Payments
Many people think their mortgage is set in stone, but that's not the case. You can alter many aspects of your mortgage account as your life changes.
The most popular options are detailed below, but should you need anything else please call us on 0845 300 8000* (Monday to Friday 9am – 5pm) or email us at mortgage.services@boipluk.co.uk
Direct Debits
A Direct Debit is an automated payment, which means your monthly payments will change automatically if your mortgage account is affected by a rate change. Under the Direct Debit Scheme we must give you notice to amend your Direct Debit payment. So you’ll always know if your payments need to change.
Overpayments
Many of our mortgages allow you to overpay, with the benefit of either reducing your monthly payments or reducing your mortgage term. Please call us on 0845 300 8000* to check whether your mortgage product has an overpay facility.
We have two overpayment methods available:
1) regular monthly overpayment
2) lump sum overpayment
The method you can use to overpay depends on whether your mortgage is tied into a promotional period or not:
- Out of promotional period: You can overpay by regular monthly overpayment and by lump sum overpayment
- Promotional period applies: You can overpay by lump sum overpayment only
To find out more about lump sum overpayments, please click here.
Monthly overpayments
If your mortgage is on a repayment basis and you are out of your promotional period, you can make regular monthly overpayments. Please call us on 0845 300 8000* to discuss the options available to you.
Changing your payment date
You can change the date we collect your monthly mortgage payment by calling us on 0845 300 8000* (Monday to Friday 9am – 5pm) or email us at mortgage.services@boipluk.co.uk
Changing your term
If you have a repayment mortgage changing the term of your mortgage will alter your monthly payments. Extending your mortgage term reduces your monthly payments but means you pay back more interest because you’re repaying the mortgage over a longer period. Decreasing your mortgage term reduces the interest you pay back but increases your monthly payments.
If you have an interest only mortgage changing the term of your mortgage will not alter your monthly payments but allows you to align the end of your mortgage with maturity of your repayment vehicle.
We do not allow you to reduce your mortgage term while Early Repayment Charges apply to your account.
We charge a fee for changing your mortgage term — see our Guide to Standard Mortgage Charges (PDF) for details. For more information call us on 0845 300 8000* or email us at mortgagesdirectacquisitions@boipluk.co.uk
Changing your repayment method
You can only change the repayment method of your mortgage from interest only to repayment.
With a repayment mortgage - also known as a Capital and Interest mortgage - your payments pay off interest on the loan and a portion of the capital. You gradually pay off the entire amount you borrowed, as well as the interest, over the life of the mortgage.
For more information please contact us on 0845 300 8000*We charge a fee for changing your repayment type – see our Guide to Standard Mortgage Charges (PDF) for details.
Struggling to keep up with your payments
If you're struggling to maintain payments, or would like to discuss your mortgage affordability, we're here to help. Call our Mortgage Collections team on 0845 641 8988* (Monday to Friday 9am – 5pm). If you prefer, you can seek independent advice from your local Citizens Advice Bureau or Money Advice Centre.
At Bank of Ireland, we are committed to being fair in all our dealings with any customer who is in arrears or has a mortgage shortfall debt. We comply fully with the Financial Services Authority Rules governing Arrears and Repossessions in line with the Mortgage Conduct of Business Rules Sourcebook. For further information about these guidelines, please contact us on 0845 641 8988*.
Your questions answered
If you're unsure of anything, our most frequently asked questions might help you.