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Bank of Ireland keeps loan in the family

Bank of Ireland Mortgages’ first start loan will be sold through sister company Bristol & West by the end of the first quarter of 2005.

The loan for first-time buyers will be available through mortgage
advisers as well as directly from B&W branches. The details are
still to be decided before a launch date is confirmed.

First start works as a joint mortgage, usually between a parent and a
first-time buyer, using the parent’s income to enhance the borrowing
capacity for the mortgage. This arrangement differs from guarantor
mortgages in that the property is in the name of the applicant and
not the parent but the parent’s income is factored in.

The current Bank of Ireland rate for a five-year fixed mortgage is
5.5 per cent. A two-year or three-year discount loan is also

B&W head of marketing Dominic Toller says: “The Bank of Ireland
has launched this very successfully. B&W will be offering exactly
the same benefits to intermediaries’ clients. This loan allows people
to get going on the property ladder while knowing it is safely

Hamptons International Mortgages managing director Kevin Duffy says:
“The first-start mortgage is an exceptional product and we need to
see more products like this.”



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