Finally there is something in the news that the property buyers can cheer about as a recent news report displayed that one of the Northern Ireland’s banks has come with a welfare plan for the people and it completely intends on giving an upper hand for the first time property buyers. This is further going to push them up the property ladder. An Inside news have also revealed that this particular bank has come up with two co-ownership mortgages. This is amazing news for the first time buyers as then can benefit by owning just the 50% of the share and pay up the rest in the form of subsidised rent. 

It is said the rent is accumulated by the Northern Ireland housing association. There are even rumours of the executive collecting 10 million Euros from the funding to co-ownership housing which allowed the company to successfully deliver around 200 affordable and happy homes. However this sum was collected regardless of the 25 million Euros that were collected in this financial year for the successful purchase of more 700 affordable homes. News also revealed that that these banks have varying interest rates. Learn how much is your house worth at today! 

The bank’s products are accounted for a three year fixed interest rates with one estimating at around 90% loan to value while the other at 75% loan to value. These may involve an annual percentage rate of about 4.7% and 4.3%. Sean Sheehan who is the official regional manager at the bank of Ireland UK told the press that this co-ownership housing scheme is already being noticed as an effective tool to enable people own a house or do better in the housing market.