Ulster Bank's Momentum loans to help first time buyers
04/02/09
Another eighteen developers in Northern Ireland have shown interest in the Ulster Bank’s Momentum loan which has been designed to help get first time buyers onto the property ladder.
The mortgage has a no deposit to put down and offers protection against the falling house prices so is aimed at first time buyers. If house buyers opt for the Momentum Mortgage loan, then five per-cent of the house price is contributed by the developer. As well as this, this mortgage loan has protection against house price volatility up to fifteen per-cent. The mortgage was backed by ten developers and was launched last September.
“There has been significant interest in Momentum and following the success of the first phase, we are making it more widely available, with plans to extend it even further during the course of 2009,” commented Ulster Bank head of mortgages Derek Wilson.
He continued, “Houses in the first time buyer sector are more realistically priced and interest rates are now at historic lows, so the environment for first time buyers has improved.”
