Bank offers 2.65% rate for first-timers

Bank of Ireland has introduced a two-year fixed rate of 2.65% for first-time buyers (FTB).

The bank estimates that the typical repayment on an average FTB mortgage of €200,000 will be €730 a month for the fixed rate period.

The rate offered customers the security that their monthly repayments would remain the same for two years, irrespective of any moves in rates during that term, said Brendan Nevin for the bank.

To date, Bank of Ireland has seen 75% of its first time buyer fund applied for, providing evidence of the strengthening appetite for first-time buyers to enter the mortgage market.

Mr Nevin said their experience with FTB’s had shown that certainty of repayments was key when buying a first home.

Article courtesy of The Evening Echo.