Another 18 local property developers have signed up to the Ulster Bank's Momentum Mortgage scheme, which aims to get first time buyers back into the market by eliminating the need for a hefty deposit.

Under the scheme, buyers are protected against house price volatility of up to 15%.

Today, an additional 542 new build homes in 21 developments across Northern Ireland have been made available through the scheme.

The Momentum Mortgage was originally released in September 2008 with 10 leading developers involved and was widely welcomed by consumer and business organisations and by leading politicians.

Twenty-eight developers are now part of the scheme.

Derek Wilson, Head of Products at Ulster Bank, said there has been significant interest in the mortgage package since its inception.

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"Houses in the first time buyer sector are more realistically priced and interest rates are now at historic lows, so the environment for first time buyers has improved," he said.

"Momentum addresses some of the challenges that first time buyers are facing, including the need to save for a deposit and the fear of house values declining.

"We have committed £100m to lend to first time buyers through our Momentum mortgage and are confident that it will continue to support hundreds of first time buyers onto the property ladder who would be otherwise unable to buy their first home," said Mr Wilson.

Houses bought under the scheme are protected against price volatility of up to 15%, with a 5% deposit contributed by the developer.

Craigavon couple Alan and Rebecca Sherrard bought their first home under the scheme last year.

Mr Sherrard said: "It was too good an opportunity to miss. The peace of mind of knowing we have protection should house prices fall along with the added advantage of the developer paying the deposit meant that we have been able to buy our first home much earlier than we would ever have thought.

"With the additional money saved from not paying a deposit we have been able to purchase all the furniture we needed for our new home," he added.

Ulster Bank has a dedicated team of advisers in all of its 92 branches across Northern Ireland who are on hand to answer questions and discuss options with first time buyers.

(PR/JM)