Information and legal notices

The Bank requires that you arrange a valuation of the property (or properties) offered as security, carried out by a valuer acceptable to the Bank. You will need to pay the valuation fee direct to the valuer. You need to agree that fee with the valuer (you should expect to pay a fee of €150 to €250 plus Value Added Tax (VAT) but this can vary). If a loan agreement with you is withdrawn, this fee may be refunded. No responsibility is implied or accepted or warranty given by the Bank for the value or condition of the property as outlined in the valuation. The valuation report will remain the property of the Bank and you are entitled to your own copy of the report.

You will need to pay legal fees to your own solicitor, which you need to agree with them as part of your own arrangement. This does not include costs associated with the Bank’s legal investigation of title for the purpose of the mortgage.

Accountable trust receipt: €63. You will need to pay this fee to the Bank where your solicitor requests the title deeds from the Bank on your behalf. The fee does not apply where a customer seeks additional funds on the same security.

Security Perfection Fee for Equity Release: €600. This fee covers the Bank’s legal expenses where the Bank agrees to handle an Equity Release loan without the need for a customer to engage their own solicitor.

The following additional costs will be payable by the borrower for buy-to-let properties, and for principal dwelling housing where the loan amount is €1.5 million or over.

1. The borrower must reimburse the Bank for the legal costs incurred by the Lender in effecting the Lender’s Security and related tasks (excluding costs associated with the Bank’s legal investigation of title for the purpose of the mortgage);
2. The outlay and fees payable to state agencies for the registration of the Lender’s Security, which must be remitted to the borrower’s solicitor. The Lender’s legal costs to be reimbursed by the borrower are the following:

   (a) The Lender’s solicitor’s professional fee of €950 plus VAT per property;
   (b) Outlay and fees payable to state agencies for the registration of the Lender’s Security which shall not exceed €350 per property.

The Lender’s legal costs, once paid by the borrower, are not refundable.

Typically these must be paid at the closing of the transaction.

You may be liable for legal, valuation and other costs incurred in perfecting the security or any other requirements even if the mortgage loan is not advanced.

If you do not pay us a repayment instalment or other sum of money by the date you are due to pay it, we may charge you a default interest rate of 0.5% per month or part of a month (which is 6% per year) on the unpaid sum. This default interest is added to normal interest.

We do not charge borrowers default interest when they are in a Mortgage Arrears Resolution Process (MARP) under the Central Bank’s Code of Conduct on Mortgage Arrears (CCMA) and are co-operating reasonably and honestly with us.

The lender is Bank of Ireland Mortgage Bank u.c. or Bank of Ireland. Lending criteria and terms and conditions apply. A typical buy-to-let mortgage of €100,000 over 20 years with 240 monthly instalments costs €650.63 per month at 4.85% variable (Annual Percentage Rate of Charge (APRC) 5.1%). APRC includes a fee for the Bank’s solicitor of €950 plus VAT at 23% plus outlay of up to €350. The total amount you pay is €157,669.65. We require property insurance. You mortgage the property to secure the loan. Maximum loan is generally 70% of the property value. A 1% interest rate rise would increase monthly repayments by €55.55 per month.