How much you can borrow for a mortgage depends on several factors, and lenders have different criteria.
Usually, though, what you can borrow will be based on your age, employment status, deposit amount, credit rating and existing credit commitments.
Contact Northern Mortgages, and we’ll ask you some quick questions and let you know what you’ll be able to borrow.
Contact Northern Mortgages, and we’ll take care of the rest.
An interest-only mortgage means you only pay the interest cost each month, and your loan amount remains the same.
If you choose to opt for an interest-only mortgage, you will have two options at the end of your term.
Option 1 is to sell your house to repay your mortgage, and option 2 is to find another source for repaying your mortgage loan amount.
On the other hand, a repayment mortgage means that you make all your regular payments each month, and at the end of your mortgage term, all of your mortgage will have been completely paid.
There are a wide variety of costs associated with buying a property in NI.
Some of the main ones to consider are:
Yes, most mortgage lenders usually allow customers to pay off up to 10% of their mortgage balance every twelve months without incurring any extra penalties.
In Northern Ireland, you will usually need a minimum deposit of around 25% for a Buy-to-Let mortgage.
Your credit score is usually updated every month.
To improve your credit score, you need to prove that you can successfully repay debt, such as credit cards, utility bills and car finance payments.
It’s also important to be on the electoral roll in Northern Ireland.
A remortgage is changing the mortgage on your property to a mortgage with a different mortgage lender.
Some people consider remortgaging their property when their current deal is about to expire and when they find a better deal.
When deciding what term to take out your mortgage for, it’s vital to assess what you can afford, which is unique to your circumstances. Northern Mortgages can advise you on this.
Some lenders might have this as a condition for your mortgage loan. Ultimately though, your mortgage should be based on what you can afford, not your age.
Getting a mortgage can be confusing, time-consuming, and frustrating as you try to understand jargon and wade through different deals.
The best mortgage for you is, unsurprisingly, the one you can afford and caters to your circumstances.
As a result, Northern Mortgages can work with you to find a tailored mortgage deal that will suit your needs.
For most mortgage lenders, you’ll need a minimum deposit of 5%, but it’s more common now for lenders to want you to have a 10-15% deposit.
So, for a house in Northern Ireland valued at £100,000, you’ll need a deposit of between £5,000 and £15,000 in most cases.
The cost of your monthly mortgage will vary depending on your loan amount, the interest rate and the term length of your mortgage.
Contact Northern Mortgages, and we’ll ask you some quick questions and give you an estimate of the likely monthly mortgage payments.
Most mortgage lenders in Northern Ireland require you to have Home Insurance, which usually consists of Buildings and Content Insurance.
We would also suggest you seriously consider other forms of insurance, including Life Insurance, Critical Illness Cover, Income Protection, and Unemployment Cover.
Yes, you can take advantage of the best interest rates and move to another mortgage lender.
If you’re a Northern Mortgages client, we’ll contact you a couple of months before your current mortgage deal is finished and let you know about the best rates available.
We’ll also check on your behalf whether you will incur a penalty from your current mortgage lender.
In most cases, you can; however, it’s essential to find out if any early repayment charges will apply.
A Buy-to-Let mortgage is where you buy another property that you or your family will not reside in, for example, a flat or apartment, as an investment to rent it out to tenants.
If you’re selling your primary residence, you don’t have to pay any tax. However, if you’re selling an investment property bought through a Buy-to-Let mortgage, you will have to pay Capital Gains Tax.
You can find out more about Capital Gains Tax in Northern Ireland here.
Your credit score is a history of your finances over the last six years, and companies use it to assess your ability to pay back a loan.
The legal work carried out by a solicitor or conveyancer is known as conveyancing, and it’s an important part of the buying and selling process.
Typically, mortgage lenders in Northern Ireland will ask you to provide proof of income documents, such as a P60 and three months of payslips.
If you’re self-employed, your mortgage lender will ask you for a tax calculations document and tax overview document for usually the previous 2-3 years, which details your income, turnover and profit.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Northern Mortgages is a trading name of Rachael Mullan who are an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Complete Limited is authorised and regulated by the Financial Conduct Authority.
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK
Insurance
We will not charge you a fee for our services relating to insurance, but we will receive commission from the product provider. The commission will be calculated as a proportion of the premiums paid for the insurance product.
You will receive a quotation which will tell you about the fees and charges relating to any insurance policy that we recommend.
Mortgages
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