Category: Mortgage Advice Armagh

Santander Remortgage fixed rates

2 year fixed rates

Max Loan to ValueRateArrangement feeIncentives
60%3.80£9991
60%4.0501
75%3.99£9991
75%4.3901
90%4.74£9991
90%5.0901

Incentive 1 = Free valuation and Free remortgage legal work. Arrangement fees where applicable may be added to loan.

3 year fixed rates

Max loan to valueRateArrangement feeIncentives
60%3.90£9991
60%4.2401
75%4.06£9991
75%4.3701

Incentive 1 = Free valuation and Free remortgage legal work. Arrangement fees where applicable may be added to loan.

5 year fixed rates

Max loan to valueRateArrangement feeIncentives
60%3.86£9991
60%4.0001
75%3.96£9991
75%4.1201
85%4.19£9991
85%4.3901

Incentive 1 = Free valuation and Free remortgage legal work. Arrangement fees where applicable may be added to loan.

Contact a local Mortgage Broker to discuss the best mortgage options.

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First Time Buyer

First Time Buyer mortgageWith so many mortgage products on the market and numerous incentives for the first time buyer, it is vital to obtain the services of a Mortgage Broker.

We have specialist Mortgage Brokers throughout Northern Ireland with expert knowledge of all the mortgage options.

Contact us using the form below to request a call back.

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By submitting this form you agree to being contacted by a regulated mortgage broker to assist with your query.

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 Buyer Mortgage

If you are planning on buying your first home talk with a local mortgage broker before you start viewing properties. This will give you an idea of how much you can borrow based on your income, the amount of deposit saved and your credit rating.

Your local advisor will also guide you on the other costs involved in buying a property such as solicitor’s fees, surveys and insurance and stamp duty.

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.

First Time Buyers

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House prices not affordable except in Northern Ireland

The average cost of a home in England was £298,000 in the 12 months to the end of March last year, equal to 8.6 years of average household income, the latest official data shows.

The Office for National Statistics (ONS) calculates this affordability level on an annual disposable household income of £35,000 during the period. An acceptable level of house price affordability is at five years of household disposable income.

It adds that since 1999 “house prices have increased twice as quickly as household incomes in England; house prices in Wales and Scotland have also increased more rapidly than incomes, but the differences are more moderate”.

The department points out that average house price to disposable household income ratios were 5.8 years in Wales – based on homes priced at £205,000 and £35,000 average incomes.

In Scotland, the ratio is 5.6 years – based on homes priced at £185,000 and £33,000 average incomes.

While in Northern Ireland the ratio is 5 years — based on homes priced at £160,000 and £32,000 average incomes.

The ONS says for low-income households, average-priced homes in all four countries have been “unaffordable” since 1999, when it began collecting data in this series.

It says only the 10% of highest-income households in England could afford an average-priced home with fewer than five years of household income in the financial year to 2023.

This is in comparison to Northern Ireland where an average-priced home was affordable with an average household income.

Contact us to discuss your mortgage options

Income Plus multiples for First Time Buyers

Income plus affordability for first time buyers. Leeds Building Society

A range of new mortgages and improvements in assessing borrowers affordability to repay will result in Leeds Building Society offering first-time buyers up to £66,000 more on average.

The Income Plus mortgages could result in aspiring homeowners with a minimum household income of £40,000 to borrow up to 5.5 times their earnings, compared to 4.5 times on the Leeds BS standard lending.

These changes will result in the average first-time buyer being able to borrow a maximum of £356,000 through Income Plus compared to £290,000 under its standard lending.

Single and joint borrowers, including those who are self-employed, are eligible for Income Plus mortgages which are available at up to 95% loan to value, including new build houses (new build flats 85% loan to value).

They can also be combined with the society’s existing green affordability benefit which enhances the affordability on a new build home with an Energy Performance Certificate of A or B.

Income Plus will be available via the society’s intermediary partners only.

Rates on the seven Income Plus mortgages range from 4.40% at 75% LTV (£999 product fee) to 5.15% (£999 product fee, £500 cashback) and 5.19% (no product fee, no cashback) at 95% LTV. All of the mortgages are fixed for five years and include a standard home valuation survey.

Income plus will support the increasing number of first-time buyers facing affordability constraints.

To discuss your mortgage options contact us.

Reduction in 5 year fixed rates

The average five-year fixed mortgage rate is now 4.66%, down from 5.33% 12 months ago according to the Rightmove weekly mortgage tracker

The data shows the average two-year fixed mortgage rate is now 4.92%, down from 5.76% a year ago. A significant reduction of 0.84%.

The property portal calculated that the average monthly mortgage payment on a typical first-time buyer type property when taking out an average five-year fixed, 85% loan-to-value (LTV) mortgage, is now £1,093 per month, down from £1,159 per month a year ago.

Meanwhile, the average 85% LTV five-year fixed mortgage rate is now 4.69%, down from 5.40% a year ago, while the average 60% LTV five-year fixed mortgage rate is now 4.05%, down from 4.91% a year ago.

To discuss your mortgage options contact us.

First time buyer rates still low amid turbulence

Rightmove has released its weekly mortgage report.

The current average asking price of a typical first time buyer property is £225,340.

For someone taking out an average five-year fixed, 85% LTV mortgage, the average monthly mortgage repayment on this type of home is now £1,104 per month if repaying over 25 years, compared with £1,138 per month a year ago (when the average first-time buyer property asking price was £223,426).

The average rate for a 95% loan to value mortgage fixed for 2 years is 5.65%. The larger deposit a buyer can put towards the purchase the lower mortgage rate that can be sourced.

For example the average 2 year fixed rate for a buyer with a 25% deposit is 4.85%. The average 5 year fixed rate is 4.74%.

To discuss your mortgage options get in touch with a local broker through Best Mortgage Services.

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First Time Buyers prepare for stock reduction

The level of stamp duty free properties will fall by 20% of over 90,000 properties as of April when the stamp duty threshold reverts back to £300,000 for first-time buyers. Last week, Chancellor Rachel Reeves gave no indication in her Budget that the government would extend the current First Time Buyer stamp duty threshold, which is due to expire in March.
From 1 April 2025, the current stamp duty threshold up to which first time buyers don’t pay stamp duty in England is reducing by £125,000 from its current level of £425,000 down to £300,000.
This will lead to a reduction of 20% of properties that are not impacted by stamp duty for first time buyers.
While the national tax-free stock reduction stands at 20%, First time buyers in some cities are going to see a larger drop in the number of homes available to them.
There was hope that last week’s Autumn Budget would extend the current stamp duty relief given to first-time buyers, at the very least. Those currently on the hunt for their first property still have time to beat next year’s deadline but they need to complete within the next five months.

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.

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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.

Get in touch with a Mortgage Advisor

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