Ulster Bank in new drive to increase Mortgage Lending

One of the North’s Big Four banks is now lending more money to mortgage borrowers each month than what they did at any time since 2007, and right now it is also trying to hand out more loans, at reduced rates.


Ulster Bank has launched a major new drive

Today Ulster Bank has launched a major new drive through reduced mortgage rates and a cut and standardization in arrangement fees in order to increase mortgage lending in the province.

It has also been said by the banks that the bank was also increasing the loan-to-value (LTV) ratio and it has also introduced a range of new fixed rates starting at 2.99%.

This announcement has been made just days after the bank’s latest sponsored survey signaled that house prices may have hit the lowest level and that sales have been surged.


Changes made by the Banks

It has been said by the bank that the changes that they had made are effective from today and these changes included:

They are offering the same rates for purchase and remortgage customers;

They have reduced the two-year discounted product to 2.99% (up to 75% LTV);

They have introduced a market leading rate of 3.49% that discounted for two years (for loans of 75% to 90%);

They have introduced a competitive three year fixed rate to offer greater choice;

They have increased the maximum loan to value for remortgage customers to 90%.

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