Green Mortgage Fixed Interest Rate
Is your customer buying or building a property with a high level of energy efficiency? Now they can apply for Bank of Ireland’s Green Mortgage fixed interest rate.
Our Green Mortgage fixed interest rate is a discount of 0.20% off any of our fixed rate options ranging from 1 to 10 years. Your customer can avail of the discounted fixed rate when they start their mortgage where (a) the property they are buying or building has or will have a Building Energy Efficiency Rating (BER) of A3 or better and (b) they draw down their new mortgage by 30 June 2020. (At the end of their initial fixed rate period they can choose from the normal interest rate options available to existing customers at that stage.)
Your customer can get the Green Mortgage fixed interest rate if (a) they are borrowing to buy or build a home for themselves or their family or an Investment property to let, as long as the property has a BER rating of A3 or better, or (b) if they are topping up an existing mortgage with us to upgrade their property to achieve a BER rating of A3 or better (the Green Mortgage fixed interest rate will only apply to the top-up Equity Release and not to the existing loan).
We have terms and conditions for this Green Mortgage fixed interest rate, see below.
So now your customer can save money on their mortgage interest rate when they save money on their energy bills.
Find out more about BER
Improving a home’s BER can make it warmer, reduce energy costs, and may improve its appeal to future buyers or tenants.
Green Mortgage 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 A3 or better or are borrowing to build or up-grade your home so that it has a BER rating of A3 or better, AND
- provide us with the BER certificate showing a rating of A3 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
- draw down your new mortgage loan between 18 July 2019 and 30 June 2020.
- 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 a mortgage loan where it (or part of it) is used to repay an existing mortgage loan from a lender whether the lender is in the Bank of Ireland Group or not (for example, this means the discount is not available for mortgage loans where you switch a mortgage loan to us from one of our competitors); or (b) on mortgage loans to buy a residential property with a BER rating of B or lower; or (c) to build or up-grade a residential property to a BER rating of B or lower.
- The Green Mortgage fixed interest rate is only available on new borrowing to purchase a residential property rated A3 or better or to build or carry out improvements on a residential a property in order to achieve a BER rating of A3 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 2020 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 A3 or better.
- 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 2020, we will notify the public of this by putting an advertisement on our website and in at least one national newspaper.