Bank of Ireland launches a further €2 billion fund for First Time Buyers and Movers

Bank of Ireland today has launched a further €2 billion fund for First Time Buyers and Movers, in response to existing and anticipated demand.

Bank of Ireland has already approved circa €1.2 billion in mortgage finance from its current €2 billion First Time Buyer and Mover fund.

Key figures

•         €2 billion First Time Buyer and Mover Fund launched in October, 2012.
•         Circa €1.2 billion in approvals from the fund to date.
•         Further €2 billion fund launched on 24th July, due to existing and anticipated demand.

Speaking about the mortgage market in Ireland, Gavin Kelly, Director of Consumer Banking, Bank of Ireland, commented:

We’re seeing strong evidence that residential property prices continue to stabilise, as are incomes and the number of people in employment.  These factors are contributing to improved consumer sentiment and an increase in the number of people considering the purchase of a home or changing home.”

Bank of Ireland has introduced a number of important initiatives to make it easier for customers to apply for a mortgage:

 NEW Anytime, Anywhere
The Bank announces details of its new ‘Anytime, Anywhere’ campaign for customers looking for a mortgage.   To enhance its extensive network of qualified mortgage advisers in over 250 branches across the country the Bank also offers a Mobile Mortgage Manager service in the greater Dublin area.  These Mobile Mortgage Managers will meet a customer at a time and place that suits them, whether early in the morning or late in the evening.

NEW 8am opening for mortgages
Three of Bank of Ireland’s largest branches in Dublin – O’Connell Street, St Stephens Green and Baggot Street are now opening at 8am so that they can offer early mortgage appointments to busy customers.

Bank of Ireland has provided circa four out of every ten mortgages. We expect strong demand to continue, particularly in the urban areas, as affordability has improved.  That is why we have today announced the launch of a further €2 billion fund for First Time Buyers and Movers.
The continued strengthening of consumer sentiment and the pent up demand from people who have been renting for the last number of years but aspire to own their own homes are also good indicators for increased mortgage activity. 
We also have options to support Bank of Ireland customers with healthy incomes who are in negative equity on their existing home to move home and we have recently launched a Tracker for Movers proposition to support the needs of our tracker customers.
We are here to support existing customers and attract new customers to Bank of Ireland.  Our extensive branch network, our Mobile Mortgage Manager service and our early mortgage appointments all demonstrate our commitment to competing for new mortgage business, and we hope to engage with as many people as possible about their mortgage over the coming months”, Kelly concluded.