Bank of Ireland Introduces a Market Leading 2 Year Fixed Rate for First Time Buyers

Bank of Ireland, today, 11th June 2009, has reinforced its commitment to support First Time Buyers (FTB) looking to get on the property ladder, by introducing a market leading 2 year fixed rate of 2.65% (2.6% APR).

Based on this new rate the typical repayment on an average First Time Buyer mortgage of €200,000 would be €730 a month for the fixed rate period. This 2 year fixed rate offers customers the security that their monthly repayments will remain the same for two years, irrespective of any moves in rates during that term.

This new rate further enhances Bank of Ireland’s strong mortgage offering and together with its market leading 1 year fixed rate of 2.35% (2.6% APR) and dedicated €1bn fund for First Time Buyers is yet another positive step for those looking to buy their first home. To date, Bank of Ireland has seen 75% of its First Time Buyer fund applied for, providing evidence of the strengthening appetite for first time buyers to enter the mortgage market.

Commenting on the new 2 Year Fixed Rate, Brendan Nevin, Director Consumer Banking, said: “The introduction of this market leading 2 year fixed rate for first time buyers demonstrates our continued dedication to offering our customers the right products at the right time. Our experience with FTB’s in branches has shown that certainty of repayments is key when buying your first home. Buying your first home is such a big decision that knowing what you will be paying each month offers comfort to some customers and makes the transition to new home owner easier for them.”


11th June 2009

For further information:
Sharon McDonnell/ Mary Brennan
Group Corporate Communications
Tel: 01 604 3750/ 01 604 3838