Bank of Ireland announces changes to fixed mortgage interest rates – 2022
15 March 2022 – Bank of Ireland, which launched Ireland’s first green mortgage in 2019, has today announced Ireland’s lowest green rate of 1.90% for new customers borrowing €250,000 or more and who are buying or building a home with a Building Energy Rating (BER) of B3 to A1.
The Bank will reduce its green 4-year High Value Mortgage fixed interest rate by 0.1% to 1.90% (Annual Percentage Rate of Charge, (APRC), from 3.20%) and its 4-year High Value Mortgage fixed interest rate by 0.1% to 2.20% (APRC from 3.30%).
The Bank will also reduce the eligibility threshold for all High Value Mortgages (green and non-green) from €300,000 to €250,000.
The changes announced today will be available to new customers who meet the eligibility criteria from 22 March 2022.
Alan Hartley, Director of Home Buying at Bank of Ireland said, “Bank of Ireland was the first lender to offer a green mortgage and we are leading the market again with the lowest green mortgage rate available in Ireland. Since the launch of our offering in 2019, we have supported c. €1.9 billion of green mortgages and green mortgages accounted for c.35% of our mortgage lending in 2021. Homes that are easier to heat and keep warm are good for your pocket and good for the environment. Encouraging customers to make these choices is one of the clearest ways that Bank of Ireland can support the transition to a low carbon future.”
| GREEN High Value Mortgage Fixed Interest Rate*/** | Old Rate | Rate from 22 March | Change | APRC |
|---|---|---|---|---|
| 4 Year Fixed without Cashback | 2.00% | 1.90% | -0.10% | 3.20% |
| High Value Mortgage Fixed Interest Rate* | Old Rate | Rate from 22 March | Change | APRC |
|---|---|---|---|---|
| 4 Year Fixed without Cashback | 2.30% | 2.20% | -0.10% | 3.30% |
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 €250,000 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. 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 31 December 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.