The Ulster Bank, whose parent company is the Royal Bank of Scotland has announced that it will make 500m available for mortgages between now and the year end.  The bank will be launching a total of 22 new mortgage products with immediate effect.

The Ulster Bank’s head of products, Derek Wilson, said that ” Our mortgage applications in general have increased by 70% since February, with the number of mortgage offers made by us in April close to April 2007 levels.

The Royal Bank of Scotland was one of a few who received a government bailout last year and have since been criticised for freezing lending.  Mr Wilson hopes that this announcement will “shatter the myth” that getting a mortgage is next to impossible.

The new mortgage products will be available to first time buyers, those moving house and those wishing to switch lender, rates will start from 3.09% and will be available at up to 90% of the properties value.