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About LinkBacksONE of the country's leading banks is to launch a new mortgage with built-in protection against negative equity.
More from Independent.ie
ONE of the country's leading banks is to launch a new mortgage with built-in protection against negative equity.
More from Independent.ie
Ulster Bank has today launched what it terms "a new initiative designed to help potential home buyers onto the property ladder." The Ulster Bank Secure Step Mortgage is an innovative mortgage offer which gives customers access to the local housing market with a 5 year protection against falling house prices.
More from FinFacts.ie
Last edited by David Cochrane; 11th February 2009 at 12:18 PM. Reason: Fixed formatting
ULSTER Bank has been warned by RBS not to lend more that 430 million in mortgaes in 2009. (Personal source)
So I doubt that this is a genuine scheem, as 430 million is paltry compared to past lending.
Lending advisers have been told to re focus on deposits and advised that It they have too many mtg applications they will be ''hauled'' in to head office
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More evidence that Ulster bank are de-leveraging their property book.
This is an interesting way to do it.
property developer's margin is (say) 25%, so he puts 15% of that on fixed deposit for years. property falls 50% from today's levels, therefore property developer is up 10% plus his interest on the 15%, and the poor house buyer ends up down 35%. yeah, i can see how the property developer would think that that's a win-win situation
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