Mortgage Charter

The Mortgage Charter

On 26th June 2023, the UK Government introduced a new Mortgage Charter. It was set up to give customers with residential mortgages extra support if they’re worried about keeping up with their payments.

Support available to our existing customers

We’ve signed up to the Charter and can offer support to existing residential mortgage customers who're up to date with their payments in the following ways:

• A switch to a new mortgage rate up to five months before their fixed period is due to end
• A temporary switch to Interest Only payments for six months. This will reduce repayments in the short term
• An extension to the mortgage term. This may make monthly payments more affordable.

We’ll do this without the need for any:

• Affordability checks – no assessment or proof of income or outgoings
• Credit checks – meaning we don’t check a customer’s credit profile and there’s no effect on their credit score.

Signing up to the Charter also means we won’t repossess an existing customer’s home within 12 months of them missing their first mortgage payment where they don’t bring their account back up to date.

These measures don’t apply to Buy to Let mortgage accounts or customers already in arrears.

How to action Mortgage Charter support

We don’t recommend which option is best for our existing customers. Your client may approach you to talk through their options and the impact this could have on their current and future financial position. We have lots of information available to help them consider each option. You can find further details from the Mortgage Charter page on our existing customer website.

Product Transfers

You’re able to apply to switch your client’s mortgage rate up to five months before their current deal ends. If rates reduce, you can change your client’s deal or cancel their application with us up to two weeks before their new rate takes effect. Your client’s new interest rate will start on expiry of their existing promotional period.

Use our product transfer service to switch your client to a new rate.

We can withdraw our rates at any time and without notice.

Temporary switch to Interest Only payments/Extension to the mortgage term

Existing Bank of Ireland residential mortgage customers will need to get in touch with us directly to apply for a temporary switch to Interest Only payments or an extension to their mortgage term.

Existing customers can apply for either a temporary switch to Interest Only payments or a term extension one time only. Your client should be made aware of how each option could affect them. Further details can be found from the Mortgage Charter page on our existing customer website.

Customers in arrears

If an existing customer is already in arrears, please ask them to get in touch with us. They won’t be able to apply for these new measures, but we do already have support available. The earlier they contact us the sooner we’ll be able to help.

We have a team who are experienced in dealing with borrowers facing financial difficultly. They’ll work with your client to explore their different options, and find one that’s most suitable for their needs.

More information can be found on the help and support page on our existing customer website.