Bank of Ireland has announced the introduction of a new fixed rate mortgage product that will offer tiered discounts for homes that have a Building Energy Rating (BER) of any level. Unlike conventional green mortgages limited to BER ratings of B3 and above, the EcoSaver Mortgage extends its benefits to a broader range of BER ratings and offers discounted fixed rates for homes with a BER from A to G.

Effective from 18 April, the product will be available to new customers as well as existing customers who switch to the EcoSaver Mortgage from another Bank of Ireland mortgage product.

The following discounts are available:

BER Rating	BER G	BER F	BER E	BER D	BER C	BER B	BER A
Discount	0.05%	0.10%	0.15%	0.20%	0.25%	0.30%	0.35%

 

The EcoSaver Mortgage offers flexibility in that customers can improve their mortgage discount at any time if they improve the BER rating of their home. They will qualify for a better discount if the BER rating for their home has improved from one letter to a different letter - for example, from a BER rating of C to B, or C to A. They will, however, not qualify for a better discount where the BER rating improves but stays within the same letter. For example, an improvement from a BER rating of C3 to C1 will not entitle them to a better discount.

Bank of Ireland has also indicated that customers can secure an EcoSaver Mortgage once their existing fixed rate comes to an end. Alternatively, they can break out of their current fixed rate to make the change. However, customers should be aware that breaking out of a current fixed rate term may not provide a saving if they are already on a lower fixed rate term than what is currently offered, and they may also face a penalty fee for ending their fixed term early.

 

The EcoSaver Mortgage represents a step forward in mortgage options, blending sustainability with financial incentives. With its tiered discounts, the new product allows homeowners to move towards energy efficiency while enjoying reduced mortgage rates each time their home's energy rating improves.

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