Author: Best Mortgage Brokers

Best Mortgage Services have Independent Mortgage Advisers throughout Northern Ireland. From Belfast, Newry, Armagh to Banbridge. Talk to a local Mortgage Advisor for the best mortgage and insurance solutions.

Lifetime Fixed rate mortgages

Not one but two mortgage companies will start offering lifetime fixed-rate mortgages in 2021, in a move that could fundamentally change how we finance house purchases.

The longer you fix, the greater your financial stability – but usually you pay extra for that peace of mind. Short term fixes are usually cheaper, but when the fixed rate ends there is a risk that interest rates and mortgage rates will be higher and more expensive.

But the longest most people will fix for is five years, although a few mortgage deals let you fix for as long as 10. Long term fixes may not have taken off because they usually carried hefty early repayment charges or exit fees.

Long term fixes are a welcome solution to first time buyers offering security and certainty to budget finances. The interest rate will certainly be higher than 2 or 5 year fixed rates in the short term but over the course of a 25 year mortgage they could work out better value in the long term. Especially if interest rates nudge higher every 2 or 3 years.

House prices rose by 8.5 per cent in 2020, according to the Office for National Statistics, and the average property now costs £252,000. For such a large price, fluctuations in interest rates can be intimidating for buyers who face the prospect of decades paying it back.

Time will tell if more mortgage companies offer long term fixed rate solutions. Talk to a local mortgage broker to discuss your mortgage options.

Essential Mortgage Application Checklist

If you are planning to apply for a mortgage it’s a good idea to get ahead and try to sort out the paperwork you are likely to need.
Whilst what you will need will depend on your circumstances and the lender in question, this checklist should give you a starting point.

Check Your Credit Report

Get a copy of your credit file to ensure that it is accurate and if there is any adverse credit registered on it. Where possible you want to be registered on the Electoral Roll at your main address. Your address history needs to be accurate.
Avoid overdrafts and definitely don’t take out payday loans as this raises alarm bells to lenders assessing your mortgage application.

Ensure your ID and address documents are up to date

You will need to provide proof of ID or address to satisfy money laundering requirements it must be the original document, not a copy, and be current and valid. A passport or driving license is usually used for proof of Identity. For proof of address a utility bill, bank statement, rates bill may be used. The document must be dated within the last 3 months.

Make sure you can show the source of the deposit money

Lenders will want to see where your deposit is coming from, whether it’s from your savings or a gift. Savings will need to be evidenced with bank statements and recent large lump sum transfers will have to be explained.
Gifted deposits will usually require a letter from the person giving you the money ( for example parents) but the format will vary depending on the lender. Lenders may require this letter witnessed by a solicitor.
If you are raising the money on another property it may make sense to start this process earlier to ensure you have the money available when needed.

Have all your income proof readily available

Latest 3 months payslips
Latest 3 months bank statements (the account that your salary is paid into)
Latest P60 (especially if you have bonus income)
Last 2 or 3 years SA302s or signed accounts (if you are self employed).

Details of other credit balances

For all other credit card, personal loan and other mortgage balances the lender will require the start date of the loan, monthly payment and current balance outstanding. The information should match the info on your credit report.

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Self Build Mortgage

Connect to a self build mortgage specialist to ensure the smooth processing of your mortgage finance. Make an online mortgage enquiry.

Planning Permission

You will need full planning permission in order to get approval for a self-build mortgage. Consult your Local Authority and your solicitor for more information on planning regulations in your area before you proceed with your mortgage application.

Plan your finances

Plan your finances before you start your build and consider any variations that may arise. Think about extra costs such as solicitor fees, valuation fees and Stamp Duty Land Tax, and the cost of furnishing decorating and landscaping costs.

Arrange insurance cover.

Many lenders will insist you have self-build insurance cover in place before you draw down your first mortgage instalment.

Stage payments

There are usually 4 stages to draw money down as the build progresses. The stages are foundations, wall plate, roofed and then completion. Completion funds can usually be drawn down when the kitchen and bathroom and fitted.

Interest only payments

Some lenders will offer interest only payments for the first 18 months which will assist cashflow. This incentive is particularly useful if you are paying a mortgage on your current home with a view to selling when the self build is complete.

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Top Mortgage Brokers in Newry for First-Time Buyers

newry mortgage brokersOur professional Newry Mortgage Brokers source the best mortgage and insurance rates. Looking to buy your first home? Or looking for a better deal on your existing mortgage payments?

Newry Mortgage Brokers

Our specialist Advisers in Newry guide you through the maze of mortgage and insurance options. Book a free consultation with a local Mortgage Broker today. Home and telephone appointments available at a time to suit you.

Book a consultation below.

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Type of mortgage(required)

By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your query. Your details will not be sold to any third party and will not be used for future marketing purposes.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.

First Time BuyerNewry Mortgage Adviser

Your local Advisor is just a phone call away. They take you through each step and simplify the mortgage application process.

Mortgage Advice Newry

The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisors who are regulated by the Financial Conduct Authority.

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Request a Mortgage Quotation

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Type of mortgage(required)

By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your mortgage quotation. Your details will not be sold to any third party and will not be used for future marketing purposes.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.

Free Mortgage Quotation

The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisers who are regulated by the Financial Conduct Authority. A mortgage quotation is provided by our registered Mortgage Advisers on a free, no obligation basis.

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Essential Questions for Your Mortgage Adviser

Questions to ask your Mortgage Adviser? Taking out a mortgage is likely to be the biggest debt you will have in your lifetime. Choosing a mortgage is not a decision to be taken lightly.

To get in touch with a mortgage adviser in your area please contact us.

Get in touch with a mortgage professional

Questions to ask your Mortgage Adviser

  1.  How do you charge your clients? Get this clear from the outset. Some mortgage advisers charge a fee upfront or on completion, others are paid commission from the lenders. Some mortgage advisers charge a combination of a fee and commission.
  2.  Are you independent and able to cover the entire mortgage market?  Our mortgage brokers all cover the whole of the market.
  3. How long will the mortgage process take? This will vary from person to person and your adviser should be able to give a rough estimate. Other factors have an impact here for example if you are waiting to sell your own house to release deposit funds.
  4. What deposit should I have? Your mortgage broker will be able to provide quotations based on various levels of deposit. Generally the higher deposit you put down then a lower interest rate can be obtained.
  5. What qualifications do you have? All our mortgage brokers are CeMap certified. CeMap is the certificate of mortgage advice and practise.
  6. Can you give me a breakdown of all the mortgage costs? Make sure your mortgage adviser gives you a breakdown of all the costs and fees. The last thing you want is unexpected fees further down the line.
  7. Can you provide advice on other areas of finance and insurance? Many mortgage brokers will be able to offer guidance on home insurance, life insurance, income protection and pension planning.
  8. Will you review my mortgage in the future? Building a relationship with your mortgage broker is beneficial as they will monitor your mortgage payments and advise when savings can be made. This will save thousands over the lifetime of the mortgage.

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How Mortgage Reviews Can Cut Your Payments Significantly

Why it pays to review your mortgage

For mortgage advice in Belfast and throughout Northern Ireland contact Best Mortgage services. Our Advisors provide a free mortgage review service.

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Is your current mortgage as competitive as the best new deals on the market today? You can save hundreds, perhaps thousands of pounds by shopping around. You should review your mortgage payments at least once per year.

How often should you review your mortgage?

At the very least, you should review your mortgage:

    • When interest rates change especially if your mortgage rate is a tracker or variable.
    • When your current mortgage deal comes to an end.
    • Once a year if you are not tied in to a deal with early repayment penalties.

If you do nothing when rates change or your mortgage deal ends, you could lose out to many better deals that are available elsewhere in the market.

How much can you save by remortgaging?

Let’s assume you have £150,000 balance on your mortgage with 20 years left paying £1003 per month on a repayment basis. Your previous discounted rate ended and you are now paying the standard variable rate of 5%.

Switching to a 3% fixed rate deal reduces the monthly payment to £840 per month. That is a huge saving of £163 per month. An extra £1956 per year in your bank account.

Mortgage Advice Belfast

Contact us and one of our Mortgage Advisors will be in touch to source the best mortgage solution for you.

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Expert Mortgage Advisors in County Armagh

Armagh Mortgage Advisors

best mortgage adviceWe have Mortgage Advisors in County Armagh for home and telephone appointments. Whether you are a first time buyer, looking a better deal on your existing mortgage or buying an investment property book an appointment with Best Mortgage Services. Get in touch with a Local Mortgage Broker

Buy to Let

buy to let mortgageAre you planning on purchasing or remortgaging an investment property and need a buy to let mortgage? Whether you have a large buy to let portfolio or are just renting out one property, it is a good idea to discuss your options with a local Mortgage Broker.

Independent Mortgage Advisers are experts in the buy to let market.

Complete the enquiry form below and we will call you back.

Free Mortgage Consultation

We have Mortgage Brokers throughout Northern Ireland. Book a telephone appointment

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Type of mortgage(required)

By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your query. Your details will not be sold to any third party and will not be used for future marketing purposes.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.

Buy to Let Remortgage

Remortgaging a buy to let property is a common way to release equity to purchase another investment property, raise funds for home improvements or simply secure a better interest rate to reduce mortgage payments and increase rental yield.

The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisers who are regulated by the Financial Conduct Authority.

Remortgage

RemortgageChoosing a lower interest rate and deciding to remortgage could save you thousands. A local mortgage broker will research all the deals on offer. Use their experience and expertise to compare the fees and interest rates on all the remortgage deals.

Request a call back via the form below. 

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By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your query. Your details will not be sold to any third party and will not be used for future marketing purposes.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt that is secured on it.

Why Remortgage

A key advantage of using a local mortgage broker is that they will keep in touch with you when your existing deal is about to expire. You should never pay the lender’s higher standard mortgage rate and will always be informed about the best remortgage deals.

A Mortgage Advisor will manage your application from start to finish – saving you time and money.

The information provided on this website is for information and guidance purposes only and does not represent financial advice. Financial advice is provided by our partner advisers who are regulated by the Financial Conduct Authority.

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