Bank of Ireland to refund stamp duty to first time buyers

Bank of Ireland to refund stamp duty to first time buyers

Bank of Ireland is to offer first-time buyers a sum to the value of 1 per cent of their mortgage to pay towards stamp duty costs.

All first-time buyer mortgages drawn down between now and September 30th will be entitled to the deal, the bank announced today.

“Bank of Ireland understands that stamp duty is a significant expense particularly for first-time buyers who are trying to get onto the property ladder,” it said in a statement.

Speaking about the offer, Bank of Ireland’s head of mortgages Aine McCleary said stamp duty was a “significant expense” for people trying to purchase their first home.

“First-time buyers represented almost half of the new mortgage market in value terms in 2013 and we are seeing demand from all parts of the country, particularly now as property prices have stabilised outside Dublin,” she said.

Mortgage approvals to the value of more than €2 billion have been granted since October 2012 under the bank’s First-Time Buyer and Mover fund, she said, with a further €2 billion available to meet current and anticipated demand.

Ms McCleary said house affordability was at its best level since 1998 due to the fall in house prices, and many first-time buyers would be in a good position to purchase now having accumulated “sizeable deposits” while waiting for the property market to stabilise in recent years.

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