Affordable housing breakthrough

BANK of Ireland Mortgages announced yesterday it has become the first private sector institution to enter the affordable housing market.

From yesterday the bank is offering mortgages to people sanctioned for affordable housing by their local authorities.

Called "Breakthrough", the mortgage is the first of its kind in the country and it will offer loans of up to 97% of the discounted purchase price. The Irish Financial Regulator, IFSRA are aware of the 97% loans offer and have no difficulties with it. A spokesman said the same guidelines apply to these loans as other mortgages.