Friday, Aug 22, 2008
Ulster Bank desperate to lure first time buyers
Ulster Banking Group: Ulster Bank and leading NI property developers open doors for first time buyers
"A new initiative will allow first time homebuyers access to the local housing market without the need to fund a deposit, and including added protection against house price volatility. The scheme which is being rolled out in conjunction with a number of leading residential property developers from across Northern Ireland will be available to first time buyers from early September. A key feature of the new mortgage product includes a five per cent deposit on the property contributed by the developer, repayable by the buyer only in the event of the property price rising by 5% or more after 5 years. The buyer will also be safeguarded up to an additional 10% against any fall in property value over that 5 year period." Spot any problems?
Posted by quiet guy @ 08:39 PM (806 views) Add Comment
6 Comments
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1. yorkshireman said...
A Poem.
"Won't you walk into my parlour" said the spider to the fly
"It's the prettiest little parlour you ever did espy"
"And the way into my parlour is up a winding stair"
"And I have many pretty things to show you when you're there"
"Oh no no" said the little fly
"To ask me is in vain"
"For who goes up your winding stair, will not come down again"
I trust the good people of Northern Ireland are too fly to fall for this one.
2. it_is_going_with_a_bang said...
Safeguarded? What by ? a developer thats gone bust? Yeh right.
3. jonb said...
Yes, I can spot a problem.
The two types of property that are going to fall the most in this crash are new build flats and properties in Northern Ireland; so Northern Irish new build flats are the worst thing type of property you could possibly put your money into.
4. Paul Mccune said...
well the good people here all paniced bought and got on to buy to let , overbid grossley on houses , one house two years ago was valued at £350000. it sold for £850000 . what.,
people camping outside estate agents for three days do get a new build,to buy to let , one semi i tried to buty three years ago valued at £125000 well i phoned and bidding was "£ 175000
well what can you do , houses have droped a bit here , but are still too high , i say by a third , the quicker they come down to reality the better ,
5. inbreda said...
Absolutely paul - one third overvalued. So protecting the first 10% of the drop doesn't actually do much good for the FTB suckered into buying this rubbish. The developer will probably add a premium to the value of the property anyway, and won't be losing out on the deal - but I bet they're not building as many now - so what does that mean? It means they are trying any measure to shift as much stock (get as much of it off their hands) as quickly as possible.
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