Bank of Ireland Response to IBF/ PWC Morgage Market Profile – Quarterly Report

Commenting on the IBF/ PwC mortgage market profile for the period January-March 2009, Bank of Ireland confirms that it performed ahead of the market. Bank of Ireland grew share in all of the owner occupier segments including First Time Buyers, Equity Release, Switcher and Mover Purchaser.

The Report refers to mortgages drawndown in the period January to March 2009 (reflecting applications from Autumn 2008). Bank of Ireland applications for the same period (January – March 2009) are up 25% on the previous quarter. Looking more recently at April 09, we dealt with 8% more applications than in March 09. Although the levels of drawdowns are slower, there are early signs of this activity translating into drawdowns. In fact, a third more people drew down their mortgages with us during April than in March.

Whilst there continues to be a lot of market commentary around the First Time Buyer segment, relative to historic prices there has never been better value for those looking to trade up given current house prices and competitive interest rates. According to the Report, the trader up segment was the largest market segment in the period January to March 09. And the Equity release segment made up 14% of total new lending in the months January to March 09. In this period, almost 1 in 3 people who released equity in their properties did so with Bank of Ireland.

Speaking following the IBF announcement today, Brendan Nevin, Consumer Director, Bank of Ireland commented: “While the market shows a decline, this decline is representative of applications received in the Autumn. Currently our application volumes are strong and we expect to see these translating into an even higher share performance in the next quarter.

“We are clearly open for business and we are working with our customers, both new and existing, to meet their mortgage needs. We are approving 4 out of 5 applications and our branches are reporting an increase in the number of enquiries from both first time buyers and existing home owners.”

Ends

21st May 2009

For reference

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

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