ULSTER BANK EXTENDS 100% LOAN-TO-VALUE MORTGAGE OFFERING
Friday, 22nd July 2005: Ulster Bank has today announced an extension of its 100% loan-to-value mortgage for professionals to all qualifying First Time Buyers. Ulster Bank’s 100% First Time Buyer mortgage is available from Monday, 25th July through their network of 113 branches and from participating brokers.
Following on from its experience in offering 100% mortgages to professionals, Ulster Bank has found considerable evidence of the ability of a broader range of First Time Buyers to service mortgage repayments on the basis of 100% loan-to-value finance. As property prices have steadily increased, especially in the last five years, First Time Buyers are experiencing particular difficulty realising their aspiration of home ownership by having to raise a substantial deposit. The provision of this product will turn the aspiration of home ownership into a reality for qualifying applicants.
Ulster Bank will build on its reputation for competitively priced mortgages by offering its attractive tracker rates to those availing of 100% mortgages. Keenly priced fixed rate offerings are also available:
Mortgage product
Rate
APR
Tracker
3.25%
3.3%
Tracker with U First discount
3.15%
3.2%
2 Year Equivalent Fixed Rate
3.49%
3.5%
3 Year Equivalent Fixed Rate
3.59%
3.6%
5 Year Equivalent Fixed Rate
3.79%
3.7%
Commenting on the launch, Edel O’Leary, Head of Marketing and Communications at Ulster Bank, said, "Ulster Bank has a track record of providing 100% mortgages to professionals, having first launched this product to the Irish market in July 2003. To satisfy broader market demand, Ulster Bank is extending 100% loan-to-value mortgages to all First Time Buyers who can demonstrate their ability to service these loans."