Bank of Ireland announces changes to fixed mortgage interest rates

18 October 2021 – Bank of Ireland has today announced reductions across its range of Green Mortgage fixed interest rates – available for homes with a Building Energy Rating (BER) of ‘B3’ or better – and launched a new 2.00% (Annual Percentage Rate of Charge, (APRC) from 3.2%) 4-year green fixed rate for High Value Mortgages (€300,000 or more). All the new rates announced today will be available to new customers who meet the eligibility criteria from 26 October 2021.

Our innovative Green Mortgage Fixed Interest Rates now offer a discount of 0.30% (vs 0.20% previously) on our standard mortgage loan rates over 1, 2, 3, 5 and 10-year fixed terms. The green discount is available for the purchase of a property with a BER between B3 and A1 or the building or upgrading of a home to give it a BER of between B3 and A1.

For High Value Mortgages, we have introduced two new fixed-rate options: a 4-year rate of 2.30% (APRC from 3.4%) and a 7-year rate of 2.55% (APRC from 3.2%). The green mortgage discount of 0.30% is also available with these fixed rate options, resulting in a 4-year green mortgage rate of 2.00% (APRC from 3.2%) and a 7-year green mortgage rate of 2.25% (APRC from 3.0%).

Alan Hartley, Director of Home Buying at Bank of Ireland said, “We all have a responsibility and a role to play in supporting energy efficiency. In 2019 Bank of Ireland launched our Sustainable Finance Fund and Ireland’s first green mortgage because our customers want tangible support in moving towards a low carbon future. Today we are pleased to be able to offer even better value across our green mortgage range and we are launching a new 4-year option for High Value Mortgage loans. In addition, our new 7-year fixed rate will be attractive to customers availing of the High Value Mortgage and who would like the repayment certainty from a low long-term fixed rate.”

Table of new rates:

Green Mortgage Fixed Interest Rate Old <=60% Loan to Value (LTV) Rate NEW <=60% LTV Rate Change APRC
1 Year Fixed 2.70% 2.60% -0.10% 3.9%
2 Year Fixed 2.70% 2.60% -0.10% 3.7%
3 Year Fixed 2.80% 2.70% -0.10% 3.6%
5 Year Fixed 2.80% 2.70% -0.10% 3.4%
10 Year Fixed 3.10% 3.00% -0.10% 3.3%
Green High Value Mortgage Fixed Interest Rate* Old <=60% Loan to Value (LTV) Rate NEW <=60% LTV Rate Change APRC
5 Year Fixed without Cashback 2.30% 2.20% -0.10% 3.2%

New offerings

Green High Value Mortgage Fixed Interest Rate* Old Rate NEW <=60% LTV Rate Change APRC
4 Year Fixed without Cashback N/A 2.00% N/A 3.2%
7 Year Fixed without Cashback N/A 2.25% N/A 3.0%
HIGH VALUE MORTGAGE FIXED INTEREST RATE* Old Rate NEW <=60% LTV Rate Change APRC
4 Year Fixed without Cashback N/A 2.30% N/A 3.4%
7 Year Fixed without Cashback N/A 2.55% N/A 3.2%

Further info:

*HVM is the High Value Mortgage Fixed Interest Rate

The High Value Mortgage fixed interest rate is a fixed interest rate with no Cashback. The High Value Mortgage fixed interest rate is available to you if you are buying or building a property to live in as your home or are switching your mortgage loan to the Bank of Ireland Group from another mortgage lender outside our Group, AND you are borrowing €300,000 or more, AND you draw down your new mortgage loan before 31 December 2022.

Cashback is not available with the High Value mortgage fixed Interest Rate – On a €300,000 mortgage, cashback of 2% (i.e. €6,000) could be paid on draw down and a further 1% (i.e. €3,000) could be paid after 5 years. 3% Cashback available to First Time Buyers, Movers and Switchers who draw down a new mortgage by 31 December 2022 and hold a Bank of Ireland current account. 2% Cashback on draw down of a new mortgage. 1% Cashback in 5 years subject to meeting the conditions of the mortgage. Additional 1% Cashback not available for Equity Release or Buy to Let Investment mortgages.

Green Mortgage Fixed Interest Rate

The Green Mortgage fixed interest rate is a discount (reduction) of 0.30% that we apply to our standard mortgage loan fixed rates. The Green Mortgage fixed interest rate is available to you if you are buying a property that has a Building Energy Rating (BER) of B3 or better or are borrowing to build or up-grade your home so that it has a BER rating of B3 or better or if you are switching your mortgage loan to us from another lender (and meet these criteria), AND you draw down your new mortgage loan before 30 June 2022.

Once the fixed rates that are mentioned above ends, you can choose from interest rates that are available at that time to existing customers.

The lender is Bank of Ireland or Bank of Ireland Mortgages. Lending criteria and terms and conditions apply. A typical mortgage to buy your home of €100,000 over 20 years with 240 monthly instalments costs €615.79 per month at 4.2% variable (Annual Percentage Rate of Charge (APRC) 4.3%). APRC includes €150 valuation fee and mortgage charge of €175 paid to the Property Registration Authority. The total amount you pay is €148,114.60. We require property and life insurance. You mortgage your home to secure the loan. Maximum loan is generally 3.5 times gross annual income and 80% of the property value (90% of the property value for first-time buyers). A 1% interest rate rise would increase monthly repayments by €54.02 per month. The cost of your monthly repayments may increase – if you do not keep up your repayments you may lose your home. Available to over 18s only. APRC calculations are based on the cost per month on a €100,000 mortgage over 20 years.
Warning: If you do not keep up your repayments you may lose your home.
Warning: The cost of your monthly repayments may increase.
Warning: You may have to pay charges if you pay off a fixed–rate loan early.
Warning: If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Bank of Ireland Mortgage Bank trading as Bank of Ireland Mortgages is regulated by the Central Bank of Ireland.

Bank of Ireland is regulated by the Central Bank of Ireland.

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