Bridging loans are now available at a 4.4 per cent variable rate APR for Bank of Ireland mortgage customers. The rate is the same variable offered to the bank's home loan customers. This initiative can represent a savings of approximately £1,429 on a bridging loan of £75,000 over four months compared to a similar loan offered at 10 per cent, says the bank.

It is estimated that in excess of 20,000 people will sell their current home and trade up to a new home in the State this year, says product manager, Mr Shane O'Sullivan. When delays in selling a home occur, some customers need a bridging loan to cover the period between the time they move into their new home and sell their own home. The average period is three to four months.