The product is available exclusively through intermediaries and will be open to first-time buyers, homemovers, employed and self-employed applicants.
The lender is offering a five-year fixed rate deal at 4.05 per cent with no product fee, a minimum loan size of £150,000 and maximum loan size of £500,000.
A maximum loan to income ratio of 4.49 times income will apply and the lender will use its standard property criteria although new build properties are excluded.
It is available across the whole of the UK including Northern Ireland.
Bank of Ireland’s move follows Accord’s return to the market announced earlier this week and these are the first two mainstream lenders to do so without the benefit of support schemes or regional restrictions.
George Higginson (pictured), UK mortgages director at Bank of Ireland UK, said: “The last year has seen unprecedented challenges in the market.
“Over this time we’ve consistently offered a full range of mortgages to help provide certainty for brokers and their end customers.
“By offering a 95 per cent LTV mortgage product again, we’ll be able to help many first-time buyers, second steppers as well as the self-employed who are often overlooked by other lenders.”
Yesterday the lender revealed it had completed £3.1bn of new mortgage lending in 2020 – down from its £3.6bn in 2019 but described as a positive result after the impact of the pandemic and as it focused more on niche borrowing.