Best Bank of Ireland mortgage deals
Whether you're an existing customer or first-time buyer, compare the best mortgage interest rates from the Bank of Ireland with our comparison tool below. To see what rate you could be offered, create a free Tembo plan.
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Create your own personalised Tembo plan to see all the ways you could remortgage, including if you should stay with the Bank of Ireland or make the switch to another provider.
What type of mortgages does Bank of Ireland offer?
The Bank of Ireland offers a range of mortgage products, including fixed rate and variable rate mortgages for first-time buyers, home movers and remortgagers. They also offer more niche products including green mortgages, self-build mortgages and Joint Borrower Sole Proprietor mortgages, as well as top slicing for affordability-strapped Buy to Let applicants.
It's worth noting that new mortgages from the Bank of Ireland are only available to customers in Northern Ireland.
How much could I borrow from the Bank of Ireland?
Like most mortgage lenders, the Bank of Ireland offers a range of mortgage products with different eligibility criteria. How much you could borrow for a mortgage depends on which products you're eligible for, your household income and deposit, and other factors like your credit score, employment type, and outgoings. But typically you can borrow between 3.5-4 times your income, although some applicants may be able to borrow more than this.
By creating a free Tembo plan, you can see what you could be offered for a mortgage by the Bank of Ireland and other providers without applying.
Can I make overpayments on a Bank of Ireland mortgage?
If you currently have a Bank of Ireland mortgage, you might be able to overpay on your outstanding mortgage loan balance. Whether you can depends on the product you're on and how much you overpay by. If you pay more than your maximum allowance in any year, you may have to pay an Early Repayment Charge (ERC). Once the balance of your overpayments reaches £500 or more, they'll recalculate your monthly payments to reflect your reduced loan amount. Asking for payments less than £500 to be applied to your mortgage account could result in an ERC.
The Bank of Ireland is an established retail bank in Ireland and is a familar household name. Because of this, they sometimes offer competitively priced mortgage products. But it's worth shopping around to see what other lenders could be offering too.
Andy Shead
Senior Mortgage Advisor at Tembo
Are Bank of Ireland a good lender?
The Bank of Ireland is the UK's 14th largest mortgage lender, and a reputable name with 240 years of history. However, in the latest Fairer Finance's ratings, they only have a 59% customer experience rating, and a 40% rating for customer trust. This is reflective of their Trustpilot rating - they have only been rated 1.3 out of 5 stars, based on just over 500 reviews. However, this is comparable to other large retail banks like Santander, Nationwide, and HSBC. On the positive side, the Bank of Ireland was awarded 5 stars in the Financial Adviser Service Awards 2022.
As with any lender, whether the Bank of Ireland is the right mortgage lender for you depends on your affordability and individual circumstances, what mortgage products you're eligible for, and what the market is currently like. An expert mortgage broker like Tembo can help you navigate these factors to ensure you get the best mortgage deal for you.
Does Bank of Ireland offer guarantor mortgages?
The Bank of Ireland does offer guarantor mortgages, but only for their First Start mortgage. This is essentially a Joint Borrower Sole Proprietor mortgage (we call this an Income Boost for short), where you'll add a loved one's income to yours to boost your borrowing. They also accept gifted deposits if you have a loved one who wants to give you money to help towards your downpayment, or use a Deposit Boost to unlock money from their home. But whether the Bank of Ireland's products are right for you and your family depends on your individual affordability, as well as what mortgage products you qualify for. Working with a mortgage advisor can help you navigate lenders' different eligibility criteria and find the best deal for you from the Bank of Ireland and other lenders on the market.
Looking for a new mortgage?
First home
Unsure which mortgage deal to go for? Buying your first home can be confusing and overwhelming. Get help from the experts.
Remortgage
Coming to the end of your current deal? Remortgage onto a new one with our help. We'll show you whether you should stay with the same lender, or switch.
Moving home
Upsizing to your forever home? Or maybe you're downsizing to something more manageable. Whatever your reason for moving, we can help you find the best deal for you.
Buy to Let
Thinking of becoming a landlord? We can help you discover the best buy to let mortgage deal for you and how you could boost your mortgage affordability.
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The application process
4 simple steps to buying your first home or remortgaging
Make a Tembo plan
Check your eligibility for a range of mortgages and buying schemes, and get a personalised recommendation with interest rates and repayments in under 10-minutes.
Talk to an expert
Book a call with our experts to complete the qualification process, and we’ll cover off any questions you might have about any of the mortgage deals and budget-boosting schemes we advise on.
Apply for your new deal
Next, your dedicated advisor will undertake full affordability checks to prepare the mortgage application. Then we’ll submit it on your behalf!
Make home happen
Your Tembo advisor will be on hand to ensure everything runs smoothly, so you can move onto your new deal as quickly as possible.
