Product Features
In general, a mortgage of up to 3.5 times gross annual income (combined income for joint applicants) is available to Movers.
In general, Movers can borrow up to 90% of the property value. For example:
- Property price €250,000
- 90% of €250,000 = €225,000
- Deposit required (10%) = €25,000
Terms of up to 35 years are available to Movers. The above limits can vary.
Already on a Bank of Ireland fixed rate?
Your customer can bring their Bank of Ireland fixed rate with them to their new mortgage without penalty as long as their new mortgage is drawn down within 6 months of redeeming their old mortgage
What do we look for?
Your customer’s track record
- How the deposit has been built up by saving regularly
- Well managed day to day finances, i.e. current account in credit or within its overdraft – bills paid by direct debit to avoid missing payments
Mortgage repayment affordability
- Funds available to cover additional costs such as legal and valuation fees, in addition to costs associated with selling the previous property.
- Information about other borrowings – existing debt will reduce the amount available to borrow for the mortgage.
- We are keen to see that your customer will have money left each month to live comfortably after they have paid their mortgage – even if rates increase.
Rates
Movers can choose from our range of fixed and variable rate options.
Proposition
We offer a wide range of fixed rate options from 12 months to 10 years. Customers can combine certainty of repayments with a measure of flexibility by choosing a ‘Twin rate’ loan, i.e. a portion fixed and the rest on variable.
3% Cashback Offer (Cashback PLUS)
Cashback PLUS is exclusively for customers who are buying a home (First Time Buyer or Mover) or who switch their mortgage to The Mortgage Store – Powered by Bank of Ireland.
- Cashback PLUS is available on mortgages drawn down by 31st December 2024
- 2% of the mortgage loan back as cash after drawdown
- PLUS an additional 1% of the drawn mortgage loan in cash in five years’ time (subject to meeting the conditions of the mortgage)
- Cashback is not available with the High Value Mortgage fixed interest rate or our standard variable interest rate.
2% Cashback offer
Applicants who don’t have a Bank of Ireland current account can still avail of our 2% Cashback offer.
- 2% Cashback is available on mortgages drawn down by 31st December 2024
- 2% of the mortgage loan back as cash after drawdown
- Cashback is not available with the High Value Mortgage fixed interest rate or our standard variable interest rate.
For self-builds/phased payments, the first drawdown must be made between 5 September 2016 and 31 December 2024, and must be made within six months of the date of your Mortgage Loan Offer Letter to qualify for the offer.
In addition, final drawdown must be made within 18 months of the first drawdown. If you choose to not draw down the full amount noted in the offer letter, you must tell us within 18 months of the first drawdown.
Cashback payments are made into the mortgage-paying current account within 45 days of drawdown (within 45 days of final drawdown for phased payments). Cashback PLUS payments will be made within 45 days of the 5th anniversary of (final) drawdown. Terms and conditions apply.
Mortgage Flexi-Options
Movers 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:
- 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),
- 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. I.e. 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
- With our Twin rate mortgage your customer can benefit from the certainty and stability of a fixed rate AND the flexibility of variable;
- Put a portion of the mortgage on a variable rate and the remainder on a fixed rate. Your customer decides the split.
Lending criteria and terms and conditions apply.
Bring a fixed rate when moving home
- Your customer can bring their Bank of Ireland fixed rate with them to their new mortgage without penalty as long as their new mortgage is drawn down within 6 months of redeeming their old mortgage.
Change a payment date
- Your customer can change their repayment date to another one in the month that suits them better such as right after payday.
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.