Switch to a new rate - Bank of Ireland UK

You can find out when your current deal ends in your hub. When the time comes, simply apply online. To make things easier for you, the rates online are the same as those you can get over the phone.

You can request to speak with one of our mortgage advisers from your hub if you’re a homeowner with us. We’ll recommend a deal for you if there’s one that suits your needs. We don’t offer this service for landlords on our Buy to Let deals.

When can I switch my rate?

You can apply to switch up to four months before your current deal ends, or today if your deal has already ended.

Your new rate will take effect once your current deal ends, or from the 1st of the next month if your mortgage is on a variable rate. To make sure this happens, we must have your Offer acceptance and anything else we’ve asked for by the 19th of the month before your new rate is due to start. Your switch may be delayed by a month if you miss this date.

Option one – Apply online

If your current deal ends within the next four months, or has already ended, getting a new deal is easy through your mortgage hub. Our deals online are the same as those you can get over the phone.

Step 1:

Step 2:

Find out when your current deal ends. You’ll see what deals you can choose from if you’re able to switch. Use the system to see how a new rate and any fees due change your monthly payments. You can also see how your payment changes if you reduce the time you have left to pay your mortgage.

Step 3:

Once you’ve decided on the deal you want, simply apply online. Or you can arrange to speak with one of our mortgage advisers if you’re a homeowner with us and need help choosing a new deal.

What if my fixed rate hasn’t ended?

You won’t see any rates yet if you have more than four months before your current deal ends. But why not register for your hub today, so you’re ready to apply when the time comes.

Option two – Get in touch

Give us a few details if you prefer not to register for your hub or you want to make an overpayment as part of your switch. We’ll be in touch at a time that suits you. Before you do this, have a look at our rates. These can be withdrawn at any time, without notice.

We recommend you get in touch early to book an appointment, as we can get busy. The sooner you contact us, the more likely we’ll be able to set up your new deal, so it starts when you need it to. Get started now and we’ll do the rest.

Whether you’re new to your hub or just want to know how to use it, our handy hub guides explain how to manage your account and switch your rate. Read our FAQs for more details about getting a new deal.

There may be times when you need to get in touch when you switch your rate. The table below gives some examples of when to do this.

When can I just switch online and when do I need to call?

What I want to do	Online	Over the phone
I’m happy to choose a new deal without help
I’m a homeowner and want you to recommend a mortgage deal for me
I’m a landlord and want your help
I want to choose a new deal and reduce the length of my mortgage
I want a new deal and make an overpayment. (Read how to do this in our FAQs)
I want a new deal for my property which has a consent to let
I want a new deal and need more money
I want a new deal and make a change to my account which isn’t listed above
I have more than four months before my current deal ends, but want to switch and pay the Early Repayment Charge

How will I know when my fixed rate ends?
We’ll send you a letter before your fixed rate deal ends, explaining what your options are. You can also see all your mortgage details in your hub.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!
Will my property be revalued?
You can see how much your property is worth in your hub. This figure is an estimate which we’ll use to show you the rates you can choose from. You can pay for your property to be revalued if you think the value is too low and is affecting the rates you can choose from.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!
Will I need a solicitor?
A solicitor isn’t normally needed when you switch your rate. However, we must instruct one if we need to set you up with a new mortgage account. Don’t worry though - you won’t have to pay for this.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!
Can I make other changes when I switch my deal?
Yes, if the changes you want to make meet our current lending policy.

You can reduce how long you have left to pay your mortgage when you apply to switch your rate. You must apply over the phone if you want to make changes like moving some or all of your interest only mortgage on to repayment, or if you want to borrow more money.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!
Can I pay a lump sum off my mortgage when I switch my deal?
You can overpay and switch at the same time if you apply over the phone. Give us a few details and we’ll call you to book an appointment with a mortgage specialist.

You’ll need to switch and overpay at different times if you want to do this through your hub.
- If your deal ends soon
  You can apply for a new deal, then make your lump sum payment once you’ve switched on to your new rate. This helps to avoid delays in setting up your new rate to start when your current deal ends, or the month you want if it’s already ended. Please be aware you’ll pay an Early Repayment Charge if you pay more than your allowance after your new rate has started. You can pay off up to 10% of the amount you owed us as of the most recent March 31st with no charge. Check your allowance any time by clicking the Payments button in your hub.
- If you’re applying to switch early
  You can make your lump sum payment, then apply for a new deal. You must wait for our letter confirming how much your new payment will be before applying. This gives our systems time to update how much you owe us, so your switch reflects the correct amount.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!
Can I switch to a new interest only deal if my mortgage is already interest only?
Yes, you can. Just follow the steps on How to apply. The rates in your hub are for both repayment and interest only mortgages.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!

How do I cancel my switch request and apply for a different rate?
To guarantee your switch being cancelled in time, get in touch by the 10th of the month before your new rate is due to start to guarantee the switch is cancelled in time, or earlier if the 10th falls on a weekend. We can’t process any cancellations after the 18th.

If you miss the 10^th and we can’t cancel your request:
- Your mortgage will go on to the rate you’ve already applied for
- You’ll have to pay the Early Repayment Charge on the new rate if you want to cancel and take out a mortgage with another lender.
Cancelling so you can apply for a different rate with us

We recommend you cancel your switch request by the 1^st of the month before the new rate is due to start to guarantee a different rate being set up in time. This is so we can cancel your request, issue a new mortgage Offer, and allow you time to read and send us everything we’ve asked for by the 19th of the month. Your switch may be delayed by a month if you miss this date. This means you’ll be charged a month’s interest on a variable rate.
Did this answer your questions?
Your answer helps us improve our Support Centre
Yes

No
Thank you for your feedback!