In a survey by the bank, they found that 84% of 25-35 year olds who have never bought a home want a place to call their own and the vast majority want a bank to clearly explain the process of applying for and getting a mortgage.
This data, from recent research conducted by RED C for Bank of Ireland, was released ahead of Bank of Ireland’s “Homebuyers’ Week”, a week-long information campaign aimed at highlighting Bank of Ireland’s support for its customers in the purchase of a home. Homebuyers’ Week runs from Friday 12th to Friday 19th October.
“Overall, the findings suggest the desire to buy is strong. But providing information and reassurance to first time buyers is key to getting them to consider applying for a mortgage,” said Carol Fanagan, Business Strategy Director with RED C.
“In particular, first time buyers need advice on what they can really afford, and there is a strong need for a bank to explain clearly what the process of getting a mortgage involves.”
Jonathan Byrne, Director, Consumer Banking, Bank of Ireland, said the bank was seeing an increase in interest amongst potential home buyers and encouraged them to come in to the bank to get advice to tackle any concerns they had about the process.
“The research clearly indicates potential buyers are aware of the attractiveness of low house prices at the moment but there are barriers, including an assumption that it is difficult to get a mortgage,” he said.
“Buying a home is a big decision, and we know that making that decision is not easy. But we have seen a notable increase in activity levels in the last few months – a 39% increase in applications since the first quarter of the year – with increasing numbers of customers coming to us to talk about a mortgage. That’s why we’ve decided to host Homebuyers’ Week – to highlight to people that whether they are ready to buy now or just making plans, Bank of Ireland is eager to speak with them. I would urge potential buyers to come in and talk to us,” he said.
Homebuyers’ Week is being held by Bank of Ireland, which has a circa 40% share of new mortgage lending, and will run from Friday 12th to Friday 19th October. This is the first in a series of such information campaigns and the focus of activity for this week will be in the greater Dublin area. There are events in branches across Dublin, for customers and local home related businesses. One of the key customer events takes place in the Louis Fitzgerald hotel, Newlands Cross on Wednesday 17th October from 6pm, with guest speakers and lots of home related expert advice and activities.
As well as the launch of Homebuyers’ Week, Bank of Ireland also announced today the launch of a new €2 billion mortgage fund to support first time buyers and movers purchase a home during the remainder of 2012 and throughout 2013. The €1.5bn fund, launched in December last year, is now over subscribed for applications.