Latest: Mortgage advisor defends Bank of Ireland's controversial social media campaign

Update 9.48am: A prominent financial advisor has defended the social media campaign pulled by Bank of Ireland recently following a flood of complaints.

It highlighted the case of one couple who moved in with their parents to get enough money together for a deposit.

Many criticises the advert, saying that it normalises a 'last resort' situation - however others have argued that it reflects reality.

However, Karl Deeter from the Irish Mortgage Brokers Association doesn't see a problem with the ad:

“I choose to look at it through the lens of objective reality,” he said.

“Rents are high, those costs are also rising, people are in jobs where they might not be earning as much as they’d like to, and in order to pay those rents, and save, it becomes impossible – so many choose to move home.

“And I actually commend them, because they’re making a good choice for themselves, to have a better future. And I don’t see why that should be slagged off or looked down upon.”

Karl Deeter

In a statement, Bank of Ireland said: "The ad featured one couple's deposit saving experience, it wasn't intended to cause offence and wasn’t intended as advice for customers."

Earlier:

Bank of Ireland has decided to pull a social media campaign after coming under fire.

The ad highlighted the case of one couple who moved in with their parents in order to save for a mortgage.

It prompted complaints with Twitter users saying it normalised the struggles being faced by adults in full time jobs - but still struggling to get a home of their own.

The post - which comes at a time of historically high rents - has since been deleted, although url=https://blog.bankofireland.com/mortgagesaver-orla/]a blog post detailing the couple's story[/url] remains on their website.


KEYWORDS: Bank of Ireland

 

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