Bank of Ireland (BOI) is one of Ireland’s two pillar banks and one of the country’s largest mortgage lenders. BOI offers a full range of residential mortgage products — fixed, variable, and green rates — along with a well-established application process available online, in branch, and via independent mortgage brokers.
Bank of Ireland Mortgage Rates 2026
Bank of Ireland offers LTV-tiered fixed rates across 2, 3, 5, 7, and 10-year terms. Exact rates change regularly — always confirm current pricing with BOI directly or through a broker — but indicatively for 2026:
| Fixed Term | Approx Rate (LTV ≤80%) | Approx Rate (LTV 80–90%) |
|---|---|---|
| 2-year fixed | ~3.3% | ~3.6% |
| 3-year fixed | ~3.3% | ~3.6% |
| 5-year fixed | ~3.4% | ~3.7% |
| 7-year fixed | ~3.6% | ~3.8% |
| 10-year fixed | ~3.7% | ~3.9% |
Green rate: BOI offers a lower rate (typically 0.2–0.4% below standard fixed) for properties with a BER A or B energy rating.
Standard variable rate: BOI’s standard variable rate is typically higher than its best fixed rates and is generally only recommended as a short-term bridge between fixed periods.
Bank of Ireland Mortgage Products
Fixed-Rate Mortgages
BOI’s fixed-rate products lock your interest rate for the chosen term, giving full payment certainty. At the end of the fixed period, you refix at the then-current rate or move to standard variable. BOI allows overpayments of up to 10% of the outstanding balance per year during a fixed period without early repayment charge.
Green Mortgage
BOI’s green mortgage offers a preferential fixed rate for homes rated BER A or B. If you are buying a new build (which must meet A2 BER under current building regulations), you automatically qualify. For older properties, obtain a BER certificate from a registered SEAI assessor.
Variable Rate Mortgage
BOI’s variable rate rises or falls in line with BOI’s decision-making — not directly tied to the ECB rate on a one-for-one basis. Variable rates suit borrowers who want no early repayment charge flexibility (e.g., planning to sell or make a large overpayment), though the rate is typically higher than comparable fixed rates.
First-Time Buyer Products
BOI has historically offered cashback or additional incentives on FTB mortgage products. Confirm current FTB offers with BOI or a broker at the time of application — these change periodically.
Switcher Mortgages
BOI offers competitive switcher rates for borrowers moving from another lender. Cashback on switcher products is available in some product ranges; a broker can compare BOI’s switcher offer against the full market.
Buy-to-Let Mortgages
BOI lends on buy-to-let (BTL) investment properties up to 70% LTV (30% deposit required). BTL rates are higher than owner-occupier rates. Rental income must cover 125–145% of monthly interest at a stressed rate.
The Bank of Ireland Mortgage Application Process
Step 1: Get Approval in Principle (AIP)
The first formal step is Approval in Principle — a written indication from BOI of how much they will lend you. AIP confirms your borrowing capacity before you go sale agreed on a property.
How to apply for AIP:
- Online: via the Bank of Ireland mortgage application on bankofireland.com
- In branch: book an appointment at your local BOI branch
- Via broker: a mortgage broker submits on your behalf
AIP typically takes 5–10 working days from receipt of a complete application.
AIP is valid for 12 months. If you do not go sale agreed within 12 months, you may need to renew.
Step 2: Go Sale Agreed and Submit the Full Application
Once you have a property sale agreed, submit your full mortgage application including:
- Signed contracts for sale (from your solicitor)
- Property valuation (BOI commissions this from their approved valuer panel)
- Any additional documents requested at AIP stage
Step 3: Mortgage Approval (Loan Offer)
BOI reviews the full application — property valuation, legal checks, and final income verification — and issues a formal Loan Offer. This is the binding mortgage agreement.
Read the Loan Offer carefully before signing. It contains:
- The interest rate and whether it is fixed or variable
- The mortgage term and monthly repayment
- Any conditions attached to drawdown (e.g., buildings insurance, mortgage protection)
Step 4: Drawdown
Your solicitor handles the drawdown process — exchanging the Loan Offer with BOI’s legal team, completing title searches, and coordinating the release of funds on closing day. Expect 6–12 weeks between sale agreed and drawdown for a standard purchase.
Documents Required for a Bank of Ireland Mortgage
Employed applicants:
- Last 3 months’ payslips
- Last 6 months’ bank statements (all current accounts)
- P60 or Employment Detail Summary from Revenue
- Photo ID (passport or driving licence)
- Proof of address (utility bill or bank statement, within 3 months)
Self-employed applicants:
- Last 2 years’ audited accounts or Revenue tax assessments
- Last 6 months’ business and personal bank statements
- Accountant’s letter confirming your trading position
- Tax Clearance Certificate
All applicants:
- Proof of deposit (savings history showing accumulation over 6+ months)
- Details of any existing loans or credit card balances
- Gift letter (if part of deposit is a gift — see our BOI Gift Letter guide)
Bank of Ireland: Cashback and Incentives
BOI has offered 2% cashback on certain mortgage products. Cashback terms change — confirm at time of application. If cashback is offered, it is typically paid within 30 days of drawdown.
One thing to watch: cashback products sometimes carry a slightly higher interest rate than non-cashback equivalents. Ask BOI or your broker to compare the total cost (cashback minus extra interest over the fixed term) to confirm whether the cashback deal is genuinely better value.
Applying Via a Mortgage Broker vs Directly
BOI accepts applications both directly and via independent mortgage brokers. Using a broker gives you access to:
- The full market, including broker-only lenders (Avant Money, ICS, Finance Ireland) that BOI cannot offer
- Comparison of BOI’s rate against all competitors in one step
- Broker support with document preparation and application management
Applying directly to BOI is sensible if you have a straightforward application and have already compared rates independently.
Frequently Asked Questions
Does Bank of Ireland offer mortgages to non-Irish residents?
BOI primarily lends to Irish residents. Non-residents or returning emigrant applications are considered on a case-by-case basis. A broker familiar with BOI’s non-resident criteria is valuable here.
Can I get a Bank of Ireland mortgage for a self-build?
Yes. BOI offers self-build mortgages with staged drawdown. You will need planning permission, a fixed-price building contract, and BOI-approved certifiers for each drawdown stage.
Does Bank of Ireland lend on new-build apartments off-plan?
Yes, subject to the development meeting BOI’s requirements and the unit being registered on the Property Registration Authority. Off-plan purchases typically require a 6-month valuation refresh before drawdown if there is a delay.
What happens if I want to overpay my BOI mortgage?
On a fixed-rate product, BOI allows overpayments of up to 10% of the outstanding balance per year without an early repayment charge. On a variable-rate product, there is no overpayment limit.
Can I switch from another lender to Bank of Ireland?
Yes — BOI actively competes for switcher business. A broker can compare BOI’s switcher package (rate, cashback, legal contribution) against other lenders to find the best overall deal for your LTV and remaining term.
See also: Best Mortgage Lenders in Ireland | Mortgage Rates Ireland 2026 | Green Mortgages Ireland | Switching Your Mortgage in Ireland | Bank of Ireland Gift Letter