Head of Content
Mortgage Advisor & Director
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.
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 rates online below:
Compare Bank of Ireland Mortgages Online in Seconds
We work with 90+ mortgage lenders from across the market, including Bank of Ireland Mortgages. We can help you compare mortgage rates from different lenders and find the best deal for you.
Use our free comparison tool to compare mortgage rates from 90+ lenders in seconds. We'll show you the latest deals from Bank of Ireland Mortgages and others so you can make an informed decision about which option is right for you.
To get started, fill in our quick online form or call 01484 242424 to speak to our expert mortgage advisers today!
What type of mortgages do they offer?
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.
The following types of mortgage products are available:
- 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 (October 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. Their residential mortgages currently range between 3.8% and 6.65%.
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.
You can get a rough idea of the amount you can borrow based on this income multiple, and compare it with the higher multiples used by other lenders, by entering your annual income into the calculator below:
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 1.7/5 on consumer review aggregator service Trustpilot, based on feedback from 588 users. It was scored at 3.29/5 overall on Smart Money People, based on reviews of all products and services (not just mortgages) from 33 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.
How Teito Works
You have two options when you get started with Teito: you can select the option to speak with an advisor straight away or source a mortgage yourself. If you want to choose your own mortgage deal, follow the steps below:
Click ‘Get Started’
Hit the button below and enter a few quick details. It takes less than 60 seconds to begin the mortgage process with us
Compare Quotes Online
Next you can view rates and deals from across the entire market online and choose the one you want in real time
Apply Online
We’ll take it from here and have an expert mortgage broker on hand to ensure you have chosen the best deal for you
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.