From 9am on Wednesday 29th November 2023, the Bank of Ireland will withdraw selected products from its Bespoke range in order to introduce new rates.
Bespoke rates withdrawn include various 5-year fixed rates in the 600% to 90% loan-to-value bracket, all with rates above 5.0%.
New rates span purchase and remortgage, across the same LTV range, and include 2-year and 5-year deals, with some of the latter providing rates below the 5.0% rate mark.
Highlights include: a 60% LTV 5-year fixed deal at 4.78%, with a product fee of £1,995; a 75% LTV 2-year fixed rate at 5.19% with a £1,995 fee; and an 80% LTV fixed rate at 5.01% with a fee of £1,495 and £500 cashback.
The Bespoke range is individually assessed by an underwriter, provided the customer passes a credit score, meets minimum income and loan size requirements, has their income paid in GBP, and meets standard property criteria.
The lender also made changes to its wider residential rates, to come into effect at the same time.
Residential rates being withdrawn include 5-year and 7-year products from 75% LTV to 95% LTV.
New rates at 60% LTV include a 2-year option at 4.97%, with a £1,495 fee and £300 cashback, a 3-year deal at 4.87%, and a 5-year deal at 4.69%.
Other highlights include: a 3-year 4.99% deal at 75% LTV; a 3-year 5.14% deal at 80% LTV; and a 5-year 5.35% deal at 95% LTV.
Applications for products due to be withdrawn must be submitted, accepted and converted into a full application by 9am on the 29th of November.
Nicholas Mendes, mortgage technical manager at John Charcol, said: “The latest repricing from Bank of Ireland makes them the latest lender to offer sub 5% deals for a 2 year fixed, positioning them with other high street lenders.
“They also offer a competitive 3 year fixed, which has been strengthened with a further reprice from tomorrow.”
