The Social Development Minister has welcomed news from the Bank of Ireland UK that it was ring-fencing £200 million for mortgage lending in NI in an effort to stimulate the housing market.

Commenting on the announcement the Minister, Nelson McCausland said: "I recognise the difficult hurdles many homebuyers currently face in negotiating their way up the housing ladder. Though the correction in house prices in Northern Ireland means homes have become more affordable, the availability of mortgage credit has been seen by many as a stumbling block.

-- Advertisement --

"The Bank of Ireland is one of the banks that provide private finance to the Northern Ireland Co-Ownership Housing Association (NICHA) which is used by the Association to supplement the funding provided by the Department for Social Development to assist first-time, and returning, homebuyers onto the housing ladder through the Co-Ownership Scheme."

(CD/GK)