Thinking of moving home?
If you’re looking to move, you could port your mortgage rate to your new home. ‘Porting’ simply means transferring your existing Bank of Ireland mortgage rate to your new property when you move. All Bank of Ireland mortgage rates are portable, subject to the terms and condition of your original Mortgage Offer and our current lending criteria.
Why ‘port’ your current mortgage?
- Keep your current promotional deal
- No Early Repayment Charges (ERCs) if you're still in your promotional period and complete the sale of your current property and the purchase of your new property within a 3 month window. Early Repayment Charges (ERCs) will apply if you don’t meet our requirements. Please read Moving House and Porting your Mortgage Rate (PDF) to find out more
- If the house you are moving to is less expensive then you can take your mortgage with you and redeem (pay back) part of the mortgage. Please note that if you are within your promotional period you would need to pay Early Repayment Charges (ERCs) on the amount of your mortgage you redeem
Your mortgage loan is secured on your current property; if you would like to port your mortgage rate you'll need to apply for a new loan for your new property, before you redeem your current mortgage. Your new loan will be subject to the terms and conditions in effect at the time of the new application, and a lending fee of £195 will apply to the new mortgage. You’ll need to pay the lending fee on the current mortgage (if this hasn’t already been paid) and for a valuation of the new property. When porting your existing mortgage rate, your new mortgage loan will be subject to full underwriting checks, including income assessment and credit checks. There may be restrictions to the Loan to Value (LTV) permitted on the new property you’re purchasing. Please see our guide to Moving House and Porting your Mortgage Rate (PDF).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
If you’d like to port your mortgage, or take advantage of our choice of rates and borrow more call us on 0345 300 8000* for more information.
If you’d like to port your mortgage, check whether or not your mortgage is still in its promotional period. You can find this out by looking at your last mortgage statement. We can also look this up for you when you call us.
I’m still in my promotional period
If you're within your promotional period, that’s no problem. You can apply to transfer (port) your current rate to a new mortgage which is subject to our normal underwriting criteria and means you won’t have to pay any Early Repayment Charges (ERCs). The new application will need to be submitted prior to redeeming your current mortgage. You’ll also need to complete the new purchase within 3 months of the date of redemption – click here to find out more.
My promotional period is finished
If you're not in your promotional period, you can either take your existing mortgage rate with you or change your mortgage to one of our great home mover deals.
Should the need arise, you could also apply to borrow more. You could keep your existing balance on your current rate and ‘top up’ with one of our great home mover deals (subject to meeting our lending criteria).
Read our Frequently Asked Questions for more information on moving home.
If you’re interested in borrowing more when you move home, take a look at our great home mover deals, which may be available to you.
We offer a free advice service for mortgage applications. This means we’ll undertake a full fact find process and an assessment of your mortgage needs and circumstances will be completed by one of our qualified Mortgage Advisers. The process will typically take an hour to complete. Following this we’ll send our recommendation for you to review so you can apply with us.
We will check that you and your new property meet our current lending criteria. We will also need to undertake an affordability check and an underwriter assessment.
If you’d like to move home and take your mortgage rate with you please call us on 0345 300 8000*