Whilst many recent reports have stated that many banks across the UK are still being extra cautious with regards to lending to consumers in the current climate it has been revealed that one bank in Northern Ireland is actually trying to increase its mortgage lending, and has launched a drive that is aimed towards improving and increasing mortgage lending for consumers.

Figures have shown that the Ulster Bank has been lending more per month to mortgage borrowers than at any time since 2007, which was when the global credit crunch began.

The bank is also striving to offer more loans at lower rates to further improve and increase lending levels. The bank announced its new drive earlier in the week, and said that it intended to try and increase lending through lower rates of interest as well as a cut in arrangement fees on mortgages.

Officials from Ulster Bank said that a new range of mortgage with rates standing at just 2.99 percent would be brought in, and in order to make it easier for groups such as first time buyers to access mortgages it would also be increasing the loan to value ratio that it offered.

An official from the bank said that it now offered a range of market leading products, and was committed to making things easier for its customers and potential customers.

He said: “It is one year this week since we introduced our successful momentum mortgage for first time buyers, which was followed by our co-ownership mortgage offer.”

He also said that there was evidence that property prices were on the up, stating: “Our economist Richard Ramsey sees growing evidence that house prices have stabilised and Ulster bank can provide the mortgage lending necessary to build from this position.”

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