This article is written as a guide only. For the latest Bank of Ireland Mortgage offers, you should
check their website.
As of 15/8/09, the Bank of Ireland website contained the following information regarding mortgage packages available.
A First Time Buyers mortgage package features a dedicated first time buyers fund of €1 billion and 1 year fixed rate of 2.8% APR. BOI also offer €1,000 to spend on your new home and loan to value rates of up to 92%.
Bank of Ireland say you can expect a decision on your mortgage application within a few days.
To formally apply for a Bank of Ireland mortgage, you will need: a recent P60, a certificate of income from an employer, a recent payslip, photo id and a recent utility bill.
BOI may also ask for loan statements and evidence of your own financial situation.
Self employed applicants will have to provide two years of audited accounts and confirmation that tax is paid up to date. A valuation report will also be required on the property to be purchased.
Bank of Ireland also offers a Trade Up Mortgage, which provide bridging finance, €150 furniture removal voucher and discounts and special offers on home insurance and mortgage repayment cover taken out with Bank Of Ireland.
Bank of Ireland's Switcher Package offers fixed and variable rates, €1000 contribution towards legal fees and offers available on home insurance and mortgage repayment cover through the BOI group.
Another Bank of Ireland mortgage offer is their Breakthrough Mortgage.
This mortgage package is designed for people buying a house in a Local Authority Affordable Housing Scheme.
It offers a maximum 97% of the purchase price of the house, an up to 35-year mortgage term and a range of fixed and variable loans and flexible repayment options
You can apply for the Breakthrough Mortgage package if you have approval from your local authority, through the Affordable House scheme and you have received your Confirmation for Lender certificates.
The mortgage covers up to 97% of the actual price you pay for your home after the Affordable Housing Discount.
If you have already bought an affordable house under a Local Authority Housing Scheme you are not eligible to switch your mortgage from a previous lender (including local authorities) to a Breakthrough Mortgage. Equity release are not currently available on Breakthrough Mortgages.
A Breakthrough Mortgage is not available if you are building your own home on an Affordable Housing site allocated by a local authority.
The maximum mortgage is normally 90% of the property value. As a general rule, loan amounts are subject to monthly repayments not exceeding 30% to 40% of the borrower'(s)' disposable income and will vary according to individual circumstances.
Bank of Ireland also offer an Equity Release package allowing you to borrow anything from €5,000 up to 90% of the value in your home. and choose a repayment term, from 5-30 years.
Please remember, as with all mortgages, your home is at risk if you do not keep up payments on a mortgage or any other loan secured on it. The lender may adjust the payment rates on a housing loan from time to time and you may have to pay charges if you pay off a fixed rate loan early.
This website has no connection or association with Bank of Ireland and this article is only intended as a general guide. You should consult your mortgage broker, estate agent or Bank of Ireland directly for the latest information and the exact terms and conditions involved.
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