Ulster Bank has today shown that it is firmly back in the mortgage lending business with a substantial new mortgage offer.
Ulster Bank has announced that it will offer a €1,500 Legal Fee Contribution to any customer taking a new residential mortgage. Customers eligible for the offer are first time buyers, home movers and mortgage switchers.
To take advantage of the €1,500 legal fee contribution offer, mortgages must be issued in the three months between 13 March and 13 June.
Successful applicants will receive a €1,500 payment to their current account after mortgage drawdown. The €1,500 legal fee contribution offer is available across the Ulster Bank residential mortgage product range.
The minimum mortgage amount for the legal fee contribution offer is €40,000 with a maximum loan to value (LTV) of 90%.
New Central Bank rules say that first time buyers can borrow up to 90% of a property’s value on the first €220,000. Anything above that is and 80% LTV is available. Up to 80% LTV is available for Home Mover and Switcher mortgages.
Permanent TSB launched a similar offer in January when it made €1,000 available to new mortgage customers to help offset the legal fees associated with buying a new home.
Bank of Ireland is also offering 1% of the value of a mortgage to first time buyers to cover the cost of stamp duty.
Two weeks ago, Ulster Bank reported its first profit since 2008. The bank also said that mortgage lending was up more than 40% for 2013.