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Bank of Ireland reports surge in home improvement loan applications
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Bank of Ireland reports surge in home improvement loan applications

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A leading bank has reported a surge in people applying for home improvement loans.

Bank of Ireland said it has seen a 38pc rise in consumers seeking to borrow to do work on their properties.

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However, the average loan size has not changed in the first three months of this year compared with last year, and is still €12,000.

Home owners over the age of 35 account for most of the applications, the bank said.

Most seeking to borrow to renovate their homes are between the ages of 35 and 44.

More than one in four applicants were looking to borrow between €10,000 and €20,000.

A similar proportion requested amounts greater than €20,000.

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