Bank of Ireland Mortgage Rate Switch / Product Transfers
There are many reasons why clients want to do a rate switch / product transfer instead of doing a remortgage. Many clients just do not want to go through the hassle of the legal work involved with a remortgage. Others have built up a long term relationship with their lender and are happy so do not want to move
Other clients circumstances have changed so that getting a remortgage and going to another lender is not feasible. They might have just gone self employed and do not have adequate income proof. They may have a reduction in income due to going part time or starting a family.
Product Transfers and Rate Switches do not usually involve credit searches so if a clients credit profile would prevent a remortgage then in most cases provided their mortgage payments are up to date their existing lender will allow a rate switch.
Not all lenders allow rate switches and product transfers. However the number of lenders allowing this has grown significantly over the last few years. As a whole of market broker we can compare what is available via your existing lender and what deals are also available from the whole market for you.
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Why process a Rate Switch with the Bank of Ireland?
Majority of the time, the SVR is much higher than what can be offered from your current lender. With Bank of Ireland, our company can switch your rate to refrain it from going onto the higher standard variable rate and could as a result, save you money on your monthly payment. However, if the product happens to be not competitive against rates offered by other lenders in the mortgage market, we can then discuss options like remortgaging to a different lender from the whole mortgage market.
Bank of Ireland is a commercial bank and one of the traditional big four Irish banks. It is also the oldest bank in continuous operation in Ireland. As well as being a commercial bank – a deposit-taker and a credit institution – Bank of Ireland also performed many central bank functions, much like the earlier-established Bank of England and Bank of Scotland.
The next steps to process the product transfer with Bank of Ireland is a simple process and will just require you to follow the following steps;
- Fill in the online enquiry form
- We will then contact you to discuss the options available to you.
- Confirm that you are happy to proceed with the information we provide you and we will then accept the new rate for your mortgage.