Ulster Bank ready to loan €850m for housing market

Ulster Bank today said that it is making €850 million of new personal lending available for customers looking to newly enter or make a move in the housing market.

The announcement comes as the Bank reveals a strong increase in demand for mortgage finance and that it is approving eight out of ten first time buyer mortgage applications.

Jim Ryan, Head of Branch Banking at Ulster Bank said that the €850m personal lending allocation signifies Ulster Bank’s commitment to supporting house buyers and the Bank has stated that if the right type of demand exists it will increase the finance available.

“We understand how important this YES can be – buying a home is for many, the biggest financial commitment that they make and we are working hard to help the full spectrum of mortgage customers achieve their YES, from first time buyers and movers to those trading up or coming to the end of the mortgage term. We are approving 8 out of 10 first time buyer mortgage applications and working with the balance to help them understand how to reach their goals,” he said.

“In 2013, we saw demand increase significantly for mortgage applications, we increased our market share and we are increasing the level of mortgage finance available in 2014. We want to support customers to make the moves and decisions that are right for them and we now have the expertise, funding and appetite available to give even more consumers the YES they want. If the right type of demand exists we will increase the finance available,” Mr Ryan added. Source: Business & Leadership