Northern Bank’s mortgage range is only available to first-time buyers in full-time employment with their salary mandated to Northern Bank. Borrowers must also be living within Northern Ireland and do not require a guarantor.
Tipton & Coseley will lend against properties in the Midlands counties and borrowers will require a guarantor in order to take out a 100% loan.
A Tipton & Coseley adviser said this product had been available since February and the lender plans to withdraw the product in September.
Marsden building society lend across England and Wales and also require a guarantor to take out a 100% family offset mortgage.
This product was launched last month and requires a family member to put up at least 20% of the property’s value in a “charged savings account” which they then cannot access.
Northern Bank said in a statement: “We would encourage first-time buyers to come and talk to us about affordability. You’ll see from our advertising campaign we are very much open for mortgage business.
“We also have special incentives for first-time buyers and customers who are switching their mortgage to Northern Bank.
“First-time buyers can apply for any mortgage in our product range and can choose any repayment term up to 30 years or until they reach normal retirement age, which can mean lower monthly payments.
“At Northern Bank we have always based our mortgage lending on affordability. As a local bank this means we make time to get to know our customer and conduct an individual detailed assessment with every potential customer.
“We go through in depth monthly income and expenditure and hold a realistic assessment of whether they can afford the repayments now and in the event of future rises in interest rates.”
