Bank of Ireland UK said today (August 29, 2012) it was ring-fencing £200m for mortgage lending in Northern Ireland in a move which it hopes will encourage more people back into the housing market.
The Bank’s allocation of £200m is designed to signal the availability of competitive mortgage finance not only to first-time buyers, but to those thinking of moving home and those who want to re-mortgage their properties.
Pat Byrne, Regional Manager Northern Ireland, Bank of Ireland UK, said: “The market has seen a huge correction in house prices and the affordability of properties is now greater than it has been for many years. While there is strong value in the market for many potential buyers, we believe that people who want to borrow may perceive that banks are not willing to lend.
“That is not the case and by allocating £200m for mortgage lending between now and the end of next year we are making clear our commitment to house buyers and seeking to provide some stimulus to the local housing market.”
Bank of Ireland UK said it was able to lend up to 90% of the purchase or property value and had experienced mortgage advisers available across its network of 44 branches in Northern Ireland to assist buyers.
Mr Byrne said: “Anyone thinking of taking their first step on the property ladder or considering a move should talk to a mortgage adviser about the best options available to them. Bank of Ireland is currently approving three out of every four applications we receive for mortgages – both from existing customers and from those who are new to Bank of Ireland.”
First-time buyers represent nearly 30% of the local mortgage market and the Bank said it was offering them mortgages with no arrangement fees, free valuations and £250 cashback. Bank of Ireland UK’s unique 1stStart mortgage also allows family members to provide assistance with a new mortgage application and thereby extend the purchasing power of the buyer.
Home movers can enjoy no arrangement fees and free valuation product choices while those who want to re-mortgage in order to obtain a more competitive deal can get a free valuation and standard conveyancing with no arrangement fees.
Bank of Ireland UK has experienced mortgage advisors available in each of their 44 branches across Northern Ireland and prospective customers can call in to arrange an appointment or visit www.bankofireland.co.uk for more details.