Tag: Belfast Mortgage Advisor

Searching for a Belfast Mortgage Advisor. For the best mortgage advice in Belfast and throughout Northern Ireland contact Best Mortgage Services. Telephone and home appointments available to suit you.

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.

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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.

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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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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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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Mortgage Advice. Where to go for the best mortgage deal.

Mortgage advice is essential. Choosing a mortgage is one of the biggest financial decisions you are likely to make. There are thousands of mortgage deals out there, so how do you choose the right one for you? From the many different providers to the extensive range of products and rates available sourcing a mortgage can be very complex.

Mortgage Advice

Lenders and brokers must offer advice by recommending the most suitable mortgage for you. A Mortgage Adviser will assess the level of mortgage repayments you can afford, by taking into account your income unsecured debt repayments and various outgoings.

If you choose your own mortgage without advice it’s called an “execution-only” mortgage application. Getting mortgage advice rather than on an execution-only basis means that, if for some reason the mortgage turns out to be unsuitable for you later on, you’ll have more rights when you make a complaint.

If you don’t take advice you could end up:

  • with the wrong mortgage for your situation, which would be a costly mistake in the long run
  • being rejected by your chosen lender because you didn’t understand the mortgage criteria. Too many credit searches by multiple finance companies can have an adverse affect on your credit rating.

Talk to a mortgage advisor

A mortgage adviser, also known as an independent mortgage broker, is a specialist with in-depth knowledge of the market. They are not restricted to one Bank’s mortgage products.

Mortgage brokers might charge you for their service depending on the product you choose or the value of the mortgage. Others will be free to you but they’ll receive commission from the lender.

They should tell you up front how much you will pay for their services. You should also be told if an adviser is paid commission. Once your broker makes a product recommendation they must give you a mortgage illustration document usually called a KFI – Key features Illustration

All mortgage advisers must offer you advice when recommending the most suitable mortgage for you. This means you are protected and you can complain to the Financial Ombudsman should the advice be unsuitable which results in a financial loss.

using a Mortgage Broker

      • They help you take all the costs and features of the mortgage into account
      • They may have exclusive deals with lenders, not otherwise available
      • They’ check your finances to make sure the mortgage is affordable
      • They should only recommend a mortgage that is suitable for you
      • They will complete the paperwork for you, so your application should be dealt with faster
      • They are regulated by the FCA – Financial Conduct Authority
      • They offer appointments outside of normal working hours for your convenience.