BoI vows €1.5bn mortgage fund

BANK of Ireland (BoI) has pledged a further €1.5 billion in loan facilities for first time house buyers, but has refused to commit to a lowering in its mortgage interest rates.

The bank followed up Finance Minister, Michael Noonan’s generally positive news for beleaguered borrowers in Tuesday’s Budget speech, by yesterday announcing a new mortgage fund worth €1.5bn in support of customers looking to purchase their first home, or indeed moving home, next year.

BoI said the move builds on its plans to support customers wishing to buy a new home and is “reflective of the very significant role the bank is playing in the Irish mortgage market”.