Millions More in Lending Support Co-Ownership Housing

18th January 2010

Ulster Bank has extended its support for the popular Co-Ownership housing scheme. The bank, which last year committed £50 million for mortgages to first time buyers in conjunction with Co-Ownership, is reaffirming its commitment for 2010.

Welcoming the announcement, Co-Ownership Chief Executive, Alan Crowe, says that Ulster Bank accounted for almost two thirds of mortgage lending for purchasers through Co-Ownership in 2009.

“We are delighted that Ulster Bank is continuing its important support for Co-Ownership housing. Their mortgage range has been very popular with Co-Ownership home buyers in the past year enabling hundreds of them to purchase their first home. Its commitment for 2010 will help hundreds more first time buyers,” he says.

Derek Wilson, Ulster Bank’s head of lending products, says: “Co-Ownership is a vital means by which first time buyers are able to purchase their first home. We made a significant commitment to the scheme last year and we are delighted to continue our support.”

The Co-Ownership scheme enables purchasers to buy the home of their choice, a residential property valued at £175,000 or less. The scheme has supported 21,000 property purchases since its inception in 1978.