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Bank teams up with developers
Homebuyers in Northern Ireland have been thrown a life line by Ulster Bank. Derek Wilson, head of mortgages at Ulster Bank, described the initiative as “a major innovation”. The bank is offering a new mortgage product for purchasers of new builds through a number of property developers. They hope that this will give first time buyers the chance to step on to the property ladder by way of a 95 per cent mortgage, the deal will be made available from September. It also ensures that first time buyers will be partly protected against the volatile market.
The developer would put up a 5 per cent deposit which would be paid back by the buyer if the property should rise by 5 per cent or more over the next 5 years. The buyer would not, however, be expected to repay the 5 per cent if the property falls in value, the bank will reduce the mortgage amount by 10 per cent at most of the original price, thus keeping to the original 95 per cent loan to value margin.
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