Category: Newry Mortgage Brokers

One of our Newry Mortgage Brokers is a just a phone call away. We have Mortgage Advisors in Newry and throughout Northern Ireland. Contact Best Mortgage Services.

Santander fixed rate mortgages

Santander has a 5 year fixed rate of 4.20% with a £999 fee that can be added to the loan.

The three year fixed rate is 4.40% and the 2 year is 4.28%. Both products with a £999 fee that can be added to the loan.

These products are available at 60% loan to value and have the benefit of a free valuation.

They are one of few providers to offer a 10 year fixed rate at 4.44% with a £999 fee that can be added to the loan. This offers peace of mind for customers looking to lock in a long term rate.

For remortgage customers the above products are offered with a free valuation and free remortgage legal work.

Get in touch with a local mortgage broker. Complete the form below

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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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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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Things to consider when choosing a mortgage.

With rising household bills, switching your mortgage could be one way to save some money. As competition hots up between lenders there are plenty of low rates to choose from. Many of the deals are below 1 per cent.

Here are top tips to choosing a mortgage.

Know your budget. List all you’re your expenses and see what surplus is left over.

Decide which mortgage is right for you. Many people prefer the security of a fixed rate. With variable rates your mortgage payment will change as interest rates change.

Look at the whole deal. Don’t just look at the interest rate. Consider application fees, arrangement fees, early repayment charges.

Talk to a Mortgage Broker. Mortgage Advisors continuously search mortgage deals and can advise on the best option for your circumstances. Some of the best deals are only available through mortgage brokers. Get in touch with a local mortgage broker.

Get your paperwork ready. Have at least 3 months bank statements and payslips for proof of income. If you are self-employed most lenders will require at least 2 years accounts. Proof of identity and proof of current address is required.

Check your credit file. Get a copy of your credit report to check that there is no adverse credit registered. Some lenders will decline an application based on the information on your credit file.

Job consistency. Lenders like to see you have been in your current job for at least 3 to 6 months and will need confirmation that the role is permanent.

The larger the deposit the better. Lenders reserve their best rates for those with larger deposits. The more money you can put towards the purchase, the greater choice of mortgages you will have.

Minimise your debts. Try to reduce any debts that you have before applying for a mortgage. This demonstrates to the lender that you can manage money effectively. It could also mean that you will qualify for a larger mortgage when it comes to the lender’s affordability calculations.

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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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.

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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.

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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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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.

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