Tracker for movers

Exclusively for tracker mortgage customers who are moving home.


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What is the ‘Tracker for movers’ option?

‘Tracker for movers’ is a mortgage option for Bank of Ireland customers who already have a tracker mortgage and want to move to a new home. It lets you keep a tracker interest rate on part of your new mortgage, but the new rate will be 1% higher than your current tracker rate.




Who is this option available to?

‘The ‘Tracker for movers’ interest rate is available to you if:

  • You have an existing mortgage with the Bank of Ireland Group and a satisfactory repayment record of at least two years.
  • That mortgage is for a house that you or your family live in.

Please note: A mortgage loan of up to 3.5 times your gross annual income (combined income for joint applicants), and up to 90% of the property value, is available to movers. These limits can vary, so come and talk to us about your plans.


How does the ‘Tracker for movers’ option work?

‘Tracker for movers’ lets you keep a tracker interest rate on a new mortgage if you move homes and your current mortgage is a Bank of Ireland tracker mortgage. The ‘Tracker for movers’ rate is 1% higher than your current tracker rate and will apply to the amount you still owe on your existing tracker mortgage. This rate will follow the European Central Bank (ECB) Repo rate until your original tracker end date.

If your new mortgage lasts longer than your original tracker end date

The remaining balance will switch to Bank of Ireland’s variable rate, or you might be offered a fixed rate.

If you need extra money for your new home

You can choose from our fixed or variable rates available to new customers.


For example

Jim and Mary have a €200,000 mortgage with a tracker rate of ECB +1.1% and 10 years left. They want to sell their existing home and buy a new one, needing a new €250,000 mortgage over 20 years. Here’s how they can structure their new mortgage loan:

  • They borrow €200,000 at the ‘Tracker for movers’ rate, which is their current tracker rate plus an additional 1%. Their new rate will be ECB +1.1% + 1% for 10 years (until their tracker end date). After 10 years, the rate will switch to the standard variable rate, or they may be offered a fixed rate.
  • They borrow an additional €50,000 at the current fixed rate or variable rate available when they apply.


Mortgage loanRateTerm

€200,000 (this equals to the amount they now owe on their tracker mortgage loan).

New ‘Tracker for movers’ rate of ECB +2.1% a year. That means a current tracker rate of ECB +1.1% plus an additional 1%.

Standard variable rate (or we may offer other rates available at the time).

The first 10 years of the mortgage loan until the tracker end date.

The remaining 10 years of the mortgage loan.

Additional mortgage loan:
€50,000 (the additional amount borrowed to buy their new home).

Standard fixed or variable rate available at the time they applied.

20-year term.

€250,000 total borrowings

What technical information do I need to know?

The ‘Tracker for movers’ interest rate is a new tracker interest rate that is different from your current tracker interest rate in the following ways:

  • The rate may not apply to the total amount that we lend you. We apply the ‘Tracker for movers’ interest rate to an amount no greater than the amount you owe us on your current tracker mortgage loan. Any additional money you need to buy your new home will be provided through a separate mortgage loan.
  • If you intend to rent out the home you now live in, you cannot keep your current tracker rate. We will move you to our normal investment property mortgage rates instead.
  • The rate will last until your tracker end date.
  • If you choose to move from your ‘Tracker for movers’ interest rate before your tracker end date, you will not be entitled to move back to a ‘Tracker for movers’ interest rate.
  • The margin over the ECB Repo rate is 1% higher than the margin over the ECB Repo rate on the tracker mortgage loan you now have.

The ‘Tracker for movers’ interest rate varies with changes to the European Central Bank REPO (Refinancing) rate, which is administered by the European Central Bank. This means that the ‘Tracker for movers’ interest rate will rise and fall in line with changes to the ECB Repo rate.

Frequently asked questions


Mortgage-related products

Better BER, better fixed rate

Enjoy an EcoSaver fixed interest rate based on your Building Energy Rating (BER). The better your BER, the better your fixed interest rate. Terms and conditions apply.1

Mortgage protection

Helps towards repaying your mortgage if you pass away or are diagnosed with a covered serious illness (if you choose this benefit). Giving peace of mind to you and your family.

Home insurance

Safeguard your home and personal belongings from fire, flood, or theft with comprehensive insurance. Home insurance gives you peace of mind that your property and belongings are fully protected.


Being mindful about borrowing

Your financial wellbeing is our priority. Discover more about the relationship between borrowing and debt to make informed decisions about your mortgage and future.

Learn more about borrowing and debt


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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, a hire-purchase agreement, a consumer-hire agreement or a BNPL agreement in the future.
Warning: If you switch to an alternative interest rate, you will not be contractually entitled to go back onto a tracker interest rate in the future.
Warning: The cost of your monthly repayments may increase.

 

The lender is Bank of Ireland Mortgage Bank u.c. or Bank of Ireland. 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 €613.16 per month at 4.15% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Tailte Éireann. The total amount you pay is €147,482.50. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income (4 times gross annual income for first-time buyers) and 90% of the property value. A 1% interest rate rise would increase monthly repayments by €53.89 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. The mortgage will be subject to assessment of suitability and affordability. APRC calculations are based on the cost per month on a €100,000 mortgage over 20 years.


Information and legal notices

Legal and regulatory information for mortgages.

View information and legal notices


1 The EcoSaver fixed interest rate provides customers with discounts based on their Building Energy Rating (BER). The better the BER, the better the discount. The EcoSaver fixed rate is available to all customers, if you're new to Bank of Ireland or already have a mortgage with us. You can get the EcoSaver fixed interest rate if you are borrowing to buy a home for yourself or your family, an investment property to let, or you're switching your mortgage loan to us from another lender. You must supply a valid BER certificate to take advantage of the EcoSaver fixed rate. Available with fixed rates only. Terms and conditions apply.

Up to 3% Cashback is available to First Time Buyers, Movers and Switchers who draw down a new mortgage. 2% Cashback draw down of a new mortgage. 1% bonus in 5 years subject to meeting the conditions of the mortgage. Additional 1% bonus not available for Buy to Let Investment or Equity Release mortgages. Cashback is not available on High Value Mortgage fixed interest rates or on our standard variable rate.

HVM is the High Value Mortgage Fixed Interest Rate:
The High Value Mortgage Interest rates are a one, four, five or seven year fixed interest rate with no Cashback. The High Value Mortgage fixed interest rate is available to you if you are buying or building a property to live in as your home or are switching your mortgage loan to the Bank of Ireland Group from another mortgage lender outside our Group, AND you are borrowing €250,000 or more. View High Value Mortgage fixed interest rate for full details and terms and conditions.

Bank of Ireland Mortgage Bank u.c. trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.