500M NI MORTGAGE LENDING COMMITMENT BY ULSTER BANK
5th May 2009
Ulster Bank today announces that it is launching 22 new mortgage products with the intention of lending 500 million for mortgages in Northern Ireland between now and the end of the year.
The new market-leading products, available from branches today, are offered at rates from 3.09 per cent. The bank is also offering a range of insurance incentives for first time buyers and those moving home. These include three months free mortgage repayment protection and 25 per cent discount on home and contents insurance for a year, as well as cash-back on life and critical illness cover.
The new mortgages are offered at up to 90 per cent of a propertys value and include variable rates and fixed rates. Existing Ulster Bank mortgages offer first time buyers lending of up to 95 per cent of their house price.
Derek Wilson, Ulster Bank's head of products in Northern Ireland, says that todays announcement is intended to shatter the myth that getting a mortgage isnt possible.
We have a large fund of money available for mortgage lending in Northern Ireland. We are absolutely committed to lending to consumers, in a responsible manner, and are prepared to do so at very competitive rates, he points out.
The new mortgages include ranges for those moving house, first time buyers and borrowers switching from another lender, as well as those requiring a mortgage top-up.
Mr Wilson continues: We have seen increased interest across a number of our mortgage products in recent months, including our Momentum mortgage, which has now been extended from 21 to 43 developments across Northern Ireland.
Our mortgage applications in general have increased by 70 per cent since February, with the number of mortgage offers made by us in April close to April 2007 levels. We anticipate that with activity in the housing market picking up, uptake from borrowers will increase significantly in the months ahead.
Ulster Bank is absolutely determined to play a major role in meeting the growing desire and need for mortgage lending in Northern Ireland. We are therefore committing 500m for mortgage lending in Northern Ireland over the remainder of this year, he adds.
More information about Ulster Bank's new range of mortgage products is available from local branches or from www.ulsterbank.co.uk.