Time-resolved spectroscopy was applied to investigate the excited state dynamics of two heteroleptic Ir(III) complexes with the general formula [Ir(C^N)2(N^N)](+), where C^N and N^N represent different cyclometalating and diimine ligands, respectively. The excited state relaxation is influenced by the ligand substitution as well as the light polarisation. Vibrational relaxation occurs in the sub-ps timescale and interligand charge transfer results in polarisation dependent signal dynamics with a time constant of about 30 ps. Electron injection from the iridium dye to TiO2 is analysed with respect to potential applications in solar energy conversion.