About Bank of Ireland
Bank of Ireland is a subsidiary of Bank of Ireland Group, established in 1783 and employing around 1,700 people. A full-service retail and commercial bank, Bank of Ireland is regulated by both the Financial Conduct Authority and Prudential Regulation Authority.
Bank of Ireland offers a range of both fixed and tracker mortgages for first time buyers and homeowners, as well as various mortgages to intermediaries.
At Teito, our team of experts work with hundreds of lenders, including Bank of Ireland, to find the perfect mortgage for you. Whatever your situation, we make sure you get the best deal possible. Get started comparing Bank of Ireland mortgages online now.
What type of mortgages do they offer?
Bank of Ireland offers the following types of mortgage products:
- First-time buyer mortgages
- Remortgages
- Mortgages for homemovers, including deals for existing customers
- Buy-to-let mortgages
Their product range includes 2, 3, 5 and 7-year fixed-rate mortgages, as well as the option to take out a residential mortgage on their standard variable rate (SVR) for the entire term.
New mortgage deals from this lender are available to borrowers in Northern Ireland only.
Residential mortgage criteria
The eligibility criteria for a Bank of Ireland residential mortgage is as follows:
- Location: New mortgages are offered to borrowers in Northern Ireland only. Existing customers outside of this location can still remortgage with the lender.
- Deposit requirements: The minimum amount of deposit you will need is 5% of the property’s value but options are somewhat limited at 95% LTV.
- Credit history: In most cases, borrowers must not have any bad credit on their files.
- Maximum age: The maximum age a borrower can be at the point of application is 70 years old. The maximum age at the end of the term is 75 years of age.
- Employment: Those in full-time employment must provide proof of 12 months’ working history. Self-employed applicants need to have been trading for 36 months.
The above criteria was sourced from Criteria Brain and the Bank of Ireland website.
Buy-to-let mortgage criteria
Bank of Ireland offers a range of fixed-rate buy-to-let mortgages, including green deals and agreements that permit top slicing. Their criteria for buy-to-let mortgages is as follows:
- Deposit requirements: Deposit requirements start at 25% of the property’s value.
- Landlord experience: Options available for first-time landlords.
- Credit history: Landlords with clean credit are preferred.
- Age limits: Borrowers must be at least aged 21 years old, and no older than 80 years of age by the end of the mortgage agreement.
What mortgage rates are available?
Bank of Ireland’s standard variable rate at the time of writing (May 2024) is 8.04%. Their mortgage rates are generally competitive with rival banks, with deals with longer fixes tending to have lower rates than those with shorter ones.
You can compare the latest rates from Bank of Ireland with more than 90 other lenders for free, or have one of our brokers do it for you, below:
