First-time buyers get a hand up the ladder
Another of Northern Ireland's banks has signed up to a scheme aimed at helping people get a foot on the property ladder.
Bank of Ireland launched two co-ownership mortgages which allow first-time buyers to buy as little as 50% of a share in a property while paying subsidised rent on the remaining half. The scheme is run by the Northern Ireland Co-ownership Housing Association which collects the rent.
The Executive allocated £10m of funding to Co-ownership Housing in June to enable the association to deliver 200 affordable homes. This is in addition to the £25m allocated to support the purchase of 700 affordable homes in this financial year.
Bank of Ireland's products are both three-year fixed interest rates, one at 90% loan to value and one at 75% loan to value, at 4.7% and 4.3% annual percentage rate.
Sean Sheehan, regional manager of Bank of Ireland UK, said: "The Co-ownership Housing Scheme is recognised as an important means of supporting people who want to move into the housing market. And with demand for the scheme continuing to grow, this is a very positive development and underscores our commitment to making the finance available to help people achieve their goal of home ownership."