Lisburn home buyers urged to apply to mortgage fund

Published on Saturday 15 September 2012 15:10

BANK of Ireland UK has it is ring-fencing £200m for mortgage lending in Northern Ireland in a move which it hopes will encourage more people back into the housing market and people in Lisburn are being urged to apply.

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, explained: “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 were 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.

Wendy Porter, the Bank’s Mortgage Sales Advisor in Lisburn, 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.”

Bank of Ireland UK has experienced mortgage advisors available in each of their 44 branches across Northern Ireland .