The local housing market is set to get a kick-start for 2012 with the help of a major campaign by Ulster Bank to stimulate and support demand.

As the post-Christmas period, when housing market activity is generally lower, comes to an end, the bank announces that it is removing arrangement fees across its range of residential mortgage products from today until March 31, 2012.

This follows the success of a similar initiative by the bank during the second half of 2011, which saw an increase in applications of over 25%.

As part of the latest move, Ulster Bank is also reducing rates across its fixed rate products to further motivate local home buyers and re-mortgagers.

-- Advertisement --

The bank is reducing four of its offerings, including a two-year deal for lending up to 75 per cent of the property value which is being cut from 3.35% to 3.19%.

Stephen Cruise, Head of Branch Banking, Private and Financial Planning NI at Ulster Bank said: "Ulster Bank has led the way in making innovative mortgage offerings available and customers are responding to the simple pricing structure, competitive pricing and good service we provide. We would be delighted to see increased demand for mortgages in 2012."

Derek Wilson, Head of Lending Products at Ulster Bank commented: "The success of our initiative in 2011 has shown that there is demand in the market that can be stimulated with innovative initiatives that make life easier for borrowers and deliver significant value. We are confident that we can again encourage and support a significant number of people to enter the housing market, move home, or remortgage to a better deal."

The bank has trained mortgage advisors in every branch to give customers an indication of how much they are eligible to borrow.

Ulster Bank’s reduced rates are launched today and are available through the Bank’s branch and intermediary network across Northern Ireland.

(GK)