Category: Independent Mortgage Brokers

Northern Ireland Independent Mortgage Brokers. We have Mortgage Advisors throughout Northern Ireland. Appointments available to suit you. Telephone and home appointments available.

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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Mortgage rate cuts from Virgin and Co Op

The Co-operative bank for intermediaries has relaunched selected mainstream and buy-to-let (BTL) products for new business and retention products while Virgin Money has launched seven-day specials and reduced selected rates.

The co-operative bank for intermediaries has cut selected two- and five-year fixes by up to 0.32% in its residential range across new business and internal product switches.

Meanwhile, Virgin Money has launched three seven-day specials, which will be available until 22 July.

These include

75% LTV remortgage five-year fix at 4.40%
80% LTV purchase five-year fix at 4.46% with a free valuation
90% LTV purchase five-year fix at 4.75% with a free valuation
All three come with a fee of £995.

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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.

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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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.

Book a mortgage appointment.

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

Fixed rate mortgages

Fixed rate mortgage

Below are a list of fixed rate mortgage deals suitable for First Time Buyers.

2 yr fixed rate

2.55% 2 year fixed rate with no fees. Available to 95% loan to value. Free valuation for first time buyers

3 yr fixed rate

3.75% 3 yr fixed rate with no fees. Available to 95% loan to value. Free valuation for first time buyers

5 yr fixed rate

3.58% 5 yr fixed rate with £268 application fees. Available to 95% loan to value. Free valuation and £300 cashback incentive upon completion of the mortgage.

Book a free mortgage consultation

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

The content on this website does not provide Financial Advice but provides information only. Advice can only be provided by a Regulated Mortgage Advisor.

Find the Best Mortgage Deals in Belfast

Belfast Mortgage Adviser

Contact a Belfast Mortgage Advisor for the best advice and service. Partner Advisors with Best Mortgage Services have a wealth of experience in sourcing great mortgage and insurance deals for their clients.

Home and telephone appointments available to suit your schedule.

Benefits of using a Mortgage Broker?

  • They will meet with you at a time that suits your schedule
  • Talk you through the full application process
  • Check affordability and obtain an agreement in principle
  • Process your application and liaise with solicitors and estate agents
  • Ensure you are provided with the best mortgage protection advice
  • Contact you when your mortgage is due for renewal to ensure your interest rate is always competitive. This could save you thousands over the term of the mortgage.
  • Your local Mortgage Broker is just a phone call away to assist with all areas of Financial Planning

Book an appointment with a local Advisor.

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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. We hate spam as much as you do.

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

Mortgage Advice Belfast

Best Mortgage Services are proud to work with the best Mortgage Brokers in Northern Ireland providing a great service to customers. Not all UK lenders will lend in Northern Ireland and it is important to speak to a mortgage broker who knows the local market inside out.

Mortgage Advisors Belfast

Not all UK lenders offer mortgages in Northern Ireland so local brokers use their expert knowledge to match you to the best mortgage solution. Whether you are buying your first home, a buy to let investment or seeking a better remortgage deal a local broker will ensure that you get the very best deal.

Mortgage Broker Belfast

Your local mortgage broker will do all the paperwork, submit the application to the lender and advise what other documents are required to process the case to a mortgage offer. Once your mortgage completes they will diary it for review in the future to ensure that you continue to get the best mortgage deals. They will also assess your needs regarding mortgage protection protects such as life insurance, critical illness insurance and income protection.

Book a free mortgage consultation.

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.