Compare Bank of Ireland Equity Release Quotes Against The Market

Note: Bank of Ireland does not offer equity release but has a range of products that serves as an alternative to it. This guide will cover them in detail.

Bank of Ireland is a major financial institution with a significant presence across the UK. While they are a household name for traditional mortgages, their approach to "equity release" is distinct from many niche providers. Rather than offering a traditional roll-up lifetime mortgage to new customers, Bank of Ireland focuses on Later Life Lending and Retirement Interest Only (RIO) mortgages.

If you are looking for independent advice about the best alternatives to equity release, including Bank of Ireland’s offering, get in touch with an expert below:

Who is Bank of Ireland?

Established in 1783, Bank of Ireland is one of the "Big Four" Irish banks and has been operating in the UK for decades. In the UK, they provide a wide range of financial services and are well-known for their competitive mortgage rates. Historically, they offered a true lifetime mortgage called "Lifeloan," but today their focus has shifted toward lending for older borrowers who can afford monthly interest payments.

What is Bank of Ireland Later Life Lending?

In 2025, Bank of Ireland’s "equity release" options primarily consist of Retirement Interest Only (RIO) mortgages and Bespoke Later Life plans. Unlike a standard lifetime mortgage where interest builds up (rolls up) over time, these products require you to pay the interest monthly.

• Retirement Interest Only (RIO): This allows you to borrow against your home and only pay the interest each month. The capital is usually repaid when you sell the house, move into care, or pass away.

• Bespoke Range: A flexible lending range for older borrowers (up to age 80) who may have more complex income streams, such as SIPPs or investment portfolios, and want a standard repayment or interest-only mortgage.

Key Features of Bank of Ireland RIO & Later Life Mortgages

Bank of Ireland's later life products offer several modern benefits:

• Higher Age Limits: They consider applicants up to the age of 80 on their bespoke range (with the mortgage typically needing to end by age 85).

• Fixed Interest Rates: Competitive fixed rates are available for 2, 3, 5, or even 10 years, providing stability in monthly outgoings.

• No Interest Roll-up: Because you pay the interest monthly, the amount you owe never grows. This protects 100% of the remaining equity for your inheritance.

• Flexible Income Assessment: They are known for their "bespoke" underwriting, which can take into account pension income, rental income, and even a percentage of your SIPP (Self-Invested Personal Pension).

• Cashback Offers: Some later life products come with cashback incentives upon completion.

Bank of Ireland Interest Rates

Bank of Ireland is often one of the most competitive lenders in the UK for later life rates because they require monthly payments. While traditional "roll-up" equity release rates might be higher, Their later life mortgage rates are usually significantly lower than most standard lifetime mortgages because the lender's risk is lower.

Eligibility Criteria

To be eligible for a Bank of Ireland later life mortgage in the UK, you generally need to meet the following:

• Minimum Age: Usually 55 or over (can be younger for certain bespoke repayment mortgages).

• Minimum Income: They typically require a minimum household income (often around £20,000 to £30,000) to prove you can afford the monthly interest.

• Property Value: Minimum property values usually start at £70,000 to £100,000.

• Location: Properties must be in England, Wales, Scotland, or Northern Ireland.

• Maximum LTV: Typically up to 70% for RIO mortgages and up to 90% for standard later life repayment mortgages.

Bank of Ireland Reviews

Bank of Ireland UK generally receives positive feedback for its mortgage service, particularly for its "Bespoke" underwriting team which looks at cases individually. Reviews on platforms like Trustpilot for the UK arm highlight their professional communication and competitive rates. However, customers have occasionally noted that the application process for later life lending can be more rigorous than traditional equity release because of the required affordability checks.

Pros and Cons of Bank of Ireland Later Life Lending

Pros:

• Protects Inheritance: Since you pay the interest monthly, the debt doesn't grow, leaving more for your family.

• Competitive Rates: Generally lower interest rates than roll-up lifetime mortgages.

• Flexible Underwriting: Excellent at considering non-standard income like SIPPs or investment portfolios.

• Trusted Brand: The security of a long-established, major international bank.

Cons:

• Requires Monthly Payments: Not suitable for those who want to release cash without the burden of a monthly bill.

• Affordability Checks: You must prove you have enough pension or other income to cover the interest for life.

• Not a "Standard" Equity Release: If you want a plan with no payments at all, Bank of Ireland is likely not the lender for you.

• Stricter Property Criteria: They can be more selective about property types (e.g., flats or non-standard construction) than specialist equity release lenders.

How to Apply

You can access Bank of Ireland’s later life products through qualified mortgage advisers or by contacting the bank directly if you are an existing customer. Because these are "interest-only" or "later life" mortgages rather than standard lifetime mortgages, you may not always need a specialist equity release adviser - a standard mortgage broker with later life permissions can often assist.

Get started here to book a free, no-obligation chat with a later-life mortgage adviser who specialises in Bank of Ireland’s product range, can compare it against the market for you and help you find the best option.