| Click for the Finfacts Ireland Portal Homepage |

Finfacts Business News Centre

News Main Page 
 
 News
 Irish
 European
 International
 Asia-Pacific Business Week
 
 Analysis/Comment

RSS FEED


How to use our RSS feed

 
Web Finfacts

Welcome

Finfacts is Ireland's leading business information site and you are in its business news section.

We provide access to live business television and business related videos from: Bloomberg TV; The Wall Street Journal; CNBC and the Financial Times. Click image:

Links

Finfacts Homepage

Global News

Bloomberg News

CNN Money

Cnet Tech News

Newspapers

Irish Independent

Irish Times

Irish Examiner

New York Times

Financial Times

Technology News

 

Feedback

 

Search

News : Irish Last Updated: Dec 19th, 2007 - 13:17:15


Bank of Ireland Mortgages launches enhanced Trade Up mortgage offering
By Finfacts Team
Oct 10, 2006, 15:22

Email this article
 Printer friendly page

 

Bank of Ireland Mortgages today launched its enhanced Trade Up mortgage offering, designed to support the specific needs of the trading up home buyer. 

The ‘mover purchaser’ represents the largest customer segment of the Irish mortgage market accounting for 28% of all new mortgage lending in the 6 months to June 2006*, equating to €5.2bn, a 20% growth on the same period last year.  Research conducted by Lansdowne Market Research on behalf of Bank of Ireland Mortgages indicates that it is the unexpected costs associated with trading up along with the number of organisations involved in the process that contributed to over half of the respondents claiming that it was ‘stressful’.

Bank of Ireland’s enhanced Trade Up mortgage offering has been designed to specifically support customers as they trade up.  The bank says that with an experienced mortgage advisor available in each branch, customers can expect assistance with planning the different elements involved and support throughout a process, which on average takes nine months from when someone starts to think about moving.  Along with practical elements including competitive discounted tracker rates, €750 contribution towards legal fees and €150 furniture removal, Bank of Ireland has also developed a comprehensive Trading Up Guide that provides top tips, sound advice and a step by step outline of what to do when buying and selling at the same time.

The research highlighted that unexpected costs such as decorating the new property, deposit, legal fees, removal costs and estate agents fees, as well as dealing with a number of organisations at the same time contributed to 36% of customers rating the move as ‘difficult’.  Finding the time to actually plan all the elements involved also adds to the stress for many people.

85% of trader uppers described their primary emotion after moving into their new house as one of relief.  Some of the reasons given as to why people decided to trade up included life choices - improve quality of life (81%), move to a better area (61%) and move to their dream home (47%).  67% of respondents indicated monetary reasons for trading up such as rising house prices (53%) and salary increase (24%).  57% of respondents sited more space as a key reason for moving, gaining 2.4 more extra rooms as a result.  Interestingly a shorter commute time is a minority motive, mentioned by only one in four.

Pictured at the launch of Bank of Ireland Mortgages Trading Up campaign were Helen Cassidy Marketing Manager, Bank of Ireland and property expert Liz O'Kane, presenter of RTE's Househunters programme. The enchanced Trade Up mortgage offering is designed to support the specific needs of the trading up home buyer. Picture Jason Clarke

The average trading up mortgage is €244,458 and respondents claimed to bring an average of 32% equity to the new house purchase, predominately from a combination of proceeds from the sale of the previous property (74%) and savings (66%).

The enhanced offering from Bank of Ireland offers customers:

- Competitive rates including discounted ECB tracker and market leading fixed rates

Bridging finance at home loan rates to help cover costs while trading up

€750 contribution towards legal fees

€150 furniture removal voucher with Oman Removals

3 months free home insurance for all customers of Bank of Ireland

New Trade Up guide with top tips and sound advice

Dedicated mortgage advisors in every branch

Dedicated mortgage phone line (1890 365 345) and online www.bankofireland.ie/mortgages

Commenting at the launch, Helen Cassidy, Marketing Manger, Bank of Ireland Mortgages said “Trading up can be a stressful time for many customers.  It can be time consuming, there is more at stake and a lot more factors to consider when dealing with the many organisations involved in the transaction.  Our customers tell us they value one point of contact who can guide them through the financial side of the process while also having the experience and understanding of all other elements involved. 

“Today’s customers expect quick decisions on how much they can afford to borrow, a great mortgage package, funds delivered on time and advice on the whole process, all of which is available through our branches, online and phone along with the largest network of qualified mortgage advisors in Ireland. 

“The trading up segment is an important segment for Bank of Ireland Mortgages.  With this enhanced package, we are supporting Trade Up customers by delivering the advice, service and deal they expect.  We are delighted that the research shows that 90% of customers who took out a mortgage with Bank of Ireland when trading up were satisfied and we want to build on our success in this area.”  Helen concluded.


© Copyright 2007 by Finfacts.com

Top of Page

Irish
Latest Headlines
C&C reports plunge in UK cider sales; Revenue and profit margin to fall 10% in year to February 29, 2008
Shannon Development calls for urgent national launch of high-speed fibre Broadband infrastructure across Ireland
Irish SMEs can reduce costs by adopting Green IT
Irish construction employment fell 5.4% in year to November 2007 - actual job losses were about 15,000
Two Dublin Firms "score major deals" during South Africa Trade Mission
Dublin Airport: DAA to start work on €55m extension to Terminal One
Forfás says Employment in IDA and Enterprise Ireland client firms grew by 1,187 in 2007; Over 18,500 people were employed in research activities across Ireland in 2007
Wyeth Ireland invests €5 million in Dublin and creates 24 jobs
Irish Consumer sentiment fell slightly in December 2007
Aer Lingus begins Belfast-London Heathrow service; Ryanair's Michael O'Leary visits Shannon on last day of Aer Lingus service to London
Martin welcomes over 50 Irish Firms on South African Trade Mission
Irish Construction: December data signalled record falls in activity - housing, civil engineering and commercial sectors
Britvic Ireland to cut 60 jobs in Cork
Irish Live Register increased 2,100 in December; Grew 14,987 in 2007 to 171,800 at end of December
Irish Public Service Benchmarking Body Report: Increases recommended for just 15 of the 109 grades examined
Irish Financial Services Ombudsman says complaints increased 15% in 2007
Nuclear Power in Ireland: Government calls for a debate without a deadline to avoid having to make decision
Irish Industrial Sector had best year in 2007 since 2002
Irish National Employment Rights Authority carries out 14,000 inspections; Recovers €2.5m in arrears for workers; Martin launches "major publicity campaign"
Horizon Technology hit by falling revenue and bad debt provision increase of €0.8 million