There was some bad news for mortgage holders at Ulster Bank as the bank have confirmed that it is to sell €900m worth of non-performimg loans.
According to RTÉ News, the bank is to sell off €810m in non-performimg mortgage policies later this year.
The figure which has been described as one of the biggest sell offs ever will see 3,200 mortgage account holders having their policy sold off.
Meanwhile the bank is to sell off a further €90m in non-performimg loans which are connected to buy to let properties.
Ulster Bank say the decision comes as they can no longer maintain the current amount of non-performimg loans on their books.
It is believed that the bank is working to reduce their overall non-performimg loans deficit from 11.3% to align themselves with European Central Bank’s guidelines of 5%.
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