Bank of Ireland to reward home owners and businesses for ‘going green’ - Bank of Ireland Group Website
Green Mortgage Interest Rate, Green Home Improvement Loan, and Green Business Loan introduced Aim to encourage and reward energy-efficient homes, retrofitting of older properties, and SME and agri investment in energy efficiency Bank’s Sustainable Finance Fund will make €1 billion of green loans...
Green Mortgage Interest Rate:
Borrowers can receive a discount of 0.2% off any of our fixed interest rate options (from 1 to 10 years) where a fixed term is selected at drawdown of the mortgage. This fixed rate discount will be available from drawdown on new borrowing to finance the purchase, construction, or renovation of residential buildings with an A-rated or to achieve an A-rated BER energy performance. Based on a 20-year €200,000 mortgage fixed for the first five years, the Green Mortgage Interest Rate would represent a saving of c. €2,085 over the five-year term.
Terms and conditions
The Green Mortgage fixed interest rate is a discount (reduction) of 0.20% that we apply to our standard mortgage loan fixed rates.
The Green Mortgage fixed interest rate is available to you if you:
- are buying a property that has a Building Energy Rating (BER) of A3 or better or are borrowing to
build or up-grade your home so that it has a BER rating of A3 or better,
- AND provide us with the BER certificate showing a rating of A3 or better before you draw down the loan (where you are borrowing to pay for building works, you provide us instead with specifications showing that rating will be achieved, and you provide the BER certificate once building works are complete),
- AND draw down your new mortgage loan between 19 July 2019 and 30 June 2020.
The Green Mortgage fixed interest rate will apply to the mortgage loan for the period of your chosen fixed rate from the date the loan is drawn down. Our standard interest rate options for existing customers will apply at the end of that initial fixed rate period (so the discount ends then).
Full terms and conditions of your mortgage loan will be set out in your mortgage loan documentation including your Letter of Offer except that it will refer you to the dates for drawdown that we have set out above (so you need to take careful note of them and to bring them to the attention of your solicitor or builder if necessary).
The Green Mortgage fixed interest rate is not available (a) on a mortgage loan where it (or part of it) is used to repay an existing mortgage loan from a lender whether the lender is in the Bank of Ireland Group or not (for example, this means the discount is not available for mortgage loans where you switch a mortgage loan to us from one of our competitors); or (b) on mortgage loans to buy a residential property with a BER rating of B or lower; or (c) to build or up-grade a residential property to a BER rating of B or lower.
- the first drawdown must be made between 19 July 2019 and 30 June 2020 to qualify for the Green Mortgage fixed interest rate,
- AND you must provide a detailed specification from your builder showing work to be undertaken to achieve a BER rating of A3 or better.