First Time Buyers for the mortgage to be a First Time Buyer mortgage. 

I received a home insurance cancellation letter, what is this?

This letter is prompted when Bank of Ireland receives cancelation notice from your previous insurer. We require a copy of the new Home Insurance schedule with interest of Bank of Ireland Mortgages noted. Post to Bank of Ireland Mortgages, New Century House, Lower Mayor Street, Dublin 1 including your mortgage account number.

Can I keep my tracker mortgage?

Mover customers with a tracker mortgage may be able to avail of a new tracker rate with the BoI Starter (5 years) Tracker for Movers product. 

The new tracker rate will be 1% over the current margin over ECB (i.e. 1% more than the customer is paying at present) and will continue to track the ECB for 5 years. After 5 years the mortgage will roll to the prevailing existing business variable rate.

    
  

Can I make overpayments to my mortgage?
  • Yes, at Bank of Ireland, we offer the flexibility to overpay your mortgage which means you could clear your mortgage quicker.  Even a small overpayment amount can make a significant difference to your mortgage.  Try our overpayment calculator to see what savings you could make. 
  • There are 2 ways that you can make overpayments to your mortgage - a Regular Overpayment and a Lump Sum Payment. 
  • For more information on overpayments, to set up a regular overpayment or make a lump sum payment to your mortgage please contact us on 1890 818 522.
Can I set up an overpayment to my mortgage via 365 online?

Yes. To add a regular Overpayment to your mortgage, simply register your Bank of Ireland Mortgage on your Banking 365 profile and send a request via the secure messaging inbox. Follow these easy steps

Step 1: Add your mortgage account to your list of online Bill payees

  1. On the 365 online home page click ‘Add payee’ (alternatively you can go through the ‘Money Transfer’ option)
  2. Under ‘Type of Payee’ select ‘Bill’
  3. Choose your preferred Security Code delivery option and click ‘Continue’
  4. Under ‘Bill name’ select ‘BOI Mortgage’ input the required information and click ‘Continue’
  5. Enter the requested digits from your 365 PIN and click ‘Add a Bill’, and your security code will be sent to you directly.
  6. When you receive your security code, select ‘Manage Accounts’ and your new mortgage account, then click ‘Activate Payee’ and enter your security code. Your Mortgage account is now activated and will be listed under your registered bills.


Step 2: Request to set up a regular overpayment on your mortgage

  • On the 365 online home page click ‘My Inbox’ in the top right hand corner
  • Click on the submit query tab and then select ‘other 365 online query’
  • Under ‘select account’ choose your registered mortgage account
  • In the ‘Subject’ field, type in the free field box ‘mortgage overpay’.
  • In the ‘Message’ field, type in your request e.g. ‘My mortgage account number is XXXXXXXX. Please increase my mortgage repayments to €XXXX per month’.
  • Click send.

Any additional amount you pay over your normal monthly repayments will be paid against your capital balance. This will reduce your total interest charge and may shorten the term of your mortgage.

What other costs can I expect when buying or selling a property?

Additional costs involved in buying or selling a property can include:

  • Stamp duty - Up to €1m (refer to revenue.ie for further information.)
  • Solicitor Fees
  • Valuation report, payable to the Bank's valuer
  • Surveyor's report, if applicable, payable to the Architect/Surveyor
  • Land Registry fees

If you are selling a property you may also be liable for :

  • Auctioneers fees
  • Building Energy Rating (BER) Certificate for property being sold (a legal requirement).

(Bank of Ireland does not accept responsibility for information on other websites.)

What are my rate options?

You can choose from Bank of Ireland’s range of competitive fixed and variable rate options. These rates vary depending on the amount of your loan relative to the property value, known as Loan to Value, or LTV. Alternatively you have the option to fix a portion of your mortgage and put the rest on a variable rate.

Can I make an overpayment to my fixed-rate mortgage without paying a penalty?

Yes. The maximum overpayment you can make on a fixed rate mortgage is 10% of your normal monthly repayment amount or €65, whichever is greater.   

Can I make a lump sum payment to my mortgage via 365 online?

Yes you can.  You will need your mortgage account number which you will find on your mortgage statement. Alternatively you can call us on 01 6113333 and we can provide it to you.

Step 1: Add your mortgage account to your list of online Bill payees

  1. On the 365 online home page click ‘Add payee’ (alternatively you can go through the ‘Money Transfer’ option)
  2. Under ‘Type of Payee’ select ‘Bill’
  3. Choose your preferred Security Code delivery option and click ‘Continue’
  4. Under ‘Bill name’ select ‘BOI Mortgage’, input the required information and click ‘Continue’
  5. Enter the requested digits from your 365 PIN and click ‘Add a Bill’, and your security code will be sent to you directly.
  6. When you receive your security code, select ‘Manage Accounts’ and your new mortgage account, the click ‘Activate Payee’ and enter your security code. Your Mortgage account is now activated and will be listed under your registered bills.

Step 2:  Pay an amount into your mortgage account

  1. Select ‘Quick transfer’ on your 365  homepage (or choose Money Transfer and ‘Pay a Bill’)
  2. Select the account you wish to make the payment from, your Mortgage account (Bill) you wish to pay into, and input the payment amount
  3. You can choose to pay immediately or schedule a future payment
  4. Once you enter the requested digits from your PIN your payment will be processed.
What do I do if I'm concerned about meeting my mortgage repayments?

If you have any concerns about meeting your mortgage repayments at any stage, you can call into any Bank of Ireland branch or, if you prefer, phone our Arrears Support Unit on 07662 44444. We have a number of options that may help. First you will be asked to complete an SFS (Standard Financial Statement) so that we can assess your situation fully which will help us to identify a potential solution.

For more information have a look at Help with your mortgage repayments

Can I apply for a mortgage if I dont already have a property lined up?

Yes, we provide ‘House-Hunter mortgage approval in principle’ which means you can apply for your mortgage before you have found a suitable property. This Approval in Principle lasts for 6 months.

You sent me a letter to say my home insurance or life assurance has ended or been cancelled what do I need to do?
  • This letter would have been triggered automatically on receipt of a cancellation notice from your insurer – it is a requirement of your mortgage that you have appropriate life and home insurance cover in place for the duration of your mortgage. 
  • If the letter relates to home insurance, please send a copy of your new home insurance schedule, referencing Bank of Ireland’s interest in the policy, to us at the following address (please include a note of your mortgage account number):
  • If the letter relates to your life assurance, please send the original policy document for your new life policy to us at the following address (please include a note of your mortgage account number). The life cover must be up until the date the mortgage ends and be for the full amount you currently owe on your mortgage. 

Mortgage Accounts administration
Bank of Ireland Mortgages  
New Century House
Lower Mayor Street
Dublin 1. 

If you have any questions on this, please call us on 01 6113333.

How do I apply for a payment break / omit month?

Call us on 1890 818 522 or ask at your branch.

What other costs can I expect when buying a property?
  • Stamp duty– Up to €1m is 1% - Please refer to revenue.ie for further information.  

*Offer available to first time buyers...
Bank of Ireland cannot accept responsibility for information on Third Party Websites.

  • Solicitor’s fees
  • Valuation report
  • Surveyor's report – if applicable
For what reasons can I take out an equity release mortgage on my home?

Releasing equity in your home can be an affordable way to cover significant expenses such as home improvements, education expenses, medical expenses, etc. 

What insurance do I need when buying a home?

It is usually a condition of your mortgage that you have both life cover and home insurance in place.  Home insurance is usually split into building cover and contents cover. Life cover is required so that your mortgage is paid off in the event of death. To find out more, or to organise cover, speak to a mortgage advisor.

How can I apply for a top-up or equity release?

You can call us on 0818 200 339 or speak with a mortgage advisor in your Bank of Ireland branch.

Is there a charge to avail of an equity release?

There is no charge for equity release. When you release equity in your home we will pay you 2% of the funds you release back in cash. This cashback offer is available to all Bank of Ireland Mortgage Bank customers who draw down between 3rd June 2015 and the 30th September 2016. Not applicable with any other offer. The Bank may seek refund of the payment from the customer if 50% or more of the mortgage is paid back within 5 years. Lending criteria and terms and conditions apply and security and insurance are required.  There are legal costs associated with equity release- ask us for more information on this.

What does APR mean?

APR stands for Annual Percentage Rate. It is the total cost of credit a borrower pays, expressed as an annual percentage of the amount of credit given. APR is a useful for comparing costs between different loans and different lenders.

What is TRS (Tax Relief at Source) payable on?

From January 2014, Revenue will grant mortgage interest relief (where applicable) on mortgage interest paid by a customer, rather than mortgage interest charged by the Bank. This is in line with the relevant legislation. As a result, Bank of Ireland pays TRS only on the amount of mortgage interest that has been paid within the tax year. This means, if you do not make a mortgage repayment, or pay less than the amount of interest due on your mortgage, your TRS entitlement may be reduced. This change has no impact for customers who make repayments that cover the interest charged to their mortgage account.

If you have any queries about your TRS entitlement you can go to: www.revenue.ie, call the TRS Helpline on 1890 463626, or email: trsadmin@revenue.ie

Am I receiving tax relief at source (TRS)?

If you took out your mortgage between 1st January 2004 and 31st December 2012 you may be eligible for TRS. Call us on 01 6113333 or visit www.revenue.ie for more information.

(Bank of Ireland does not accept responsibility for information on other websites.)

What is the difference between a variable and a fixed rate?

A variable interest rate is subject to change, and will rise and fall over the term of the mortgage.  This means that the repayment may change throughout the mortgage term.  You can make additional repayments to your variable rate mortgage at any time. It’s also possible to change to a fixed rate, if required.

A fixed rate mortgage loan has a rate fixed for a specified period of time. This means that the monthly repayment amount will remain the same during the fixed period.  We offer fixed rates over periods from 1 year to 10 years. 

What is a twin rate mortgage?

A twin rate mortgage allows you to choose both a variable and fixed rate. For example, you may decide to have 50% of your mortgage on a variable rate and 50% of your mortgage on a fixed rate.  This gives you some certainty on your repayments, while allowing you to benefit from a variable rate.

What does LTV mean?

LTV stands for Loan to Value.  This refers to the ratio between the amount borrowed and the value of the property.  For example, if the property value is €200,000 and the loan is for €150,000, then the LTV is 75%.

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