Saturday 3 December 2016

AIB to double mortgage lending to €2bn this year

Charlie Weston Personal Finance Editor

Published 23/01/2013 | 11:41

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Getty Images

LEADING bank AIB said today it would double the value of its mortgage lending this year.

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The bank, which includes former building society EBS, said its lending target for 2013 was €2bn, up from €1bn last year.

It said it provided 45pc of all mortgages in Ireland last year with the average first-time buyer borrowing €160,000.

Head of mortgages Jim O’Keeffe said last year AIB exceeded its own targets for mortgage lending, with €1.5bn being approved for new home loans. It said a total of €1.2bn of this was drawn down by customers.

The announcement comes just days after rival Bank of Ireland said it had a €2bn fund in place for mortgage lending.

And earlier this month Permanent TSB said it would increase mortgage lending five-fold this year to €350m.

If all of this is loaned by the three banks it would mean a more than doubling of the value of mortgages being issued this year, compared with 2012.

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