"We need our mortgage to change with our life"

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 mortgagesdirectacquisitions@boipluk.co.uk

How do I apply for a new mortgage rate?

Please call us on 0845 300 8000* or email us at mortgagesdirectacquisitions@boipluk.co.uk if you would like to apply for a new mortgage rate.

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 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 ERCs 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 let out my property but I have a residential mortgage, what should I do?

If you have a residential mortgage, 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 let 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 Your Guide to Standard Mortgage Charges (PDF) for details.

If you’re looking to let out your property for a longer period or permanently you will need to change your mortgage to a Buy to Let. Our Mortgage Specialists can talk you through the process and the rates available to you. All applications are subject to lending criteria.

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?

Call us on 0845 300 8000*. Our Mortgage Specialists can talk you through the process and the options available to you.

What is a Standard Variable Rate (SVR)?

Our 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 ERCs. Please note other fees may apply when you pay off your mortgage in full.

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. 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 some cases we may need to revalue your property. 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 repayment type?

When you change your rate, we allow you to change your repayment type from an interest only basis (or combination of repayment and interest only), to a repayment basis.

We do not allow changes in repayment type from repayment to interest only or to a combination of repayment and interest only.

If you have a mortgage which is on an interest only basis (or combination of repayment and interest only) and you wish to change your mortgage to repayment, please call our Mortgage Specialists on 0845 300 8000* to discuss further. Please note we charge a fee for changing your repayment type – please see Your Guide to Standard Mortgage Charges (PDF) for details.

When I change my mortgage rate, can I change the term of my mortgage?

Any change to your mortgage term is subject to our lending criteria. If you’re interested in altering your mortgage term when you change your mortgage rate, please call our Mortgage Specialists on 0845 300 8000* to discuss your options. Please note we charge a fee for changing your mortgage term – please see Your Guide to Standard Mortgage Charges (PDF) for details.

Can I pay a lump sum off my mortgage when I change my rate?

If you’d like to do this please mention it to our Mortgage Specialist when you call 0845 300 8000* and they can discuss it with you.

When I change my rate, will I be able to borrow more money?

We’re happy to discuss both with you when you call. Further lending is subject to credit scoring and lending criteria, and we may need to revalue your property — please see Your Guide to Standard Mortgage Charges (PDF) for details.