A new ‘Help to Buy’ mortgage guarantee scheme for Northern Ireland has been welcomed by the housing minister.
Nelson McCausland said the initiative would mean the government guaranteeing up to 15 per cent of a property’s value, as well as allowing potential buyers to purchase a home with a five per cent deposit.
Several high street banks are offering the new mortgages to customers – ranging from 80 per cent to 95 per cent of the property’s value.
Welcoming the scheme, which will be rolled out across the Province from this week, Mr McCausland said: “This scheme should help to give many more local people an opportunity to enter the housing market and the net benefit of this across our local economy should be a welcome boost.
“I am delighted that many banks have already decided to get involved and I hope more will be looking to see what new mortgage products they could offer.”
The mortgages are based on a repayment basis and borrowers will be subject to the usual affordability and income verification checks normally conducted by lenders to ensure they can afford the mortgage they are applying for.