Bank of Ireland Mortgages Reiterates Lending Criteria for QuickStart 100

Bank of Ireland Mortgages revealed today (Tuesday, August 23rd) that it has rolled out an advertising campaign to support its new 100% mortgage,QuickStart 100. Since it was introduced in July 2005, interest in the mortgage offering has been strong among potential First Time Buyers. Through the advertising campaign, Bank of Ireland Mortgages hopes to ensure that First Time Buyers understand the specific features of its offering.QuickStart 100enable customers to avail of a 100% mortgage including the option of a personal loan to cover the contract deposit required on a house purchase.

Bank of Ireland Mortgages has reiterated, however, that 100% mortgages may not be appropriate for all first time buyers. In order to ensure thatQuickStart 100is correctly targeted, Bank of Ireland Mortgages has introduced specific lending criteria.

First Time Buyers who wish to avail of the mortgage offering will need to have a minimum income of €35,000 per year (or €60,000 in the case of joint applicants) and up to maximum multiples will apply (between 4.75 times and 5 times their income and 4.5 times for joint borrowers). The criteria also specify that qualifying properties have a minimum of two bedrooms. In addition, with this mortgage offering, parental guarantees will not be taken into account when assessing applications.

Mr. Joe Larkin, Managing Director of Bank of Ireland Mortgages said; "Bank of Ireland Mortgages takes its position as a responsible lender very seriously and in that regard we will ensure that all the lending criteria forQuickStart 100are adhered to. I am happy to reassure those with concerns around the concept of the 100% mortgage that, at Bank of Ireland Mortgages, not only is repayment capacity important but we also stress test each mortgage factoring in the possibility of future interest rate increases.

Within the Bank of Ireland branch network, our mortgage advisers have a crucial role in advising customers if a particular mortgage product is suitable to their needs", he added.

Bank of Ireland Mortgages also advises customers that they will not have to finance the contract deposit up front withQuickStart 100. They will, however, have to cover other up front costs such as legal fees, outlays, valuation fees, booking deposit, stamp duty (if applicable) and interest repayments on personal loans (if applicable). On a typical €300,000 mortgage, first time buyers will need to have saved approximately €10,000 to cover these costs.

ENDS

Tuesday, 23rd August

For information contact:

Olive Moran
Marketing Manager
Bank of Ireland Mortgages
Tel: 01 611 3525 or 086 662 2333

Mary Brennan
Group Corporate Communications
Bank of Ireland Group
Tel:01 604 3838