Frequently Asked Questions - FAQs - Help Centre

Buy to Let borrowing more

Will I have to get my property revalued?

Yes, a valuation of your property will be required. A fee will be charged for this. Please see our Tariff of Mortgage Charges (PDF) for details. You can also call us on 0345 300 8000* to find out more.
Will I be credit scored when I apply to borrow more?

Yes, when you apply to borrow more we'll assess your application against our current criteria including your earned income and the rental income your property generates. Based on the information we have, we'll decide whether to give you an Approval in Principle, which will then be subject to credit scoring before you get your formal written Offer.
What length of time can I borrow the money for?

You can borrow the money for any term between 5 and 35 years, however the oldest applicant must be no older than 80 years old at the end of the mortgage term.
Are there any restrictions on what I can borrow the money for?

You can borrow more for a variety of reasons. We do have some restrictions though, for example, borrowing more for business purposes or speculative lending (for example investment on the stock exchange). To find out more just call us on 0345 300 8000*.
What is meant by Loan to Value (LTV)?

The LTV is the amount of your existing loan as a percentage of the value of your property. For example if your outstanding mortgage balance is £75,000 and your property is worth £150,000, your current LTV would be 50%.
How much extra money can I borrow?

You can borrow from £5,000 up to £500,000 extra on your property up to a maximum Loan to Value (LTV) of 75%. Your request must meet our underwriting criteria at the time of application.

Buy to Let changing your rate

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

We allow you to borrow more when you change your mortgage rate subject to credit scoring and our current lending criteria.
Can I pay a lump sum off my mortgage when I change my rate?

These are separate processes. If you want to do this please contact us on 0345 300 8000*.
When I change my mortgage rate, can I change the term of my mortgage?

This is possible but any change to your mortgage term is subject to our lending criteria. If you’re interested in altering your mortgage term, please call us on 0345 300 8000*.
When I change my rate, can I also alter my repayment type?

This can be considered (subject to current lending criteria). If you’d like to alter your repayment type, please call us on 0345 300 8000*.
Will my property need to be revalued?

In general we don't require a standard mortgage valuation when you change your mortgage rate. However, if you require a valuation you'll need to pick up the cost for this.
Will solicitors need to be involved?

In most instances, there'll be no need for solicitors to be involved. To make sure, call us on 0345 300 8000*. We'll be able to confirm whether we need to involve a solicitor from our nominated solicitors panel. In most cases where solicitors are involved, there'll be no additional cost for you.
What is a Bank of England Base Rate (BBR) tracker?

If you're on a Bank of England Base Rate (BBR) tracker, the rate you pay will be equivalent to the BBR 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.
What is the Standard Variable Rate (SVR)?

Our Standard Variable Rate (SVR) is set by the Bank of Ireland Group, it can go up or down at any time. Some of our mortgage products change to SVR at the end of the promotional period. Changes to SVR are made at Bank of Ireland's discretion and are not directly linked to an external rate.
I've applied for a new rate but have also received an interest rate change letter, what shall I do?

If you've received an interest rate change letter but you've already applied for a new rate, please call us on 0345 300 8000* to make sure we've received your documents.
What is an Early Repayment Charges (ERC)?

Early Repayment Charges are paid by you and may vary from product to product. Details are in the terms and conditions of your mortgage offer.

If your mortgage is in a promotional period, you'll need to pay an Early Repayment Charge if you want to overpay above 10% of your outstanding mortgage balance in any year, pay off your account early, or change to a new rate.
Will I need to fill in a lot of forms if I change to a new rate?

If you change to a new rate, you may simply need to sign a mortgage offer and return it to us.
How do I apply for a new mortgage rate?

The first thing to do is take a look at our current rates to see what options are available to you. Then if you'd like to apply for a new mortgage rate, please call us on 0345 300 8000*.
What happens when my promotional rate comes to an end?

You'll receive a letter before your promotional rate is due to end. It'll explain your new rate and what your new regular monthly repayment will be. You can contact us before your promotional rate ends to discuss switching to one of our available rates. Simply call us on 0345 300 8000*.

Buy to Let managing my mortgage

What type of payments can I make online?

All existing customers can make normal monthly mortgage repayments, overpayments and pay off the balance of a mortgage in full (full redemption) online by debit or credit card, up to a limit of £12,000.
My Direct Debit has been rejected, should I make an online payment for this month’s mortgage repayment?

If you have an active Direct Debit that has been rejected, please contact us as we may try to automatically collect this payment again by Direct Debit.
I am looking to fully repay my mortgage online, what is the best way to do this?

Please contact us to confirm the full redemption figure (the outstanding balance plus any charges due). You can pay off the balance of a mortgage in full (full redemption) online by debit or credit card, up to a limit of £12,000. Once you’re ready to make this payment it can be made using the online method by selecting ‘Standard Mortgage Payment’ as the Payment Type. If you want to make a payment over this amount please call us on 0345 300 8000* (Monday to Friday 9am – 5pm).
When will my online payment be applied to my mortgage?

This will depend on when you make the payment. Please see our Online Payments page for more information.
Am I able to make overpayments without incurring any fees?

You could be charged if you make an overpayment which isn’t permitted within your mortgage terms and conditions. Please check your terms and conditions or call us for details. See Overpayments for further information.

If your mortgage is in a promotional period, you'll need to pay Early Repayment Charges if you want to make a large overpayment (over 10% of your outstanding mortgage balance in any year), pay off your mortgage early, or change to a new rate. Early Repayment Charges 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.
Can I get a redemption quote over the telephone?

We’re sorry, we can only provide statements in writing. Please call us on 0345 300 8000* (Monday to Friday 9am – 5pm).
I paid off my mortgage this year; will I still receive a statement?

You/your solicitor will have received a redemption statement to show the amount required (including the mortgage balance, interest and fees/charges) to pay off your mortgage in full. However, if you require a statement from the beginning of the financial year up to the date that your mortgage was fully repaid, this can be issued free of charge.
Can I get copies of annual mortgage statements from previous years?

Yes of course, you can request this by calling us on 0345 300 8000*.
What's the difference between a Standing Order and a Direct Debit?

A Direct Debit is a fully automated process, which we control. A Direct Debit collects the exact amount required each month, even if your payment varies. A Standing Order is controlled by your bank, according to your instructions. Under the Direct Debit Scheme we must give you notice to amend your Direct Debit payments. A Standing Order, on the other hand, requires you to authorise your bank to make the change to your payment.
Once I've paid off my mortgage, can the deeds be kept by Bank of Ireland?

Sorry, we don't offer a storage facility once your mortgage redeems with us.
What if my bank details change?

You’ll need to request a new Direct Debit form by calling us on 0345 300 8000*. Please complete it with your new details and send it back to us at the address shown on the form.
Dual mailing has been set up on our account. What documents will we receive?

Once dual mailing has been set up on a mortgage account, both parties will receive automated statements, rate change notices, interest rate change letters, annual mortgage statements and any notification of arrears.
How do I set up/remove dual mailing on my mortgage account?

You can set up/remove dual mailing in two ways. Either call us on 0345 300 8000* and we’ll arrange this over the phone, or put your request in writing to Mortgage Customer Services Department, Bank of Ireland, PO Box 3191, 1 Temple Quay, Bristol, BS1 9HY. If you write in to set up dual mailing, as both parties are entitled to all mortgage information, only one signature is required. If you are removing dual mailing, only the signature of the person being removed from the mortgage account is required.
My partner/spouse has moved out of our correspondence address, can we add a second address?

If your mortgage is in joint names, but not all parties live at the correspondence address you’ve set up with us you can set up another address, called dual mailing. This will ensure that each of you receive a copy of any important documents that we send.
How do I go about adding or removing names to or from my mortgage account?

To add or remove a name(s) on your mortgage you will need to complete a Transfer of Equity, which is subject to assessment using both our rental income criteria and current lending criteria. If you want to make a change to your mortgage that involves removing or adding a borrower please note that this will involve a legal transaction. All borrowers will need to be aware of, and consent to, the proposed change. You should not proceed with an application to change the existing mortgage until you have the agreement of the current borrowers.

Please call us on 0345 300 8000* for further information. They'll be able to guide you through what is required and sort everything out for you. Please note, as this is a legal process, timescales may vary.
Can I transfer my mortgage rate to a new property at the same time as adding or removing a name from my mortgage account?

Yes, but the existing rate can only be transferred to one new mortgage account and cannot be applied to two different accounts. See the Move Property page for more information.

Buy to Let moving property

What happens if my new mortgage is smaller than my current mortgage?

If you're in the middle of your promotional period and want to port the rate, an Early Repayment Charge would be payable on the difference between your current mortgage and the amount you are porting to the new property.
What is meant by Loan to Value (LTV)?

The Loan to Value (LTV) is the amount of your existing loan as a percentage of the purchase price or valuation of the property (whichever is the lower). For example if your outstanding mortgage balance is £75,000 and the property purchase price is £155,000 with a valuation of £150,000, your current LTV would be 50% based on the valuation.
Can I move to a different mortgage type, e.g. from a standard mortgage to a Buy to Let mortgage?

When porting or moving your mortgage to another home, you must transfer your rate to the same type of mortgage you originally applied for (e.g. standard residential to standard residential or Buy to Let to Buy to Let).
Do I have to apply for a new mortgage loan?

When porting, you’re only transferring your mortgage rate. A mortgage loan is secured on a particular property. You'll need to apply to us for a new loan for your new property, because it’ll be completely new to us. It’s also possible that your circumstances may have changed since you last agreed a mortgage with us. The application will be subject to the terms and conditions in effect at the time of submission.

For further information, please call us on 0345 300 8000*.
If I'm in the middle of a promotional rate, can I take my rate to my new property?

You can port your current mortgage rate to your new property, subject to current lending criteria. You'll also carry over your Early Repayment Charge (ERC) and any promotional periods will remain the same. The new application will need to be submitted prior to redeeming your current mortgage, and you’ll also need to complete the new purchase within 3 months of the date of redemption. Please read our guide to Moving House and Porting your Mortgage Rate (PDF) for more information.

Residential borrowing more

Will I have to get my property revalued?

Yes, a valuation of your property will be required. A fee will be charged for this, please see our Tariff of Mortgage Charges (PDF) for details. You can also call us on 0345 300 8000* to find out more.
Will I be credit scored when I apply to borrow more?

Yes, when you apply to borrow more, we'll take down information on your financial dependants, income and outgoings. Based on the information we have, we'll decide whether to give you an Approval in Principle, which will then be subject to credit scoring before you get your formal written offer.
What length of time can I borrow the money for?

You can borrow the money for any term between 2 and 35 years (subject to lending criteria). Remember, the quicker you pay it back, the less interest you'll pay overall.
Are there any restrictions on what I can borrow the money for?

You can borrow more for a variety of reasons. We do have some restrictions though, for example, borrowing more for business purposes or speculative lending (for example investment on the stock exchange). Debt consolidation is also subject to underwriter assessment and is allowed up to a maximum of 75% loan to value. To find out more just call us on 0345 300 8000*.
What is meant by Loan to Value (LTV)?

The LTV is the amount of your existing loan as a percentage of the value of your property. For example if your outstanding mortgage balance is £75,000 and your property is worth £150,000, your current LTV would be 50%.
How much extra money can I borrow?

You can borrow from £5,000 up to £500,000 extra on your home up to a maximum Loan to Value (LTV) of 90%. Your request must meet our underwriting criteria at the time of application.

Residential changing your rate

Can I let out my residential property to tenants?

Please visit our Letting out your property page for more information.
When I change my rate, will I be able to borrow more money?

We allow you to borrow more when you change your mortgage rate subject to credit scoring and our current lending criteria. We may also need to revalue your property. Please see our Tariff of Mortgage Charges (PDF) for details.
Can I pay a lump sum off my mortgage when I change my rate?

These are separate processes. If you want to do this please contact us on 0345 300 8000*.
When I change my mortgage rate, can I change the term of my mortgage?

This is possible but 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 us on 0345 300 8000*.
When I change my rate, can I also alter my repayment type?

If you have an interest only mortgage you can change all or part of your mortgage to a repayment method. Some restrictions apply depending on your nominated repayment strategy.

Switching to a repayment mortgage, also known as a capital and interest mortgage, means your monthly mortgage repayments pay off interest on the loan and a portion of the capital. You will gradually pay off the entire amount you borrowed, as well as the interest, over the life of the mortgage assuming you maintain your payments.

If you are considering switching from a capital repayment to an interest only mortgage we can only allow this in some circumstances. To discuss this, please call us on 0345 300 8000*.
Will my property need to be revalued?

In general we don't require a standard mortgage valuation when you change your mortgage rate. Just call us on 0345 300 8000* and we can confirm whether a revaluation is needed. However if you require a valuation you will need to pick up the cost for this.
Will solicitors need to be involved?

In most instances there'll be no need for solicitors to be involved. To make sure, call us on 0345 300 8000*. We’ll be able to confirm whether we need to involve a solicitor from our nominated solicitors panel. In most cases where solicitors are involved, there will be no additional cost for you.
What is a Bank of England Base Rate (BBR) tracker?

If you're on a Bank of England Base Rate (BBR) tracker, the rate you pay will be equivalent to the BBR 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.
What is the Standard Variable Rate (SVR)?

Our Standard Variable Rate (SVR) is set by the Bank of Ireland Group, it can go up or down at any time. Some of our mortgage products change to SVR at the end of the promotional period. Changes to SVR are made at Bank of Ireland's discretion and are not directly linked to an external rate.
I've applied for a new rate but have also received an interest rate change letter, what shall I do?

If you've received an interest rate change letter but you've already applied for a new rate, please call us on 0345 300 8000* to make sure we've received your documents.
What is an Early Repayment Charge (ERC)?

Early Repayment Charges are paid by you and may vary from product to product. Details are in the terms and conditions of your mortgage offer.

If your mortgage is in a promotional period, you'll need to pay an Early Repayment Charge if you want to overpay above 10% of your outstanding mortgage balance in any year, pay off your account early, or change to a new rate.
How do I apply for a new mortgage rate?

The first thing to do is take a look at our current rates, to see what options are available to you. If you would like to apply for a new mortgage rate, please call us on 0345 300 8000*.
What happens when my promotional rate comes to an end?

You'll receive a letter before your promotional rate is due to end. It'll explain your new rate and what your new regular monthly repayment will be. You can contact us before your promotional rate ends to discuss switching to one of our available rates. Simply call us on 0345 300 8000*.

Residential managing my mortgage

My Direct Debit has been rejected, should I make an online payment for this month’s mortgage repayment?

If you have an active Direct Debit that has been rejected, please contact us as we may try to automatically collect this payment again by Direct Debit.
Am I able to make overpayments without incurring any fees?

You could be charged if you make an overpayment which isn’t permitted within your mortgage terms and conditions. Please check your terms and conditions or call us for details. See Overpayments for further information.

If your mortgage is in a promotional period, you'll need to pay Early Repayment Charges if you want to make a large overpayment (over 10% of your outstanding mortgage balance in any year), pay off your mortgage early, or change to a new rate. Early Repayment Charges 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.
What type of payments can I make online?

All existing customers can make normal monthly mortgage repayments, overpayments and pay off the balance of a mortgage in full (full redemption) online by debit or credit card, up to a limit of £12,000.
When will my online payment be applied to my mortgage?

This will depend on when you make the payment. Please see our Online Payments page for more information.
I am looking to fully repay my mortgage online, what is the best way to do this?

Please contact us to confirm the full redemption figure (the outstanding balance plus any charges due). You can pay off the balance of a mortgage in full (full redemption) online by debit or credit card, up to a limit of £12,000. Once you’re ready to make this payment it can be made using the online method by selecting ‘Standard Mortgage Payment’ as the Payment Type. If you want to make a payment over this amount please call us on 0345 300 8000* (Monday to Friday 9am – 5pm).
Once I've paid off my mortgage, can the deeds be kept by Bank of Ireland?

We don't offer a storage facility once your mortgage redeems with us.
What if my bank details change?

You’ll need to request a Direct Debit form by calling us on 0345 300 8000*. Please complete it with your new details and send it back to us at the address shown on the form.
Dual mailing has been set up on our account. What documents will we receive?

Once dual mailing has been set up on a mortgage account, both parties will receive automated statements, rate change notices, loan review letters, annual mortgage statements and any notification of arrears.
How do I set up/remove dual mailing on my mortgage account?

You can set up/remove dual mailing in two ways. Either call us on 0345 300 8000* and we’ll arrange this over the phone, or put your request in writing to Mortgage Customer Services Department, Bank of Ireland, PO Box 3191, 1 Temple Quay, Bristol, BS1 9HY. If you write in to set up dual mailing, as both parties are entitled to all mortgage information, only one signature is required. If you are removing dual mailing, only the signature of the person being removed from the mortgage account is required.
My partner/spouse has moved out of the property, can we add a second address?

If your mortgage is in joint names, but not all parties live at the property you can set up two addresses, called dual mailing. This will ensure that each of you receive a copy of any important documents that we send.
How do I go about adding or removing names to or from my mortgage account?

To add or remove a name(s) on your mortgage you will need to complete a Transfer of Equity, which is subject to assessment using our current lending criteria. If you want to make a change to your mortgage that involves removing or adding a borrower please note that this will involve a legal transaction. All borrowers will need to be aware of, and consent to, the proposed change. You should not proceed with an application to change the existing mortgage until you have the agreement of the current borrowers.

Please call us on 0345 300 8000* for further information. We'll be able to guide you through what is required and sort everything out for you. Please note, as this is a legal process, timescales may vary.
What's the difference between a Standing Order and a Direct Debit?

A Direct Debit is a fully automated process, which we control. A Direct Debit collects the exact amount required each month, even if your payment varies. A Standing Order is controlled by your bank, according to your instructions. Under the Direct Debit Scheme we must give you notice to amend your Direct Debit payments. A Standing Order, on the other hand, requires you to authorise your bank to make the change to your payment.
Can I get a redemption quote over the telephone?

We’re sorry, we can only provide statements in writing. Please call us on 0345 300 8000* (Monday to Friday 9am – 5pm).
I paid off my mortgage this year, will I still receive a statement?

You/your solicitor will have received a redemption statement to show the amount required (including the mortgage balance, interest and fees/charges) to pay off your mortgage in full. However, if you require a statement from the beginning of the financial year up to the date that your mortgage was fully repaid, this can be issued free of charge.
Can I get copies of annual mortgage statements from previous years?

Yes of course, you can request this by calling us on 0345 300 8000*.
Can I transfer my mortgage rate to a new property at the same time as adding or removing a name from my mortgage account?

Yes, but the existing rate can only be transferred to one new mortgage account and cannot be applied to two different accounts.

Residential moving home

If I'm in the middle of a promotional rate, can I take my rate to my new home?

You can port your current mortgage rate to your new home, subject to current lending criteria. You'll also carry over your Early Repayment Charge (ERC) and any promotional periods will remain the same. The new application will need to be submitted prior to redeeming your current mortgage, and you’ll also need to complete the new purchase within 3 months of the date of redemption. Please read our guide to Moving House and Porting your Mortgage Rate (PDF) for more information.
Does it matter what repayment type my mortgage is on?

Any porting application is subject to current criteria. Please call us on 0345 300 8000*.
What happens if my new mortgage is smaller than my current mortgage?

If you're in the middle of your promotional period and want to port the rate, an Early Repayment Charge would be payable on the difference between your current mortgage and the amount you are porting to your new property.
What is meant by Loan to Value (LTV)?

The Loan to Value (LTV) is the amount of your existing loan as a percentage of the purchase price or valuation of the property (whichever is the lower). For example if your outstanding mortgage balance is £75,000 and the property purchase price is £155,000 with a valuation of £150,000, your current LTV would be 50% based on the valuation.
Can I move to a different mortgage type, e.g. from a standard mortgage to a Buy to Let mortgage?

When porting or moving your mortgage to another home, you must transfer your rate to the same type of mortgage you originally applied for (e.g. standard residential to standard residential or Buy to Let to Buy to Let).
Do I have to apply for a new loan?

When porting, you’re only transferring your mortgage rate. A mortgage loan is secured on a particular property. You'll need to apply to us for a new loan for your new property, because it’ll be completely new to us. It’s also possible that your circumstances may have changed since you last agreed a mortgage with us. The application will be subject to the terms and conditions in effect at the time of submission.

For further information call us on 0345 300 8000*.