Bank of Ireland Mortgages (BoIM) has launched its first flexible mortgage with an aim to offer borrowers security as well as flexibility in their mortgage payments, writes Rachel Williams.
Like fully flexible products borrowers can overpay, take payment holidays, make underpayments and borrow back – however, to prevent over-borrowing limits, are applied.
As a result the deal includes the most needed features without bearing the price of a fully-flexible product.
BoIM will also allow borrowers to take part of the loan on the flexible basis and the remainder on another of the lender’s core range products.
Borrowers can opt for a choice of discount deals – either a 2% discount or 1.45% discount fee contribution and valuation refund.
Both are discounted until February 2002 offering initial rates of 5.75% and 6.3%. The mortgage is available to the employed and the self-employed with a maximum LTV of 85%.