Fixed Interest Rate Terms and Conditions
- The Green Mortgage fixed interest rate is a discount (reduction) of 0.20% that we apply to our standard mortgage loan fixed rates.
- The Green Mortgage fixed interest rate is available to you if you:
- are buying a property that has a Building Energy Rating (BER) of B3 or better or are borrowing to build or up-grade your home so that it has a BER rating of B3 or better, AND
- provide us with the BER certificate showing a rating of B3 or better before you draw down the loan (where you are borrowing to pay for building works, you provide us instead with specifications showing that rating will be achieved, and you provide the BER certificate once building works are complete), AND
- if you are switching your mortgage loan to us from another lender and the property has a BER of B3 or better, AND
- draw down your new mortgage loan between 18 July 2019 and 30 June 2022.
- The Green Mortgage fixed interest rate is available only if you choose a fixed interest rate that begins when you draw down your mortgage loan. It is not available with any of our variable rates.
- The Green Mortgage fixed interest rate will apply to the mortgage loan for the period of your chosen fixed rate from the date the loan is drawn down. Our standard interest rate options for existing customers will apply at the end of that initial fixed rate period (so the discount ends then).
- Full terms and conditions of your mortgage loan will be set out in your mortgage loan documentation including your Letter of Offer except that it will refer you to the dates for drawdown that we have set out above (so you need to take careful note of them and to bring them to the attention of your solicitor or builder if necessary).
- The Green Mortgage fixed interest rate is not available (a) on mortgage loans to buy a residential property with a BER rating of C or lower; or (b) to build or up-grade a residential property to a BER rating of C or lower.
- The Green Mortgage fixed interest rate is available on new borrowing to purchase a residential property rated B3 or better or to build or carry out improvements on a residential a property in order to achieve a BER rating of B3 or better or if you are switching your mortgage loan to the Bank of Ireland Group from another lender outside the our Group and the property has a BER of B3 or better. If you draw down your mortgage loan in stages (e.g. for a self-build or to improve an existing home):
- the first drawdown must be made between 18 July 2019 and 30 June 2022 to qualify for the Green Mortgage fixed interest rate, AND
- you must provide a detailed specification from your builder showing work to be undertaken to achieve a BER rating of B3.
- We reserve the right to withdraw the Green Mortgage fixed interest rate at any time at our discretion. If we withdraw the Green Mortgage fixed interest rate before 30 June 2022, we will notify the public of this by putting an advertisement on our website and in at least one national newspaper.
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. Available to over 18s only. Bank of Ireland Mortgage Bank is not responsible for information on third party websites.
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 in the future.
Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.