There's no place like home...Especially when it comes at 385 per month*
Ulster bank's new mortgage drive has deals to suit all
21st Sep 2009
Monday 21st September: Ulster Bank today launches a new drive to boost its mortgage lending in Northern Ireland. The bank is currently lending more to local mortgage borrowers per month than at any time since 2007, but it says its objective is to increase this. Home movers and those wishing to remortgage are a key focus for the latest drive.
Ulster Bank is therefore, from today, reducing mortgage rates, standardising arrangement fees, increasing loan-to-value ratios and introducing a range of highly competitive new rates. When combined, the wide reaching changes offer potential home buyers some of the most attractive mortgage deals in the market.
One worked example* of these changes would see a monthly mortgage repayment as low as 384.29, based on a mortgage of 100,000 over 35 years with Ulster Bank's 2.99% discounted product, APR 4%.
Ulster Bank's Chief Executive of Retail Markets, Mike Bamber, says that further to its acclaimed first time buyer initiatives, this latest push demonstrates that Ulster Bank now has a market-leading range of products, the funds to lend and an increased focus on supporting home movers and those wishing to remortgage.
"It is one year this very week since we introduced our successful Momentum Mortgage for first time buyers, which was followed by our Co-Ownership Mortgage offer. We recently helped support the launch of www.firsttimebuyerni.com , the first website in NI dedicated entirely to First Time Buyers. However our aim is to further increase lending to support other home ownership sectors", Mr Bamber says.
Bank welcomes demand
"Ulster Bank customers have drawn down thousands of mortgages since January, but we are still not lending as much as we would like to homeowners. We welcome more demand. Today's announcement makes our best deals available to every kind of potential buyer, and it should assure them that getting an affordable mortgage is possible", Mr Bamber continued.
"Our economist Richard Ramsey sees growing evidence that house prices have stabilised and Ulster Bank can provide the mortgage lending necessary to build from this position", Mr Bamber added.
Details of changes announced by Ulster Bank and effective from today, include:
- Offering the same competitive rates for purchase and remortgage customers
- Reducing the 2 year discounted product to 2.99%* (<75% LTV)
- Introducing of a market leading rate of 3.49% for 2 year discounted* (75%-90% LTV)
- Introducing competitive 3 year fixed rates to offer greater choice*
- Increasing the maximum LTV for remortgage customers to 90% LTV
- Introducing the concept of a standard low arrangement fee (495) for all products*