Bank of Ireland Launches UK Buy to Let Mortgage Product

Bank of Ireland Business Banking has launched a UK Buy to Let mortgage that allows Irish customers purchase residential investment property in the UK through any Bank of Ireland branch in the Republic.

The product has been launched in response to the increased investment spend by Irish people on UK property. According to figures from Bank of Ireland Business Banking, it is expected that by the end of 2004, Irish investors will have spent Euro 5 billion on overseas property with a Euro 1 billion estimated spend on UK residential property alone. The product has also been launched in response to increasing growth in the UK Buy to Let mortgage market, that now accounts for 7.1% of the total mortgage market compared to 2.7% in 1999.

Customers can choose from three mortgage types including a base rate tracker following movements in the Bank of England interest rates, a fixed rate and easyflex buy to let. The latter allows customers additional flexibility to make overpayments, one off lump sum payments or to take a holiday payment.

Commenting today, Mr Dermot Nolan, Head of Business Marketing, Bank of Ireland said, "There has been a growing demand for some time amongst Irish people to acquire residential investment properties in the UK. Private rental homes in the UK now account for 11% of all homes and this figure is expected to rise to 20% over the next 10-15 years as a result of increases in population, the number of students, the number of people living on their own and a more mobile workforce with different short term accommodation needs. This market represents a good opportunity for Irish investors and our objective is to make the investment in this market as seamless as possible. Our UK Buy to Let mortgage product meets this need."

The new product is being offered in conjunction with Bank of Ireland's subsidiary Bristol and West which will provide guidance to customers on home insurance, mortgage payment protection, sterling bank account and property valuation requirements. Details of the Bank of Ireland UK Buy To Let mortgage are available from Business Managers in Bank of Ireland branches nationwide.

Ends

For reference:
Anne Mathews
Media Relations Manager
Bank of Ireland Group
Tel: 01 60 43836 / 087 2460358

Dermot Nolan
Head of Business Marketing
Bank of Ireland Business Banking
Tel: 01 604 3349 / 086-2429167

About Bank of Ireland Business Banking
Bank of Ireland is the number one Bank for business in Ireland with dedicated business managers available through each of its 270 strong nationwide branch network. Bank of Ireland Business Banking now provides almost 100 business loans per day to all types of businesses ranging from start-ups to high-growth firms.

The Bank of Ireland business offer encompasses the full range of day-to-day business banking services as well as specialist Treasury, Commercial Finance, Credit card, Life Assurance planning services and Venture Capital. These business services are complemented by Bank of Ireland's Specialist Business Bank (SBB), a dedicated unit which assists Bank of Ireland branches and customers with more complex and specialist financial packages. Over 60,000 customers have registered for its "Business On Line" service.