In This Article
About Bank of Ireland
Bank of Ireland is a commercial bank operating in both the Republic of Ireland and Northern Ireland. It offers various personal, business, and corporate banking products and services. It is one of the “big four” banks in Ireland.
Bank of Ireland UK is a subsidiary of Bank of Ireland Group.
Bank of Ireland UK provides personal, business, commercial, and corporate banking services.
The company operates through a network of branches and agencies across the United Kingdom.
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What mortgages do the Bank of Ireland specialise in?
The Bank offers a range of residential and buy to Let mortgages underpinned by experienced people with the aim to provide excellent service.
Bank of Ireland residential mortgages
Bank of Ireland tries to help buyers with small deposits, whether they are first-time buyers or customers looking to maximise the loan available, offering fixed and variable residential mortgage rates, including lending on new build property.
The bank provides products which can help first time buyers borrow more to buy a home by combining your income with that of a sponsor. Therefore together, you can borrow more responsibly. It can help you if you’re struggling to get on the property ladder, have a change in personal circumstances and need to buy a home, or are moving house.
They also offer a few personalised bespoke products whilst providing a flexible service for quality complex cases.
Bank of Ireland buy to let mortgages
Bank of Ireland aim to help landlords needing a more flexible approach to affordability with their Green buy to let mortgages.
The Bank of Ireland accepts a small number of Buy to Let mortgaged properties per customer. This includes any properties owned in the name of a limited company you are a director of.
They may be able to help in terms of affordability with buy to loans as they can calculate the affordability using the rental income and via top-slicing, which is the ability to use the personal income to top a shortfall in the rental affordability.
They offer a range designed to help customers with more energy-efficient buy to Let properties. These can be better rates for properties with energy performance ratings A, B or C, available for purchase and remortgage.
Bank of Ireland can also consider lending on a let to buy. A let to buy allows customers to let their existing residential property while they purchase an onward residential property.
Bank of Ireland rates
Bank of Irelands products are designed to be competitive.
However, like any mortgage, it’s important to compare interest rates, fees charged and the quality of the lender’s current service before making a decision.
Your credit score will also impact the interest rate you’re offered. The lender charges some fees (e.g. application and origination fees).
Be sure to review the loan’s terms and conditions carefully before deciding.
Can I remortgage with Bank of Ireland?
You will need to speak to Bank of Ireland. If you are already a customer, you should investigate if you can remortgage with them directly, via a mortgage broker or if you can obtain a more competitive rate elsewhere.
An independent mortgage advisor can advise you on all products available in the market and find the best option for you, which may not be staying with your current lender and taking a product transfer.
How long does it take to get an offer from the Bank of Ireland?
Bank of Ireland’s average time from application to offer is four weeks. However, this may be extended for more complicated deals due to bad credit, a non-standard property type, or complex self-employed income.
Declined by Bank of Ireland; what are my options?
If you’ve been declined a mortgage from Bank of Ireland, a mortgage advisor may still be able to find a lender willing to give you a mortgage.
An expert mortgage advisor may be able to help you find a lender, regardless of your financial situation. For more details about your credit history, you can go to Check My File to sign up for a free trial.
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Conclusion
Bank of Ireland UK is a subsidiary of Bank of Ireland Group, the Bank of Ireland Group is a commercial bank operating in both the Republic of Ireland and Northern Ireland. Bank of Ireland offers a range of residential and buy to Let mortgages underpinned by experienced people with the aim to provide outstanding service.
Their residential mortgages may be helpful if you have a small deposit, first time buyer or looking to purchase with a sponsor.
Their buy to let mortgages can help landlords, from first time buyers to those with a couple of properties. They can help on their green range if the property has a good EPC rating and help landlords where rental affordability is tight.
Bank of Ireland Group’s products are designed to be competitive. However, as with any mortgage, it’s important to compare interest rates, fees and the quality of the lender’s service before making a decision.
If you’ve been declined a mortgage from Bank of Ireland, a mortgage advisor could still help you.
Should you want to speak to a mortgage broker, please complete the contact box below, and I NEED ADVICE will match you to an expert mortgage broker
They are experienced, which can boost your chances of being approved.
