The Bank of Ireland has signed up to the government’s Help to Buy scheme.
It is now the second of the main four banks in Northern Ireland to do so, according to the BBC. This news also comes after Wales decided to adopt the government-guaranteed mortgage scheme.
The bank said the decision to adopt the policy came as the housing market was now “showing clear signs of improvement”.
Ulster Bank said the scheme was a “welcome boost” in October and said they would announce details of their participation “in due course”. Neither of Northern Ireland’s other two main banks – Danske Bank and First Trust – have signed up to the scheme yet, although Danske already offers a 95 per cent mortgage.
The scheme, which enables aspirant first-time buyers to get a 95 per cent mortgage, has proved controversial since its inception. Despite being responsible for many new homes being built and making it easier to get a mortgage, it is feared house prices will surge and a housing bubble will be created.
The scheme is available for the purchase of new and old homes valued at no more than £600,000.