| Standard mortgages | |
|---|---|
| Minimum loan: | £25,001 |
| Maximum loan: | £1.5 million |
| Loan types: | For property purchase and remortgage only |
| Payment types: | Our standard residential mortgages are only available on a repayment basis. |
| Loan tiers: |
Loan tiers for purchases: 95% up to £500,000, 85% up to £750,000, 80% up to £850,000, 75% up to £1,000,000, 70% up to £1,500,000. Fees may be added. Conditions apply. Applicants borrowing on a 95% LTV basis cannot own any other property at the time of completion. Loan tiers for remortgages: 90% up to £500,000, 85% up to £750,000, 80% up to £850,000, 75% up to £1,000,000, 70% up to £1,500,000. Fees may be added. Conditions apply. |
| Property: |
The following property types are not acceptable:
a)In a development over 6 storeys and built after the year 2000. This list is not exhaustive. Some non-traditional forms of construction won’t be accepted. If the property is built from anything other than brick or stone, if the roof is not tile or slate, or if it's a self-built property, please call for further details. |
| Age: | Minimum: 18 |
| Term: | Maximum: 35 years or the number of years it will take the (eldest) applicant to reach 75 (whichever is lower). Minimum: 5 years. If term goes beyond anticipated retirement age the entire mortgage must be on a repayment basis and we may ask for evidence of means to repay until the end of term. |
| Overpayments: |
You can overpay at any time during your mortgage term. If you’re in a promotional period, you can overpay a minimum of £500 and a maximum of 10% of the outstanding mortgage balance (as at 31st March the previous year) without incurring any early repayment or administration charges. Once the promotional period is over, the amount you can overpay is unlimited, however if you pay off your mortgage in full charges may apply. |
| Ability to pay | We will review your application to ensure we are satisfied with your ability to pay. This will include a review of your overall circumstances including the amount of debt you have in relation to your income. For repayment mortgages, a minimum household income of £20,000 is required. Any income used to assess affordability must be contracted and paid in GBP. |
| Employment status: | Employed or self-employed (3 years minimum trading and the last 2 years accounts required). |
| Contractors: |
We will consider applications from contractors, subject to the following criteria:
Applications from contractors are also acceptable under standard self-employed criteria. |
| Refinance: |
You can remortgage to raise additional capital as long as:
|
| General lending criteria | |
|---|---|
| Lending areas: | Properties in England, Scotland (including the Scottish islands of Skye, Bute, Lewis & Harris, Mainland Orkney, Mainland Shetland, Arran, Mull, Islay, Whalsay, Yell, South Ronaldsay, West Burra, Tiree and Unst - please contact us to discuss properties located on any other Scottish islands), Wales and Northern Ireland (unless otherwise stated). |
| Property owner: |
Transactions are only acceptable where the seller is the owner or registered proprietor of the property, and has been for at least 6 months. If you’re remortgaging, you must have owned the property for a period of at least 6 months |
| Nationality: | Applicants are normally required to be resident in the UK for the 3 years preceding the mortgage application. Foreign Nationals from within the European Economic Area (EEA) have automatic rights of residency and work, so will be assessed for status in the same way as a British citizen. Non EEA citizens need to demonstrate rights to work and reside in the UK and can apply to borrow up to a maximum of 75% Loan to Value. These rights can be shown by passport stamps or Home Office papers. The right to remain in the UK must be for a sufficiently long period to justify the granting of a long-term loan. |
| Early Repayment Charge: | If you repay all or part of your loan before the end of the early repayment period, you may be charged an Early Repayment Charge to cover any losses that the lender might otherwise incur. When you repay the whole of the loan you must pay the lender any mortgage release fee they charge at the time of repayment. If you have deferred payment of the lending fee you must also pay this. For part repayments, an additional administration fee will apply. |
| Clean Credit History: |
We will not lend to you if you have ever:
We will normally only lend to you, if in the last 3 years you have had no:
Missed mail order or telecoms payments are normally disregarded. |
| Payday loans: | If you have had a payday loan within the last 12 months we won’t normally lend. If you have taken out a payday loan over 12 months ago then your case will need to be looked at individually to assess affordability. |
| Standard legal fees paid by lender: | Remortgage Transaction If stated in the Offer of Loan, Bank of Ireland UK will pay for the legal fees and disbursements (excluding additional work, see below) providing the remortgage transaction is handled via Legal Marketing Services, and is completed. The firm of Solicitors is instructed to act for us only. If applicants wish to arrange their own legal representation they will be responsible for the legal costs and disbursements incurred. Please note: Bank of Ireland UK will not pay for charges relating to additional work outside the scope of a standard remortgage transaction. This includes further valuation reports, related legal services, transfer of equity, deed of postponement, deed of grant, deed of variation, merger of freehold or leasehold title, leasehold supplements, change of name, telegraphic transfer of surplus funds to borrower, local searches for loans over £1,000,000, or if an exceptional amount of work is required to correct a defective title. Purchase Transaction If stated in the Offer of Loan, Bank of Ireland UK will pay the basic fee for the legal work involved in a standard property purchase. This offer of fees assisted conveyancing does not include any payment for cost that the solicitor must pay to a third party such as a local authority or other search fees, Stamp Duty Land Tax, the cost of taking out defective title indemnity insurance or registration fees payable to the Land Registry. The offer also does not include the charge, plus VAT, payable to the solicitor to deal with the settlement of any Stamp Duty Land Tax and the submission of the Stamp Duty Land Tax form or the cost of any associated sale. The solicitor will provide you with full details of this charge and the third party costs you will have to pay. These fees, along with the legal fee for any additional legal work that the solicitor carries out for you, are payable by you. If the purchase does not go ahead, you will not have to pay for the standard conveyancing work carried out, but you will have to pay any third party costs already paid by the solicitor. For property purchases in Scotland please contact us for details of our nominated Solicitor when obtaining your Approval in Principle. If you choose not to use our nominated Solicitor you will be liable for the legal costs. |
| Product fees: | Payments should not be made at application stage. Bank of Ireland UK will deduct the fee from the loan amount upon completion or add it to the loan amount. |
For help with key terms, please see the Definitions tab.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.