Bank of Ireland Mortgages today announced that it is launching a new mortgage offering for the affordable-housing market to assist those who wish to purchase properties under the various affordable housing schemes.
Called Breakthrough, the mortgage deal will offer qualifying customers loans of up to 97% of the purchase price of their property at any of the bank’s standard new business rates.
Mortgage terms of up to 35 years will be offered to qualifying customers, where the bank and the local authority agree to share the security.
All the normal standard lending criteria will apply.
Bank of Ireland Retail Financial Services CEO Des Crowley said: “It is anticipated that 11,000 affordable homes are due to become available to purchasers over the next two to three years.
“As the first financial institution in Ireland to enter this market, I am confident that our mortgage offering will make home ownership a reality for many who may not have thought it possible”.
The announcement was welcomed by the Taoiseach.
Bank of Ireland was up 4c at €11.65 on the ISEQ mid-morning.