Supported by our qualified Broker Support Team to help make the Equity Release as seamless as possible.
What is Equity Release?
Equity is the difference between the value of the property and what is owed on the mortgage. If the value of the home is greater than what is now owed on the mortgage, your customer may be able to ‘top up’ the existing mortgage through Equity Release, which is an additional mortgage loan secured on the property.
Product Features
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Borrow up to 90% of the property value. For example:
Property value €300,000
Current Mortgage €150,000
You could release equity up to €120,000 (up to 90% of the value of the property)
- Borrow anything from €15,000 up to 90% of the value of the home
- Get our most competitive rates
- Choose a term that suits best from 5 to 35 years. This term can differ from the current mortgage
- When you release equity in your home we’ll give you 2% of your new mortgage back as cashback. Cashback is not available with our High Value Mortgage fixed interest rate or standard variable interest rate
- 2% Cashback is available on mortgages drawn down by 31 December 2025
- Brokers can process Equity Release mortgages on all Bank of Ireland mortgage accounts that have 7 digit account numbers
Mortgage Flexi-Options
Equity Release customers can flex their mortgage to suit their lifestyle with our Flexi-options.
3-month payment break
A 3-month payment break up to three times over the life of the mortgage – really useful for extra expenses in a year such as the birth of a child or education fees. To be eligible:
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The mortgage loan must be drawn down at least 2 years (if drawn in instalments, it must be at least 2 years since the final drawdown),
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There must be at least 12 months between payment breaks,
- Customer must have complied with all the terms and conditions of the mortgage.
Applications are subject to approval. Available on a Principle Private Dwelling only. Only available on annuity (standard capital and interest) repayment mortgages. Lending criteria and terms and conditions apply.
At the end of the Payment Break period repayments will be adjusted so that the mortgage will be repaid within its original term. This means that the ‘Break’ repayments will be spread over the remaining mortgage, which means the new repayments will be higher than they were before the Payment Break.
Skip up to 2 payments a year
For a little extra to spend at certain times of the year – such as Christmas or holiday time – customers can spread their mortgage repayments in a year over 10 or 11 months and skip the other one or two.
For example, to skip the repayment in December to have some extra cash at Christmas time, we can arrange for the repayments to be higher for the rest of the year in order to spread the full 12 months’ repayments over 11 months.
Subject to meeting the conditions of the mortgage. Lending criteria and terms and conditions apply. Once the customer selects a skip month repayment option it will continue each year unless they ask us to change it.
Overpay a mortgage and save interest
Your customer can make overpayments, either regularly or as lump sums, when they find themselves with extra cash. This will reduce their capital balance and they pay less interest. It may even reduce their term.
- They can make regular or lump sum overpayments of any amount to a variable rate mortgage.
- If on a fixed rate they can overpay up to 10% of their normal monthly repayment (or €65, whichever is greater), without incurring a fee.
Customers can cancel regular overpayments at any time. Overpayments made are not refundable.
Split the mortgage rate
Lending criteria and terms and conditions apply.
Bring a fixed rate when moving home
Change a payment date
Applies to monthly repayments only. Subject to meeting the conditions of the mortgage. Customers can move their repayment date by up to 21 days. Their repayments will be recalculated so that their mortgage will be repaid by the originally agreed date.