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BoI launch fixed-rate 10-year mortgage

Tuesday, September 02 14:01:40

Bank of Ireland today launched a 10-year 4.99pc fixed rate mortgage, saying that this is a new first on the Irish market.

The bank also offers a range of 1, 2, 3 and 5 year fixed rate options.

"There's nothing else like this on the market," said Aine McCleary, Bank of Ireland's Head of Mortgages. "This new rate is available to new and existing customers, regardless of their LTV, and giving customers the option to fix at under 5pc for a full decade is a further compelling addition to our range of highly competitive fixed rate mortgages."

Bank of Ireland also allows customers fix just a portion of their mortgage and keep the remainder on a variable rate.

"It combines the benefits of certainty of repayments with the flexibility of a variable mortgage," Ms McCleary says, "and the borrower can choose the portion they want to fix, whether that's 80pc or more, or as little as 10pc."

"An analysis of our recent mortgages in Bank of Ireland shows that many customers are choosing fixed rate options so that they can be certain of their mortgage repayments for a period," McCleary added. "To date this year, almost a third of our mortgage customers have opted for one of our fixed rate products, and the proportion is higher among our first time buyer customers with 43pc choosing to fix. It shows that younger mortgage customers in particular are opting for the certainty that comes with fixed rate mortgages."

The bank has a 2 billion fund available for First Time Buyer and Mover mortgage lending and expects its 10 year fixed rate option to be a very popular option from its mortgage product range.

"We're listening to our customers and looking for ways to make house-buying easier," Ms McCleary says. "Bank of Ireland's 24-hour customer promise is now in every one of our 250 branches in the Republic where we will get back to customers within 24 hours with a full credit assessment providing real approval that the customer can act on, not just approval in principle. Some of our customers find it difficult to get everything done during banking hours, so Bank of Ireland has a team of mobile mortgage managers - professionally qualified advisers who are available to meet customers at a time and place that suits best, whether that's in the customer's home or place of work, even at the weekend."

For more visit www.businessworld.ie