Bank of Ireland recently launched its new 'Move or Improve' mortgage campaign in response to the continuing rising trends in house prices which has left the average semi-detached home in the Fermanagh and South Tyrone area costing over £244,000. The campaign aims to make homeowners aware of the equity they hold in their homes, advice on the best ways to utilise it while showing customers how they can easily reduce their monthly mortgage repayments!
Homes in the Fermanagh area have risen sharply in value in recent years, especially those purchased before 2003. All this unreleased equity puts homeowners in the fortunate position of being able to make improvements to their homes and to review their mortgage options. There are 2 main reasons for equity release; either to carry out home improvements or to extend their living space. These are realistic options for those who are happy with the area in which they live, but are not in the financial position to move house.
Using Bank of Ireland's Easyswitch mortgage to release valuable equity in their homes can often leave a customer's monthly repayments largely unchanged, even though they have increased their borrowing to enable them to carry out home improvements they may not have previously afforded. A major element of this campaign is the huge fee saving element attached. The total saving to our customers on up-front fees could be as much as £1500.
Also, for the duration of the campaign which ends on 23rd November, Bank of Ireland will be offering all new customers taking out Legal and General's Rainbow Household Insurance a discount of 15% on the first year's premium.
Moving, does not only refer to moving house - it can also mean reviewing your mortgage provider and examining whether they are offering you the most competitive deal for your needs. Recent research carried out by moneysupermarket.com shows that as many as 1 in 5 homeowners are overpaying on their home loan by staying on their mortgage providers Standard Variable Rate. SVR can vary from lender to lender and currently ranges from 7.75% to 7.84%. Bank of Ireland's two-year EasySwitch discounted mortgage at 5.99% could potentially save a borrower over £100 a month on a £100,000 capital and interest mortgage.
Moving house is another exciting option for many homeowners. Perhaps due to a change in family circumstances they may decide they need a larger family home. Bank of Ireland has an extensive range of mortgage products available, which include products specifically for Re-mortgagors, Buy to Let Investors and First Time Buyers.
If you are interested in learning more about how Bank of Ireland could help save you money or help you to realise your unreleased equity, call into any of our branches where one of our specially trained mortgage advisors can provide you with a personalised quotation.
