Ulster Bank is to sell more than 5,000 non-performing mortgages to a US vulture fund.

The group, Cerberus, has agreed to buy one-point-four billion euro worth of home loans that are in arrears.

Ulster Bank says no mortgages that are being paid on time, and no one who has engaged with the bank on an arrangement will be affected.

The bank says it will be in touch will all those people who are having their loan sold.

Those customers will be given 90 days notice of the sale.

The portfolio includes 2,300 private home mortgages and around 2,900 buy to let properties.