Bank of Ireland is to launch a new product aimed at people buying property under affordable housing schemes.
Called Breakthrough, the mortgage will offer those who qualify loans of up to 97% of the purchase price of a house at any of the bank's standard new business mortgage rates. This means customers will have to pay only a 3% deposit.
Mortgage terms will be up to 35 years, where the bank and local authority agree to share the security.
Bank of Ireland says the product will be available 'as soon as possible' in the new year. BoI's Des Crowley said 11,000 affordable homes were expected to become available over the next two or three years.
