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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:

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:

Compare Bank of Ireland mortgage rates with their competitors for FREE

How much will Bank of Ireland let you borrow?

Bank of Ireland caps its maximum lending at 4.49 times the applicant’s salary for residential mortgages and uses the same income multiple for joint applications.

Buy-to-let landlords can borrow up to 75% of the property’s purchase price, as long as the monthly rental income is no less than 145% of the monthly interest.

Does Bank of Ireland have good reviews?

Bank of Ireland has a rating of 1.3/5 on consumer review aggregator service Trustpilot, based on feedback from 301 users. It was scored at 3.97/5 overall on Smart Money People, based on reviews of all products and services (not just mortgages) from 32 customers.

Pros and cons

The table below highlights some of the advantages and disadvantages of Bank of Ireland as a mortgage lender to help you decide whether they are the right option for you.

Advantages

Disadvantages

A wide range of fixed-rate options available

Higher income multiples available elsewhere

Low deposit mortgages available

Very limited options for anyone with bad credit

Options for buy-to-let landlords for no experience

Limited options for newly self-employed borrowers

Exclusive deals for existing customers

Limited options for older borrowers

Speak to a broker about Bank of Ireland mortgages

There are brokers on our team who have a working relationship with Bank of Ireland. They know their product range well and can compare them with every competitor across the market on your behalf to help you decide whether they are the perfect fit for you.

Here are just some of the reasons you should use us for your mortgage comparison needs:

  • Are mortgage brokers are whole-of-market
  • They often have access to exclusive rates and deals
  • We are 5-star rated on leading review websites
  • Your first consultation is FREE

Ready to compare Bank of Ireland mortgages with their competitors and speak to one of our brokers about their products? Get started here.

FAQs

You can contact Bank of Ireland to apply for a new mortgage on 0800 169 0082. The number to call for help with existing mortgages is 0345 300 8000.

The bank does not have branches in Great Britain but their main postal address is 1 Donegall Square South, Belfast, BT1 5LR.

If you are looking for a new mortgage or enquiring about a remortgage, it is recommended that you speak to a mortgage broker before contacting any lenders, as it's important to review products across the market before making an application.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.