Mortgage advice for customers in Belfast, Ballymena and Portadown
What is a mortgage?
What are the most common type of Rates?
Variable Rate Mortgages
When you take out a variable rate mortgage, you pay interest at what is known as the specific lender’s standard variable rate, or SVR. The SVR will fluctuate, very broadly in line with inflation and with changes in the Bank of England’s base rate, but exactly how it does change is ultimately up to the lender.
The interest rate on a tracker mortgage changes regularly directly with the Bank of England base rate, remaining constantly at a set percentage above Bank of England Base rate.
Fixed Rate Mortgages
When you take out a fixed rate mortgage, the level of interest you will pay stays the same throughout the fixed rate term. Terms could be 2, 3, 5 or 10 years usually.
Arrangement fees (if applicable – these are charged by the lender depending on the mortgage deal chosen)
What are the different types of mortgage?
There are different types of mortgages available
With these kinds of mortgages, each month you pay back a portion of what you borrowed, plus interest, until the whole amount is paid off in full.
These work slightly differently; each month you pay only the interest that is being charged, you do not make any payments towards the outstanding balance. At the end of the mortgage term you must pay off the amount that you borrowed in full.
Will my credit rating affect me getting a mortgage?
Your credit report – Including score, missed payments & defaults.
County Court Judgments
Any bankruptcy proceedings
If any of these scenarios apply, you may become less eligible for most mortgage deals, or you may have to pay a higher rate of interest, even if your financial problems occurred a long time ago.
Does being on the Electoral role help with my credit?
By law, you must register on the electoral roll, even if you aren’t planning to vote. But getting on the register can benefit you as well – from helping protect your identity, to increasing your chances of getting credit. So, it’s worthwhile registering as soon as you can.
Registering to vote improves your credit score.
Your Credit Score reflects your chances of getting approved by lenders. It’s based on information in your credit report. When you register to vote, your electoral details are also recorded on your report. This data helps lenders confirm your name and address, so your score will increase as a result. In Northern Ireland you can register online via www.gov.uk/register-to-vote. This is the quickest and easiest way to register or update your details.
Does gambling affect your mortgage application?
Generally, after the term is up, you will revert to paying the lender’s standard variable rate.
The interest rate on a discounted mortgage changes when the variable rate or SVR of the lender changes.
Generally, with tracker, discounted and fixed rate mortgages, after the term is up, you will revert to paying the lender’s standard variable rate.
How long can I take a mortgage for?
How much can I borrow on a mortgage?
The difference between the amount borrowed and the actual value of the property is known as the loan-to-value ratio, or LTV.
When purchasing a property what are the costs involved?
Typical fees include:
The simple answer is that yes, it can. But the impact that a gambling habit can have on your mortgage application will depend on a combination of factors and will vary from person to person.
Your home may be repossessed if you do not keep up repayments on a mortgage
We do not charge fees for arranging your mortgage. However, if you prefer you can pay us a broker fee of up to 1.5% of the mortgage amount and receive the lenders fee yourself.
The Mortgage Advice Shop is an Appointed Representative of Stonebridge Mortgage Solutions Ltd, which is authorised and regulated by the Financial Conduct Authority Registered office: The Mortgage Advice Shop 7 Castle Street, Portadown, Bt62 1BA. Registered Company Number NI054231. Registered in Northern Ireland.