Here's how Secure Step works:

Participating developers have been working with Ulster Bank to offer a refund should your home drop in value after five years. This refund of up to 15% of the purchase price is supported by a guarantee from Ulster Bank and will be used to reduce your mortgage.

After five years Ulster Bank, on behalf of the developer, will arrange for an independent valuation of your property:

• If the value of your property decreases, you will be entitled to a refund* from the developer up to a maximum of 15% of the original purchase price. This refund will be used to reduce your mortgage.
• If the value of your property increases or stays the same, you will not be entitled to a refund and your mortgage will not be adjusted.
• Should you wish to sell your property within the first five years, your mortgage will be redeemed as normal and you'll not be eligible for any refund to your mortgage, regardless of property value

*Any refund due will not exceed your mortgage balance outstanding after the first five years.