Anyone thinking about buying their first home might be interested in a new mortgage being offered by Bank of Ireland which aims to ease some of the financial pressure in the early years of the mortgage. The new mortgage allows customers to reduce monthly repayments by 15 per cent, 10 per cent and 5 per cent respectively for the first three years and is geared towards those in the 25 to 35 age group.

The mortgage is based on a current three-year fixed rate of 5.1 per cent. On a £100,000 (€126.9 million) mortgage over 20 years, a customer's repayment would be approximately £100 less per month in year one, £66 in year two and £33 in year three. Anyone who wishes to opt out of the this arrangement during the first three years will not incur any penalty.