Bank of Ireland pays First Time Buyer Stamp Duty to the value of 1% of their Mortgage
Bank of Ireland understands that stamp duty is a significant expense particularly for First Time Buyers who are trying to get onto the property ladder. So the Bank will refund stamp duty to First Time Buyers equivalent to 1% of their mortgage amount for drawdowns up to 30 September 2014.
Bank of Ireland today (2 April 2014) announced a new offer for First Time Buyers where they will pay 1% of their mortgage to the customer to help cover their stamp duty costs. The offer is available on all First Time Buyer mortgages drawn down between 2 April and 30 September 2014.
The Bank has provided more than €2 billion in mortgage approvals under its First Time Buyer and Mover fund launched in October 2012 and has an additional €2 billion fund available to meet current and anticipated demand. Speaking about the mortgage market in Ireland, Aine McCleary, Bank of Ireland’s Head of Mortgages RoI said: “Bank of Ireland is very keen to support First Time Buyers who are looking to purchase their first home. First Time Buyers represented almost half of the new mortgage market in value terms in 2013 and we are seeing demand from all parts of the country, particularly now as property prices have stabilised outside Dublin.”
Due to the fall in house prices, Bank of Ireland estimates that house affordability is at its best level since 1998, and in many cases First Time Buyers have accumulated sizeable deposits as they were waiting for property prices to stabilise prior to making the decision to purchase their first home.
“We understand that today’s first time buyer needs all the help they can get when seeking to get their foot on the property ladder, and we want to make it very clear that we want to lend to them.” McCleary continued. “That’s why we have launched this new offer especially for this important First Time Buyer segment. Bank of Ireland is open for mortgage lending and we have a very strong presence in the market through all of our channels, with 250 branches in the Republic of Ireland, a really easy form on our website where customers can start their mortgage application in just two minutes, qualified mortgage advisers at the end of the telephone and mobile mortgage managers who will meet customers at a time and place that suits the customer, in their home or place of work, in the evenings or at the weekend.”
“Customers are very busy but still want the personal engagement with a trusted adviser when it comes to making such a big financial decision, and once they submit an application they want to know quickly if their application is approved. This is where Bank of Ireland is different. When we provide mortgage approval it’s on the basis of a full credit assessment. The approval lasts for six months and it’s formal approval, not just approval in principle – and in most cases we provide this approval within 24 hours. Having formal mortgage approval in your pocket is really important when you’re chasing a property in a sought-after location where the demand outstrips the number of houses available to buy. We approved more than 80% of our First Time Buyer mortgage applications in 2013 and we believe our new offer to refund First Time Buyer stamp duty equivalent to 1% of their mortgage amount will be a huge benefit to our new mortgage customers,” she concluded.