As part of the changes to the igroup range, the lender has increased the loan-to-value on a range of ex-local authority and non-standard properties, in addition to extending its loan terms of five to 35 years. The range is available at 100 per cent full status, 95 per cent self-cert in Northern Ireland, with unlimited CCJs and increased maximum loans across its GEM five to seven non-conforming plans.
As part of the changes to the First National range, the loan sizes on its medium and high adverse buy-to-let loans have been increased, while the minimum loan amount has been lowered. The portfolio value limit has also been increased to £1.5 million.
Commenting on the changes, Duncan Berry, director of mortgage sales at GEMHL, said: “House prices have more than tripled in Northern Ireland over the last 10 years and GEMHL has developed its propositions in this region across the igroup and First National product ranges to give borrowers the opportunity to benefit from this growth.”
He added: “Although Northern Ireland is one of the more affordable regions of the UK, with an average house price of £162,821, increases in house prices have not been matched by salary increases and home ownership is a challenge for many.”
Hugh Nichols, partner at Badbury Berkeley Financial Services, said: “The deals appear to be competitive, but the Northern Irish market is still seen as a ‘Cinderella’ market – untapped, but relatively small.”
