First Active is to offer first-time buyers a mortgage covering 100% of the value of a home.
The bank says that, based on a 92% mortgage, a first-time buyer would be left €20,000 short of the purchase price for a home valued at €245,000.
First Active's head of marketing Brendan O'Hora said many first-time buyers could afford to repay a mortgage on the full value of their home, but were unable to get a 100% mortgage.
First Active says customers may initially be required to fund items such as a booking fee or a deposit. But, on closing the sale, the mortgage cheque drawn down will cover 100% of the value of a home.
The lender says the 100% mortgage will be available across its suite of mortgage products.
