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Bank of Ireland received €264million in applications for mortgage fund

The lender said it was showing “support and commitment to the Irish mortgage market”.

Image: Eamonn Farrell/Photocall Ireland

BANK OF IRELAND has received mortgage applications worth €264million for a fund set up at the beginning of this year, according to bank management.

The lender announced in December that it would make €1.5billion in funding available for mortgages in 2012, with the possibility of expanding the fund if demand was high.

A spokesperson said at the time that the fund would be a “further support” to Budget measures aimed at helping first-time buyers.

“To date in the first weeks of 2012, we have received applications to the value of €264m from potential first time buyers and movers,” Bank of Ireland mortgages head Jonathan Byrne said today.

He insisted that even though overall lending is low, the bank is showing “support and commitment to the Irish mortgage market”.

Bank of Ireland now accounts for just over 50 per cent of all new mortgage lending by value, the institution said in a statement.

More: BoI plays down report on mortgage rate hikes>

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Michael Freeman

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