Tag: Mortgage Advisor

Best Mortgage Broker Northern Ireland | January 2026 Rate War Update

UK Mortgage Price War 2026: What Northern Ireland Homebuyers Need to Know This Week

The UK mortgage market has kicked off January 2026 with a massive “price war,” following the Bank of England’s recent decision to lower the base rate to 3.75%. For homeowners and buyers in Northern Ireland—from Belfast to Enniskillen—this week brings some of the most competitive rates we have seen in over two years.

As your local Northern Ireland mortgage experts, we’ve broken down the top news and how it impacts your wallet.

1. Rates Drop Below 3.5%: The New Benchmark

This week, the UK’s “Big Six” lenders triggered a series of rate cuts, making it an ideal time to compare mortgage deals.

  • The Big Winners: Lenders like Nationwide and Lloyds have introduced 2-year fixed rates as low as 3.47% (60% LTV).
  • HSBC & Santander: Significant reductions have been applied to 5-year fixed terms, perfect for NI families looking for long-term stability.
  • NI Impact: With local house prices often more accessible than the UK average, these lower rates mean monthly repayments for a typical semi-detached home in Co. Antrim or Co. Down are becoming significantly more affordable.

2. A “Booming” Market: Product Choice at an 18-Year High

According to recent data, there are more mortgage products available right now than at any point since 2008.

  • 74% Surge in Activity: Buyers are flooding the market to lock in rates before the spring rush.
  • Lender Confidence: With the UK economy showing 0.3% growth and inflation cooling, banks are eager to lend. If you’ve been waiting on the sidelines, the current “January Sale” on interest rates provides a strong entry point.

3. Major Boost for Northern Ireland First-Time Buyers

Getting on the property ladder in Northern Ireland just got easier this week thanks to new lending criteria:

  • Higher Income Multiples: Nationwide and Metro Bank are now offering up to 6x income for qualifying professionals, helping you bridge the gap in competitive areas like South Belfast or Derry/Londonderry.
  • 100% Mortgages: On January 13, 2026, new “track record” mortgages were launched specifically for renters, allowing some buyers to secure a home with a 0% deposit.
  • Low-Deposit Rates: 90% LTV rates (requiring only a 10% deposit) have dropped to roughly 4.06%, the lowest level in years.

4. Expert Advice: Should You Fix Now?

With the Bank of England base rate at 3.75% and rumors of a further cut to 3.5% in February, the big question is whether to “fix” now or wait.

While rates are falling, the best deals often disappear quickly as lenders hit their targets. To see how much you could save or to get a mortgage Agreement in Principle, contact a local broker today.

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Increase in remortgage activity.

There was a 12% rise in remortgage instructions in February according to the LMS.

The most popular main aim when remortgaging was to lower monthly payments, cited by 28% of borrowers. The survey by the conveyancing firm says 42% of borrowers increased their loan sizes in February. Popular reasons for increasing mortgage loans was home improvements and to consolidate more expensive debts to a cheaper mortgage rate.

46% of those who remortgaged took out a five-year fixed-rate product, which was the most popular product last month. 45% opted for 2 year fixed rate products. Borrowers are unconvinced about pending rate reductions despite mortgage lenders factoring this in with lower interest rates.

Get in touch with a local Mortgage Advisor for the best remortgage solutions

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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.

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.

Top Mortgage Brokers in Newry for First-Time Buyers

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