Foreign currency home loans launched
Northern Ireland lender Progressive Building Society has launched a foreign currency mortgage for home owners with assets or earnings in euros or dollars.
It means that residents of the province can take out a sterling mortgage, even if they have earnings or assets in euro or dollars.
The building society said that with 30,000 people a day crossing the border on the island of Ireland, there was a market for a foreign currency mortgage option.
Jane Millar, head of lending and savings at Progressive Building Society, said the new product could prove vital to consumers whose income comes from the EU or US.
"Our new mortgage option will provide a solution for people who earn in euro or US dollars but want to purchase a home in Northern Ireland.
"For those paid in euro or US dollars, this product provides access to a Northern Irish mortgage. We believe our expertise within the mortgage market enables us to deal with various mortgage offerings, such as foreign currency, in a manner which is straightforward, effective and efficient for applicants."
She added: Employment patterns continue to change, and at Progressive we want to ensure our mortgage products support the individual needs of all people who live here. We will continue to listen to our customers and adapt our products."
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