Bank of Ireland (BOI) said yesterday that it would offer customers a three-month break from mortgage repayments when they have a baby. The bank said it was taking the step because it recognised that people need flexibility, especially during the first year of a baby's life. "The average cost of a baby in its first year is almost £4,000, excluding hospital charges and childcare, according to Patrick Waldron, head of marketing with BOI.

He said the move, known as Baby Break, would give customers the option of freezing their mortgage repayments for up to three months before, during or after the arrival of a new baby.