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KBC Announces New Cash Support for First Time Buyers and Movers

28 August 2020

€1,500 cash support towards mortgage expenses for First Time Buyers and Movers who apply before 31st December 2020

KBC Bank Ireland has today announced a new €1,500 cash support for first time buyers (FTB) and movers. The new offer, which has been designed to support mortgage expenses such as legal and valuation fees, will come into effect on 17th August 2020 and will be available to customers applying for a 3, 5 or 10-year fixed interest rate. Customers who apply for their mortgage by 31st December 2020* can avail of the offer on drawdown. KBC also continues to offer €3,000 cash back offer to all mortgage switchers which is also available until 31st December 2020.
 
Commenting, Conor McGowan, Head of Mortgages at KBC Bank Ireland said, “Despite a challenging environment, we saw a stronger than expected increase in new mortgage applications and drawdowns for the month of July, as people seek to take out new mortgages and make savings on existing ones. While the landscape has changed, consumers are still looking for more choice and even better value when it comes to mortgage products, which is why we have today announced a €1,500 cash support towards mortgage expenses for first time buyers and movers. In addition, we are continuing to offer 3,000** cash back to customers who switch their mortgage to KBC.

“We offer some of the most competitive rates in the Irish market and are currently approving 90% of all applications received. We look forward to helping our customers navigate the home buying journey through a process that offers greater convenience, flexibility and value. Our digital-first products and services mean we are ideally positioned to help customers on their mortgage journey,” he concluded.

KBC has adapted its lending processes in order to accommodate customers to apply for a mortgage over the phone and online. As a result, the number of customers who have applied for a mortgage over the phone has risen 35% year-on-year and web applications have increased by 131% for the same period. Overall, new mortgage applications across all channels increased by 12% year-on-year, largely driven by first time buyers and switchers. The bank also saw total drawdowns rise by 13.5% month-on-month in July.
 
KBC also recently hosted Ireland’s first virtual mortgage event, Ready Steady Home, for homebuyers. The virtual event, which welcomed over 1,000 registered attendees, was designed to help homebuyers from every stage of the buying journey as they navigate buying a new home in this new environment.

For more information, visit www.kbc.ie or call our dedicated mortgage team on 1800 51 52 53.


* The €1,500 cash support towards mortgage expenses will be available after drawdown on the banks 3, 5 and 10 year fixed interest rates for customers whose mortgage application does not exceed the maximum Loan to Value and/or Loan to Income thresholds required by the Central Bank of Ireland. The offer is not available on buy to let properties, switcher mortgages or where the KBC tracker mortgage is availed of.
 
** The €3,000 cash back to customers who switch their mortgage to KBC is available to customers switching their mortgage on their principal private residence to KBC from another financial institution. This is available if the Loan is drawndown on or before 31st December 2020. Customers drawing down in stage payments will only qualify for the contribution if the initial stage draws down on or before 31st December 2020.