Your questions answered
Why might I want to change my rate?
The most common reason that people look to change their mortgage is because their promotional rate is coming to an end. When you're in a promotional period, you have to pay Early Repayment Charges (ERCs) to change your rate.
However, once your promotional period is over, your rate will change to our Standard Variable Rate (SVR) or Bank of England Base Rate plus an agreed differential and you're free to change your rate without paying any ERCs.
Other products may have the same rate for the life of your mortgage, but ERCs may still be applicable to the account for a period of time. Once this period is over, you can move to another mortgage product without paying ERCs.
What happens when my promotional rate comes to an end?
A month before your rate is due to end you'll receive a loan review letter. It explains the new rate and what your new regular monthly payment will become. You can contact us before your promotional rate expires to arrange changing to a new rate. Simply call us on 0845 300 8000* or email us at customer.advantage@boipluk.co.uk
How do I apply for a new mortgage rate?
At Bank of Ireland Mortgages, we offer all our existing mortgage customers a range of new, competitive mortgage deals. Please call us on 0845 300 8000* or email us at customer.advantage@boipluk.co.uk for further information.
Our Mortgage Specialists can give you all the information you need on our mortgage rates to help you make an informed decision. Because we have your details already, the process of changing to a new rate couldn't be easier. In most cases, there'll be no need to revalue your home or for solicitors to be involved and there are no long, complicated application forms to fill in.
What are Early Repayment Charges (ERCs)?
Normally, if in a promotional period, you'll need to pay Early Repayment Charges (ERCs) if you want to make a large overpayment, pay off your account early, or change to a new rate. This is the cost that we'd have to pay to buy ourselves out of the contract we've made with the money markets to arrange your mortgage. ERCs are paid by you and may vary from product to product. All Early Repayment Charges are detailed in the terms and conditions of your mortgage offer.
I've applied for a new rate but have also received a loan review letter, what shall I do?
If you've received a loan review letter but you've already applied for a new rate, don't worry. Everything is in hand and we'll write to you in due course.
I'm looking to rent my house out, but I have a normal residential mortgage, what should I do?
Please call us on 0845 300 8000*. We will then be able to advise you on what your options are.
If you are looking to rent your house on a short term basis, We can discuss this option with you and send you a 'Letting out your property' pack for you to complete and return. This will allow you to apply for our consent to arrange a short-term tenancy and enables us to add your new correspondence address to our system. Please be aware that additional costs will apply, please see our Guide to Standard Mortgage Charges (PDF) for more information.
If you are looking to rent out your house for a longer period or permanently, you may want to change your residential mortgage to a new Buy to Let mortgage. Our Mortgage Specialists will be able to talk you through the process and the rates that are available to you. Any application would be subject to your application fitting the lending criteria for the new mortgage.
Please also be aware that letting out your property without our formal consent would be a breach of the terms and conditions of your mortgage.
I'm planning to move back into my Buy to Let property, can I change my mortgage type?
If you're planning to live in a Buy to Let property, you'll just need to put this in writing to Mortgage Customer Services Department, Bank of Ireland Mortgages, PO Box 27, One Temple Quay, Bristol, BS99 7AX. We'll then amend your correspondence address and start sending all mail through to the property address.
If you want to borrow more money or take out a new rate you'll need to call us on 0845 300 8000* or email us at customer.advantage@boipluk.co.uk for more information and to discuss the rates available to you.
What is a Standard Variable Rate (SVR)?
Our Standard Variable Rate (SVR) is a rate set by the Bank of Ireland Group and may go up or down. While these changes are generally determined by what happens with the Bank of England Base Rate, it doesn't always move with it and can also be changed for other monetary reasons. Standard Residential and Self Certification promotional rate mortgages normally change to SVR at the end of the promotional period. You're always free to pay off your mortgage whenever you wish, but when you're on SVR, you can pay back extra amounts or pay off your mortgage completely without incurring any Early Repayment Charges.
What is a tracker rate?
If you're on a tracker rate, the rate you pay will be equivalent to the Bank of England Base Rate plus a differential amount. As the Bank of England Base rate can go up or down, the rate you pay could also increase or decrease.
Will I need to fill in a lot of forms if I change to a new rate?
No, there are no long application forms to fill in to change your rate with Bank of Ireland Mortgages. You'll simply need to read the new offer documentation, sign it and send it back to us.
Will solicitors need to be involved?
No, in most instances there'll be no need for solicitors to be involved. However, there may be special cases where this would be necessary. When you call 0845 300 8000* to speak to our Mortgage Specialists, they can confirm whether you'll need a solicitor. In most cases where solicitors are involved, there'll be no additional cost for you.
Will my property need to be revalued?
In most cases, there's no need to have your property revalued. Just call our Mortgage Specialists on 0845 300 8000* or email us and they can confirm whether a revaluation is needed.
When I change my rate, can I also alter my payment type?
When changing to a new rate you may want to alter your payment type between Repayment (where you pay off a proportion of your loan as well as interest each month) and Interest only (where you simply pay off interest). With Part Repayment and Part Interest only, you can vary the proportion of Interest only Payments and Repayments. If you'd like to change your payment at the same time as changing to a new rate, please mention it to our Mortgage Specialists when you call 0845 300 8000* and they'll be able to discuss this with you. Please see our Guide to Standard Mortgage Charges (PDF) for information on the charges involved.
When I change my mortgage rate, can I change the term of my mortgage?
You can normally change your mortgage term when you change to a new rate, depending on your circumstances. Our Mortgage Specialists will be able to discuss this with you when you call on 0845 300 8000*. For a list of charges, please see our Guide to Standard Mortgage Charges (PDF).
Can I pay a lump sum off my mortgage when I change my rate?
This can normally be arranged when you change to a new rate, depending on your circumstances. Simply call our Mortgage Specialists on 0845 300 8000* or email us at customer.advantage@boipluk.co.uk Please see our Guide to Standard Mortgage Charges (PDF).
When I change my rate, will I be able to borrow more money?
Further borrowing is allowed at the same time you change your rate. We'd need to work out how much money we can lend you against the value of your property. Further lending is also subject to standard credit scoring and underwriting. A revaluation of your property may also be required.