Lending competition hots up in NI

Loans are available up to £30,000 at 60% max LTV and are allowed for a variety of purposes, including home improvements, debt consolidation, tax bills and business injection. Rates start from 10.4% and borrowers can opt for fixed rates.

The lender has also made some enhancements to its adverse credit plans, announcing all defaults and CCJ’s over three years old which are £10k and under, will now be ignored, whether satisfied or not.

Buster Tolfree, commercial director of Central Trust, said: "The recent changes that we have made to our plans, interest rates and criteria clearly indicate the value Central Trust place on its introducer relationships.

“In what is a highly competitive market, we see it as important to not only compete on rate and service, but to provide true market expansion.

“We believe that innovative changes, such as launching in Northern Ireland, genuinely fill a customer need. We will continue to work with our introducers to identify improvements in order to move the market forward throughout 2014 and beyond."

Tom Garratt, head of intermediary channel at The Loans Engine, added: “Northern Ireland was one of the hardest hit by the financial downturn, house prices plummeted and borrowers saw their refinancing options dwindle in to nothingness.

“It has only recently, over the last two quarters, shown any signs of stabilising. According to a recent survey, house prices in Northern Ireland have climbed for the longest period since the economic downturn- this stability is driving increased activity and as a result, we are seeing a clear change of attitude among lenders.

“This announcement really is fantastic news, this new product will really open up the Northern Ireland market and we look forward to providing our introducers with opportunities across the pond.”