Ulster Bank cuts mortgage rates

ULSTER Bank has launched a major drive to increase mortgage lending in Northern Ireland through reduced mortgage rates and a cut and standardisation in arrangement fees.

The bank – which claims to be now lending more to mortgage borrowers each month than at any time since 2007 and lending more at reduced rates – said it was also increasing its loan-to-value (LTV) ratio and introducing a range of new fixed rates starting at 2.99%.

The announcement came just days after the bank’s latest sponsored survey signalled that house prices in the North may have hit the bottom and that sales were on the up.

Mike Bamber, the bank’s chief executive of retail markets, said as well as its initiatives for first-time buyers, the latest push demonstrated it now had a market-leading range of products, the funds to lend and an increased focus on supporting home movers and those wishing to re-mortgage.

Mr Bamber said: “It is one year this week since we introduced our successful momentum mortgage for first-time buyers, which was followed by our co-ownership mortgage offer.”

They had also helped support the launch of a website for first-time buyers, he said, but now wanted to help other sectors of the market.

“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,” he said.

Mr Bamber added that the bank had seen growing evidence that house prices in Northern Ireland have stabilised.


This week we had a lockdown birthday party, too much TV and a reminder from Joe Wicks that I’m 53Learner Dad: What I learned from week two on lockdown

It’s amazing what you become thankful for when you go down with suspected coronavirus and enter self-isolation, says Ella Walker.10 things self-isolation makes you really appreciate

Suddenly those Facebook groups are a godsend…Social media can be a true support in isolation – here’s how

If isolation means your locks are already out of control, it might be time to take matters into your own hands, says Prudence Wade.Everything you need to know about cutting your hair at home

More From The Irish Examiner