Two more financial institutions, Permanent TSB and Ulster Bank, have moved to offer 100% mortgages to first-time buyers. This follows First Active's announcement that it was doing so last week.
Today Permanent TSB said it would offer the new product across its tracker and standard variable rate mortgages, plus a wide range of its fixed mortgages. It said repayment terms of up to 35 years would be offered, while a person applying for the mortgage must have a minimum of three years in full-time employment.
The new product will not be available to people buying one-bedroom or studio apartments or people building their own homes.
Ulster Bank, which like First Active is owned by Royal Bank of Scotland, also said it would offer a 100% mortgage product to first-time buyers from Monday, across its tracker and fixed rate mortgages.
100% mortgages had previously been available only to certain professionals.
