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The UK's 16th largest lender

Bank of Ireland lent just over £3bn in 2018. That's 1% of all mortgage lending.

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3-day submission time

That's 13 days faster than the average across the 25 lenders we've compared.

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Borrow 4.49x your income

You could borrow up to this amount if you meet the lender's requirements.

About Bank of Ireland

Bank of Ireland, which is now a subsidiary of Bank of Ireland Group plc, was first established by Royal Charter back in 1783.(1)

It’s historically considered to be the premier banking institution and one of the traditional ‘big four’ Irish banks.

In 2018 it had a stable market share of 27% for new mortgages in the Irish market. (2)

Bank of Ireland offers a wide range of products including first-time buyer mortgages, mover mortgages, switcher mortgages and buy to let mortgage deals.

You should bear in mind that new Bank of Ireland UK mortgages are only available in Northern Ireland.

In this review we'll cover:

Is Bank of Ireland a good mortgage lender?

There are a number of different ways of measuring how good a mortgage lender is. One strong indicator is to use complaints data in order to estimate the quality of service.

We looked at Bank of Ireland’s customer complaints record from between July and December 2018. During this period the Financial Conduct Authority (FCA) received 240 officially upheld complaints from Bank of Ireland customers. [1] That’s around 0.2% of their customers, which is still lower than the 0.4% average across the 25 lenders we’ve looked at.*

*The number of customers served by this lender isn’t publicly available so we’ve estimated this figure based on market share and average house price in the UK.

How long does a Bank of Ireland mortgage application take?

Over the last six months, it took just 9 days on average for Bank of Ireland to process successful mortgage applications for our customers.That's shorter than most of the lenders we’ve looked at and less than the 16-day average.

The speed of your own application will naturally vary depending on your own personal circumstances and the lender’s present day-to-day performance. In some cases, applications can be approved by the lender within 24 hours, while some can take weeks or even months to resolve. This can also be impacted by the quality of applications submitted, which is why you may want to consider using a mortgage broker. The average quoted speed therefore may not reflect your own experience.

How much could I afford to borrow from Bank of Ireland?

How much you can get for a mortgage will vary, but Bank of Ireland could lend up to a maximum of 5.5 times your annual income before tax, depending on your circumstances.

These details were last updated on 8th August 2019.

Frequently asked questions (FAQs)

This information was last updated in August 2019

What types of mortgages do Bank of Ireland offer?

Bank of Ireland offers a range of both fixed and tracker mortgages to suit all customers.

Some of the Bank of Ireland mortgages that are available include:

First-time buyer mortgages

The Bank of Ireland First Start Mortgage is available with up to 95% loan to value. This means you could need as little as a 5% deposit to get your feet on the property ladder.

Remortgages 

You can transfer from your current lender by using the Bank of Ireland mortgage switcher, with fixed and variable rates available. Fee saver deals are also available.

Moving Home Mortgages

If you’re moving home, you can get a Bank of Ireland mortgage with fixed or variable rates. Selected rates come with no product fee and you can get up to 90% loan to value.

Self-build Mortgages

Self-build homes are becoming more popular but tend to require specialist mortgages. Bank of Ireland self-build mortgage packages feature a staged release of funds with up to 75% loan to value available. 

Buy To Let Mortgages

Bank of Ireland buy to let mortgage deals are available with up to 75% loan to value with the security of fixed rates for added peace of mind. There are packages to suit whether you’re a first-time landlord or an experienced property investor with an established portfolio.

What is loan to value or LTV?

This refers to the ratio of the loan to the value of the property you are purchasing. If you wanted to borrow £180,000 to buy a house that was valued at £200,000, that would be a loan to value (LTV) of 90%.

What are fixed and variable rate mortgages?

With a fixed rate mortgage you will pay the same rate every month for the term of the fixed rate, which can be good if you want to know exactly how much your repayments will be each month.

A variable rate can change over time. A tracker rate mortgage will move along with the Bank of England's official borrowing rate. This doesn't mean it's exactly the same as the base rate, just that it will move up or down in line with it.

A Standard Variable Rate (SVR) mortgage is set by the Bank of Ireland Group and can change at any time throughout the year.

What will happen when your Bank of Ireland mortgage promotional offer ends

Bank of Ireland will send you a letter before the promotional rate ends. This will set out your new rate and tell you what your new regular monthly repayment will be. You can also apply for a new mortgage deal by visiting Bank of Ireland’s customer hub within four months of your current promotional deal ending.(3)

Can you take a payment holiday on your Bank of Ireland mortgage?

This may be possible, but you should contact Bank of Ireland if you wish to restructure an existing loan.

Will Brexit affect my Bank of Ireland mortgage?

Lots of people are concerned about the potential implications of Brexit, but Bank of Ireland does not expect it to have any effect on mortgages.

They’ve stated: “We do not expect there to be any impact on your existing mortgage as a result of Brexit, and it will continue to operate as normal.”(4)

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Your home could be repossessed if you don't keep up repayments on your mortgage.

You may have to pay an early repayment charge to your existing lender if you remortgage.

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Sources

All information was sourced from the Bank of Ireland’s own website, unless referenced below.

  1. FCA