Breakthrough Mortgage
If you are buying a house in a Local Authority Affordable Housing Scheme, our Breakthrough Mortgage package is designed specially for you.
It offers:
- The mortgage covers up to 97% of the actual price you pay for your home after the Affordable Housing Discount (or 85% of the Loan to Value, whichever is the lesser amount).
- Up to 35-year mortgage term
- A competitive range of fixed and variable loans to suit your needs
- Flexible repayment options
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Buy in the Affordable Housing Scheme with our flexible mortgage product
You can apply for our Breakthrough Mortgage if:
- You have approval from your local authority for an Affordable House
- You have received your Confirmation for Lender certificates
Fantastic discounts and special offers on Home Insurance and Mortgage Repayment Cover if you choose to take these products with us.
The mortgage covers up to 97% of the actual price you pay for your home after the Affordable Housing Discount (or 85% of the Loan to Value, whichever is the lesser amount).
Learn more
Find out more about how the Affordable Housing Scheme works.
If you have already bought an affordable house under a Local Authority Housing Scheme you are not eligible to switch your mortgage from a previous lender (including local authorities) to a Breakthrough Mortgage. Equity release (further mortgage advances or top-ups) are not currently available on Breakthrough Mortgages.
A Breakthrough Mortgage is not available if you are building your own home on an Affordable Housing site allocated by a local authority.
Consumer Credit Act Warnings
Warning: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT. THE LENDER MAY ADJUST THE PAYMENT RATES ON A HOUSING LOAN FROM TIME TO TIME. YOU MAY HAVE TO PAY CHARGES IF YOU PAY OFF A FIXED RATE LOAN EARLY.
If you are considering an interest-only term:
Warning: The entire amount that you have borrowed will still be outstanding.
Lending criteria and terms and conditions apply. Security and insurance required. The maximum mortgage is normally up to 97% of the discounted purchase price or 85% of the property value whichever is the lesser amount. As a general rule, mortgage amounts up to 4/5 times an individual's gross annual income are considered, and will vary according to individual circumstances. A typical variable rate mortgage of €100,000 over 20 years costs €531.59 per month (APR 2.60%). The cost of your monthly repayments may increase. A 1% interest rate rise will increase this repayment to €581.48 (APR 3.60%). This is an increase of €49.89 per month. Information correct as at 14th May 2009. Bank of Ireland Mortgage Bank is a member of Bank of Ireland Group. Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages are regulated by the Financial Regulator.
Home insurance discount is available from 01/09/2009 and expires on the 31/03/2010. Home insurance and mortgage repayment cover are provided by Bank of Ireland Insurance Services Limited, a member of the Bank of Ireland Group. Cover is subject to underwriting requirements and terms and conditions apply. Bank of Ireland Insurance Services Limited is regulated by the Financial Regulator. Home insurance is issued by RSA Insurance Ireland Limited. RSA Insurance Ireland Limited is regulated by the Financial Regulator. Mortgage repayment cover is underwritten by Financial Insurance Company Limited trading as Genworth Financial. Financial Insurance Company Limited is regulated in the UK by Financial Services Authority and in Ireland by the Financial Regulator.
