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Bank of Ireland - New Mortgage Rates

July 201926th

Local News, Announcements

Bank of Ireland - New Mortgage Rates

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BANK OF IRELAND – NEW MORTGAGE RATES  - EFFECTIVE 18th July

 

NEW FIXED RATES  - Effective 18th July 2019

Key messages 

  • Reduction in interest rates for 5 and 10 Year Fixed Rate Products to 3% and 3.3%/3.5% (depending on Loan to Value) respectively 

  • Retaining 2.9% for 1 and 2 year fixed and 3% for 3 year fixed 

  • Bank of Ireland continues to provide a clear and competitive offering to our mortgage customers: 

  • 3% Cashback: Customers can still choose our Cashback offer up until 31 December 2019 

  • Mortgage Saver: €2,000 Mortgage Saver bonus interest available for First Time Buyers (less DIRT) 

  • Flexibility: Customers on fixed can overpay up to 10% of their normal monthly repayment 

  • Flexi-options: Skip months, Payment Breaks 

  • Twin option: Part variable, part fixed - to balance certainty with flexibility 

  • Portability: Carry a fixed rate to their new mortgage when moving home 


 

HIGH VALUE MORTGAGES 

Customers who are borrowing €400,000 or more for their home mortgage can now apply for Bank of Ireland’s High Value Mortgage Interest Rate with NO CASHBACK. 

  • New Draw downs only between 18 July 2019 and 30 June 2020. Fixed Interest rate of 2.5% for Five years (no variable rate and no other fixed period option) 

  • Only available for Owner Occupier loans of €400,000 or more (not for Buy to Lets). 

  • At the end of the initial fixed rate period customers will be able to choose from our range of normal fixed interest rate options available to existing customers at that stage or will roll to a standard variable rate. 

  • For First Time Buyers, Self-Builds, Equity Release and Switcher loans where the amount sanctioned is €400,000 or more. 

 

New Green Mortgage Fixed Interest Rate,

To support the national agenda in moving to a more carbon neutral economy Bank of Ireland is launching the Bank of Ireland Sustainable Finance Fund. This fund will initially comprise of options for eligible customers drawing new funds across three product lines – Mortgages, Personal Loans and Business Banking. Customers who are buying or building a property with the highest level of energy efficiency can now apply for Bank of Ireland’s Green Mortgage Fixed Interest Rate. Our Green Mortgage Interest Rate is a discount of 0.2% off any of our fixed interest rate options where the property has a Building Energy Efficiency Rating (BER) of A3 or better.

 

Key points of the Green Mortgage Fixed Interest Rate 

  • 0.2% rate discount off the customer’s chosen Fixed Rate option  for the initial fixed rate period on new borrowing only. At the end of the initial fixed rate period customers will be able to choose from our range of normal fixed interest rate options available to existing customers at that stage or will roll to a standard variable rate. 

  • Customer MUST provide a BER certificate for the property showing a rating of A3 or better prior to final drawdown. 

  • Available for (1) property purchases including Buy to Let, and for (2) Self-Builds and (3) Equity Release loans as well as (4) Buy-to-Renovate loans where the property will achieve a BER rating A3 or better on completion of works. 

  • The Green Mortgage Interest Rate is NOT available for switcher loans (a Switcher may apply separately for a Green Mortgage Interest rate on an Equity Release for improvements to achieve a BER A rating and the Green Mortgage Interest Rate will apply to the Equity Release loan only). 

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