18 March 2014
Bank of Ireland UK has today [Tuesday 18th March, 2014] announced the details of its Help to Buy mortgages which are now available through its Northern Ireland branch network for both first time buyers and home movers.
The bank is offering two competitive products under the scheme, with a loan to value of 90 – 95% (inclusive of fees).The first is a two year fixed rate product with 5.19% interest rate. The second is a five year fixed rate product with a 5.45% interest rate. This product also offers the customer a free standard valuation and £500 cashback. There are no arrangement fees on either product but they both have early repayment charges for the duration of the fixed rate period, and a lending fee of £195, due on completion, although payment can be deferred until the mortgage is fully paid.
Sean Sheehan, Regional Manager, Northern Ireland, Bank of Ireland UK said: “These Help to Buy mortgages make welcome provision for those who want to buy their first home or move up the housing ladder but can afford only a small deposit”.
“In February, the University of Ulster’s Quarterly House Price Index, produced in partnership with Bank of Ireland UK, recorded a further increase in quarterly house purchase transactions in quarter 4 of 2013, and noted Northern Ireland’s highly affordable price structure. Bank of Ireland wants to support this increasing demand and drive further growth in the local market. These competitive, well-priced deals enable us to do that”.
“Bank of Ireland UK currently offers up to 90% mortgages for the purchase of new build and existing property as well as for re-mortgages. Last year we began offering loans for shared ownership ‘Co Ownership’ applicants. With the addition of the Help to Buy scheme we are providing ever greater flexibility and choice for borrowers.”
The Bank announced its decision to join the scheme in December 2013.
Bank of Ireland UK has 35 branches in Northern Ireland each of which has dedicated Mortgage Advisers to help home buyers through the process of obtaining a loan.
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Media contacts:
Catherine Agnew at Smarts Communicate Tel: 028 9039 5500 Mobile 07779101360 or emailCatherine.agnew@smartscommunicate.com
Sharon McDonnell, UK Media Relations Manager, Bank of Ireland Tel: 00353 76 623 4784 Mobile: 00 353 87 2269324 or email sharon.mcdonnell@boi.com