Local couple find their home sweet home

Ulster Bank Newry completes its first Co-Ownership Mortgage for Local Couple

1st Sep 2009

Newry locals Russel McGivern and his fiancee Jacqueline Kavanagh who recently moved into their first home in the Millvale Road area, were the first customers in Ulster Bank Newry to receive an Ulster Bank Co-Ownership Mortgage.

Russel, an account manager at Morgan Fuels and Jacqueline, a classroom assistant at Rathore School Newry, read about the bank's Co-Ownership Mortgage in the newspaper in February and made an appointment at the Newry branch on Hill Street.

Co-Ownership is an affordable home ownership scheme run by Co-Ownership Housing to help intending first time buyers unable to finance a property outright. The property is purchased by Co-Ownership on behalf of the first time buyer who then takes a percentage share in the property. In February this year, Ulster Bank announced its commitment of 50 million for its Co-Ownership Mortgage range, which has resulted in over 100 home buyers to date who have completed their purchase across Northern Ireland.

Russel and Jacqueline now live in a new build, three bed semi detached in Millvale Road area in Newry for 150k. Speaking about his experiences Russel commented: "Christine McKee at Ulster Bank Newry was excellent, ensuring we understood the mortgage process and keeping us informed of the progress every step along the way. We are buying our property through Co-Ownership and opted for Ulster Bank's Co-Ownership Mortgage at a two year fixed rate. There was just two weeks to wait for our house to be fitted out and we moved in early June" he said.

Christine McKee of Ulster Bank Newry commented "It was really important that we made Russel and Jacqueline's mortgage experience with us as straightforward as possible. Co-Ownership is a really important vehicle for providing access to the housing market in Northern Ireland and assisting customers like Russell and Jacqueline to buy their first home. Since the launch in February, we have had many interested customers in the Newry area.

Alan Crowe, Chief Executive of Co-Ownership Housing commented "I'm delighted for Russell and Jacqueline. It's great to see Ulster Bank's Co-Ownership Mortgage initiative providing a real boost for local first time buyers. We estimate that one in five recent first time buyers in Northern Ireland have been with the Co-Ownership Scheme."

More information about Ulster Bank's Co-Ownership Mortgage is available in all branches or from www.ulsterbank.co.uk

Caption: Showing off their first home together are Russell McGivern and Jacqueline Kavanagh pictured with Christine McKee from Ulster Bank Newry and David McCallum, Co-Ownership Housing's Operations Director.