BANK OF IRELAND ANNOUNCES A €1 BILLION FUND FOR FIRST TIME BUYERS

In an important move to support First Time Buyers looking to get on the property ladder, Bank of Ireland, today, 17th February 2009, announces that it is further enhancing its strong mortgage offerings with a fund of €1billion for First Time Buyer mortgage customers, along with an attractive market leading one year fixed rate of 2.45% (3.5% APR).

Taking an average First Time Buyer mortgage of €230,000, this dedicated fund from Bank of Ireland will enable over 4,000 First Time Buyers purchase their first home.

The current difficult economic conditions have made first time buyers nervous about getting on the property market. However, with four rate reductions by the ECB since October 2008, coupled with increased value in the property market, First Time Buyers are being encouraged back into the market place. Bank of Ireland, as the largest retail bank in Ireland, believes it has a part to play in this and this new fund sends a clear message to all first time buyers that Bank of Ireland is very much open for mortgage business and is seeking to support First Time Buyers onto the market.

Commenting on the new First Time Buyer fund and new market leading rate, Brendan Nevin, Director, Consumer Banking said: “Bank of Ireland is committed to supporting First Time Buyers at this critical time in their first house purchase. This dedicated €1billion First Time Buyer fund and the further improvement to our best in market 1 year fixed rate demonstrates our continued dedication to offering our customers the right products at the right time. We hope that this fund, together with our very competitive fixed and variable rates, will encourage any first time buyer who is looking to get on the property ladder to come and talk to us first. We have over 270 branches nationwide and a team of dedicated mortgage advisors all ready to assist them through what can be a complex process.”

Ends 17th February 2009

For reference

Sharon McDonnell
Group Consumer Communications
Bank of Ireland
Tel:01 604 3750/ 087 2269324

Editor Note

Bank of Ireland and Bank of Ireland Mortgage Bank, trading as Bank of Ireland Mortgages, are regulated by the Financial Regulator. Bank of Ireland Mortgage Bank is a member of the Bank of Ireland Group