EcoSaver Mortgage

The EcoSaver Mortgage

The EcoSaver Mortgage was launched on 18 April 2024, and provides customers with discounts based on their building energy rating (BER). The better the BER, the better the discount.

It is available to new customers and those who already have a mortgage with Bank of Ireland. The EcoSaver Mortgage is only offered on fixed rates. It does not apply to a standard variable, tracker variable or any other sort of variable rate of interest.

What you need to apply for The EcoSaver Mortgage for your customer

If your customer is looking to get a mortgage from Bank of Ireland or wants to switch their mortgage from another financial provider, we will ask them for their BER rating and BER certificate as part of their application.

How your customer can get an EcoSaver Mortgage if they are already an existing Bank of Ireland mortgage holder 

If your customer already has a fixed rate mortgage with Bank of Ireland, there are two ways that they can get The EcoSaver Mortgage:

1. They can wait until their current fixed rate expires. We will write them about two months before that maturity date and offer them The EcoSaver Mortgage.
   At this time, they will need to have an up-to-date BER cert to get The EcoSaver Mortgage discount.

OR

2. If they want to, they can break their current fixed rate and get The EcoSaver Mortgage. But please note that:

   The EcoSaver Mortgage discounts being offered are discounts based off the standard fixed rates we offer today. They may not give your customer a saving if they are on a fixed rate that is cheaper than the rates we offer today, even with an EcoSaver Mortgage discount.

If they are a variable customer and want to get The EcoSaver Mortgage which is a fixed interest rate please note that:

• All Ecosaver Mortgages are fixed and not variable rates. They may be more expensive than your customer’s present variable or tracker interest rate. 
• Unlike a fixed rate, there will never be a charge for moving from their variable mortgage interest rate. 
• If your customer moves from a tracker to an Ecosaver Mortgage fixed rate, when it ends they will not be able to return to a tracker interest rate if they have one now, or to any other variable rate product or discount they may have. 
• They will need to have an up-to-date BER certificate, to get The EcoSaver Mortgage discount.
• If they don’t have a BER certificate for their property or it has expired (certificates last for 10 years), they’ll need to have a BER assessment carried out by someone on the SEAI national register of BER assessors. They can find a BER assessor on the SEAI website (www.seai.ie). They’ll need to agree a fee for this work with the assessor before they start work. It’s a good idea to shop around and get a few quotes before they select an assessor. Prices may vary depending on the size and nature of their property with prices starting from around €200. Bank of Ireland takes no responsibility for the accuracy of information from third party websites.
• If your customer does not give us an up-to-date BER certificate and wants to get a fixed rate, we will give them a standard fixed rate of their choice (for example, a 5-year fixed rate). By “standard”, we mean there will be no discount for BER. 
• Once they have our EcoSaver Mortgage fixed rate, they may improve their EcoSaver Mortgage discount if they improve the BER rating of their property. See EcoSaver Improver terms and conditions below.

Where will your customer find The EcoSaver Mortgage terms and conditions?

We will set these out in the document we ask your customer to sign to get The EcoSaver Mortgage. If they are a new customer it will be an Offer Letter. If they are an existing customer, we will give them a form called a Mortgage Form of Authorisation. The EcoSaver Mortgage is subject to these terms and conditions. 

Must the BER certificate be for the property that is mortgaged as security for the mortgage loan? 

Yes. 

• The EcoSaver Mortgage BER Improver Terms and Conditions

  If you are a customer on an EcoSaver Mortgage fixed interest rate, you may be able to get a better EcoSaver Mortgage discount if the building energy rating (BER) on your property improves.

  This applies to you if you have a mortgage loan with us and you are already on an EcoSaver Mortgage fixed interest rate on that loan (the “Loan”). The EcoSaver Mortgage fixed interest rate provides an EcoSaver Mortgage discount based on the BER rating of your property. The better the BER rating, the better the interest rate.

  You may be able to get an even better EcoSaver Mortgage discount for the rest of the period of the fixed rate, if the BER rating on your property has improved. Your rating will need to move up at least one letter on the BER scale compared to your previous rating. For example, if your BER rating improves from C3 to B1, that will work. An improvement within a letter – for example, from C3 to C1 – will not work.

  If you think you will qualify for an improvement, fill in your Meter Point Reference Number (MPRN – Your MPRN is the unique 11-digit number assigned to your electricity connection and meter. It starts with the digits 10 and is always shown on the bill from your electricity supplier) or BER number (To find your BER number, please go to “SEAI National BER Register” website and input your MPRN) and mortgage loan account number (You’ll find this on page 1 of your mortgage loan statement or any mortgage correspondence in the mortgage self service form and follow the instructions.

  The terms and conditions below apply to this offer, please read them carefully. If you qualify for a better EcoSaver Mortgage discount, we will subtract it from our standard fixed rate to work out your improved EcoSaver Mortgage fixed interest rate (we don’t subtract the improved EcoSaver Mortgage discount from your current EcoSaver Mortgage fixed interest rate). There is an example, below, in point 10.

  Terms and conditions

  1. You must be on an EcoSaver Mortgage fixed interest rate, to get the EcoSaver Mortgage discounts.  
  2. You will qualify for a better EcoSaver Mortgage discount if the BER rating for your property has improved on the BER scale (compared to the rating in the previous BER certificate you have given to us) from one letter to a different letter, for example from a BER rating of C to B; or C to A.
  3. It is not enough if the BER rating improves but stays within the same letter. For example, an improvement from a BER rating of C3 to C1 will not entitle you to an improved EcoSaver Mortgage discount. 
  4. If you are on an EcoSaver Mortgage fixed interest rate that is set out in your mortgage loan offer letter, this clause applies to you: A table showing the EcoSaver Mortgage discounts for each of the BER ratings that can apply during the period of your present EcoSaver Mortgage fixed interest rate is shown in the mortgage letter of offer for the Loan. We calculate any improved EcoSaver Mortgage discount for your present EcoSaver Mortgage fixed interest rate by referring to that table set out in your mortgage loan offer letter. We may have different tables for any future EcoSaver Mortgage fixed interest rate you enter into.  
  5. If you are on an EcoSaver Mortgage fixed interest rate that is set out in a Mortgage Form of Authorisation (MFA), this clause applies to you: the discounts for each of the BER ratings that can apply to your present EcoSaver Mortgage fixed interest rate are shown in the MFA in which you selected the EcoSaver Mortgage fixed interest rate you are now on under the Loan.  We calculate any improved EcoSaver Mortgage discount for your present EcoSaver Mortgage fixed interest rate by referring to the table set out in that MFA. We may have different tables for any future EcoSaver Mortgage fixed interest rate you enter into. 
  6. You must fill in your MPRN or BER certificate number and your mortgage loan account number through this link:  see mortgage self service for further details.
  7. We will use the MPRN or BER certificate number you input to find the BER certificate for your property on the SEAI website and to check it; it must show the BER rating for your property has improved on the BER scale from one letter to another; and must otherwise be in order.
  8. Once we are satisfied that the BER certificate for your property on the SEAI website meets these terms and conditions, we will apply the improved EcoSaver Mortgage discount from that date until the end of the period of the EcoSaver fixed interest rate. We do not backdate the improved EcoSaver rate to the beginning of the period of the EcoSaver fixed interest rate. 
  9. You can only improve an existing EcoSaver Mortgage fixed interest rate this way. You can’t use these terms and conditions to get a discount on any interest rate (for example a variable rate, a standard fixed rate or a Green mortgage fixed rate) that is not an EcoSaver Mortgage fixed interest rate.  

  10. Every EcoSaver Mortgage discount is subtracted from one of our standard fixed interest rates to calculate an EcoSaver Mortgage fixed interest rate. If you get an improved EcoSaver Mortgage discount under these terms and conditions, we will subtract the improved EcoSaver Mortgage discount from the relevant standard fixed interest rate to work out your improved EcoSaver Mortgage fixed interest rate. We never subtract an EcoSaver Mortgage discount from an EcoSaver fixed rate.

       

      Here is an example (all figures are imaginary and not representative):

      • Our standard 5-year fixed interest rate without EcoSaver Mortgage discount is 4.75% 
      • Jane and Mark have a C BER rated home and have selected a 5-year EcoSaver Mortgage fixed interest rate of 4.50% based on a “C” BER rating 
      • How we work this out – the standard rate of 4.75% minus the EcoSaver Mortgage discount of 0.25% = 4.5%  
      • Jane and Mark have completed home improvements and now have a new BER cert showing an “A” rating 
      • They now qualify for the A rated EcoSaver Mortgage fixed interest rate of 4.40%  
      • How we work this out – the standard rate of 4.75% minus the EcoSaver Mortgage discount of 0.35% = 4.4% for the remaining term of the initial fixed rate.

   

  11. We may withdraw, modify or replace our EcoSaver offering at any time. We can’t promise that any future fixed interest rate will have an EcoSaver Mortgage discount. 
  12. In these terms and conditions, the following expressions have the following meanings: 
  1. “BER” and “BER rating” refer to a Building Energy Rating; 
  2. “EcoSaver Mortgage discount” means a discount we apply under our EcoSaver offer to a standard fixed interest rate based on the BER of the property which is mortgaged to secure the mortgage loan; 
  3. “EcoSaver Mortgage fixed interest rate” refers to a fixed rate of interest that includes an EcoSaver Mortgage discount;  
  4. “EcoSaver offer” refers to our offering with that name which was launched in or about April 2024; 
  5. “Property” means the property that has been mortgaged to secure the Loan to which the EcoSaver fixed interest rate relates: 
  6. “Standard fixed rate” refers to a fixed interest rate that has not been reduced by an EcoSaver Mortgage discount. To avoid any doubt: our Green mortgage interest rate is a standard fixed rate (although it has a discount for a BER rating it is not part of our EcoSaver offer). 

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