Table of Contents
- What kind of mortgage deals does Bank of Ireland offer?
- How long does a mortgage application take at Bank of Ireland?
- How much can I borrow from Bank of Ireland?
- How do I get a mortgage from Bank of Ireland?
- Will I need a good credit score for a Bank of Ireland mortgage?
- What’s the customer service like at Bank of Ireland?
- Do I need buildings insurance with a Bank of Ireland mortgage?
- Should I get a mortgage from Bank of Ireland?
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Bank of Ireland was established by Royal Charter in 1783. Bank of Ireland UK is a wholly owned UK subsidiary of Bank of Ireland and forms part of the Bank of Ireland Group.
There are 13 Bank of Ireland branches in Northern Ireland and 169 branches in the Republic of Ireland. But customers can also carry out day-to-day banking transactions at more than 500 Post Offices nationwide. The bank does not have any branches in Great Britain.
Bank of Ireland is now the UK’s 14th largest mortgage lender, having lent just over £2.2 billion in 2021, according to UK Finance.
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What kind of mortgage deals does Bank of Ireland offer?
New Bank of Ireland UK mortgages are only available to customers in Northern Ireland. Mortgages are available for first-time buyers, home movers and those remortgaging.
Customers can choose from:
- Fixed rate mortgages
- Tracker mortgages
- Interest only mortgages
- Buy to let mortgages
- Self-build mortgages
Residential fixed rate mortgages have a term of 2, 3 or 5 years and borrowers need a deposit of at least 5%.
How long does a mortgage application take at Bank of Ireland?
Data from our mortgage partner, Better.co.uk, shows that over the last 12 months, it took an average of 39 days for Bank of Ireland to process a mortgage application.
However, the speed of your own mortgage application can depend on your personal circ*mstances, as well as business volumes at the lender and the quality of your application.
How much can I borrow from Bank of Ireland?
Depending on your circ*mstances, you could borrow up to 5.5 times your annual income before tax with Bank of Ireland, according to our mortgage partner, Better.co.uk.
How do I get a mortgage from Bank of Ireland?
If you know which mortgage you want and you’re happy to apply without advice, you can complete your mortgage application online via the Bank of Ireland website. Alternatively, if you would prefer to seek advice from Bank of Ireland, you can start your application online and an adviser will call you back to talk you through the rest of the process.
Bank of Ireland can also provide you with an Agreement in Principle before you make your application in full. This will enable you to find out whether Bank of Ireland can offer you a mortgage and how much you are likely to be able to borrow. This won’t affect your credit score as a full application would.
Will I need a good credit score for a Bank of Ireland mortgage?
Yes, a good credit score will boost your chances of getting accepted for a mortgage with Bank of Ireland and increase the likelihood of you securing the best mortgage rates.
If your credit score is poor, there are steps you can take to improve it. These include checking you’re on the electoral roll, correcting mistakes on your credit report, and paying your bills on time.
What’s the customer service like at Bank of Ireland?
According to Fairer Finance’s latest ratings, Bank of Ireland has a customer experience rating of 55%. It scores highly (82%) for dealing with customer complaints, but less well for customer happiness (40%), customer trust (41%), and transparency (58%).
Do I need buildings insurance with a Bank of Ireland mortgage?
Buildings insurance is usually a condition of your mortgage and will protect the structure of your home against damage caused by fire, flooding and subsidence, for example.
It is advisable to shop around and compare quotes from a range of different insurance providers to ensure you’re getting the best level of cover at the best price.
Should I get a mortgage from Bank of Ireland?
This is ultimately your decision to make, but before you decide, be sure to shop around and compare mortgages with a number of lenders to see which deal best suits your requirements.
Factor in both the mortgage rate and the fee. In some cases, you might find a mortgage with a higher interest rate but no fee works out cheaper overall than a mortgage with a low interest rate but high fee.
In many cases, especially if you are buying for the first time, it makes sense to contact a licenced mortgage broker for advice.
