Bank cuts loan rates and fees
A Northern Ireland bank is reducing mortgage rates and removing arrangement fees in an effort to increase activity in the market.
Ulster Bank is removing arrangement fees across its range of residential mortgages until November 30 and also cutting rates across its fixed- rate residential mortgage products, which it says will benefit remortgagers, home movers and homebuyers.
Cheaper rates have been announced across the full spectrum of the bank's fixed products, including a two-year deal for lending up to 60% of the property value, which is being cut from 3.39% to 2.89%.
The no arrangement fee offer could cut £1,000 from the cost of a mortgage. According to Ulster Bank, recent data has shown the average mortgage arrangement fee is currently £1,030.
Derek Wilson, Ulster Bank's head of lending products, said: "We're seeing evidence that an increasing amount of people are seeking to buy or move home, and we are confident that we can support them with the right products to make their desired home move or purchase a reality."
The bank advises consulting their mortgage advisors to learn how much finance they will be eligible to borrow and make an informed decision about which properties are within their price range.
More information on Ulster Bank's mortgage products can be found on their website: www.ulsterbank.co.uk/ni/personal/borrowing/mortgages.ashx