At Complete Mortgage Solutions we strive to demystify the uncertainty surrounding mortgage applications. We make the process of getting a mortgage in Northern Ireland simple. If you are just starting to begin your mortgage journey this will help you to understand some of the different mortgage options available to you.
On the other hand if you have more experience in the world of personal finance, we hope this guide will be a nice refresher and may even inspire you to ask us a few questions about your mortgage options.
Understanding the basics elements of a Mortgage:
A mortgage is made up of two parts, Capital and Interest. Capital is the money you borrow. Interest is the charge made by the lender on the amount of money you owe.
The way in which you pay the parts of your mortgage can vary.
One way to pay off your mortgage is the Interest only option. This isn’t used much today as it creates a lot of potential risk. It involves paying only the interest for each month of a mortgages’ term. Capital is paid in one lump sum at the end of the term
The most common type of mortgage repayment however is the Capital and Repayment mortgage where you make monthly repayments of your mortgage for each month of the term as well as the payment of interest each month. By the end of term you have your mortgage completely paid off, providing you have made all of the required payments.
Interest may be paid at Fixed Rates allowing the peace of mind that your interest rate will not rise in a given period of time. While this adds a net of security around your mortgage and makes budgeting easier, you will not be able to avail of any lower interest rates, regardless of external market conditions.
Another more Flexible option is a Varied or Discounted Rate. These rates typically offer more flexibility and are easier to adjust, but lack the security of the fixed rate. You may find that your original interest rate increases during the term which means you will have to pay more to pay off your mortgage. There are a range of variable and discounted mortgage rates with their own advantages and disadvantages that we are happy to discuss with you in detail if you wish to reach out.
How much can I borrow for a mortgage?
There are two major types of limits which determine the amount of money a lender can give you, the LTV limit and the LTI limit.
LTV vs LTI
The Loan-to-Value limit is based on the ratio of the size of the loan to the value of the prospective home. The LTV ratio changes depending on the mortgage you want to take out, and whether or not you are a first time home buyer.
The Loan-to-Income limit is based on the ratio of the size of the loan to the income of the prospective borrower. The LTI is generally limited to 2.9 times the annual gross income of the prospective buyer or joint buyers.
What is the Deposit for a Mortgage?
The Deposit you are required to pay will equal the cost of the property less the mortgage borrowed. So if you have received a hypothetical mortgage that was worth 80% of the property, your deposit would be 20% of the cost of the property.
Types of mortgage you can avail of
First time Buyers Mortgage
Looking for your first mortgage is understandably quite daunting. At Complete Mortgage Solutions NI, Neil and Jonathan will cover all of the paperwork and comply with all of the legal requirements and regulations, so you can focus on starting the next exciting chapter of your life, while we make sure you get the best possible offer.
You may choose to avail of a joint mortgage, a popular type of mortgage which allows two people to borrow more, based on the combined salaries of both of their incomes.
A Co-ownership or shared ownership mortgage allows someone who could not afford a mortgage by themselves to own a portion of a property and rent the remainder from a housing association.
Buy to Let Mortgage
A buy to let mortgage is a type of loan for a property intended to be rented out to tenants. You may wish to create an additional source of income by renting out a property or expand to renting out multiple properties in your portfolio. Regardless of your aspirations we are here to help you secure your mortgage.
A remortgage is the process of using the proceeds from an additional mortgage to pay off your first mortgage using the same property as security. There are many different reasons why an individual may choose to remortgage their property, which we would be more than happy to discuss with you.
Self Build Mortgage
If you are choosing to build your own home, you can receive a mortgage tailored to your specific venture.
Best mortgage rates Northern Ireland
Why choose Complete Mortgage Solutions NI to find the best mortgage rates in Northern Ireland?
All of our services are available free of charge to prospective customers. We receive payment in the form of a commission from the lender. We can also schedule meetings around your schedule or visit you in your home for a meeting.
With 20 years of experience in Northern Ireland, we have the necessary expertise to ensure that you get the most competitive offer available. As part of the Lisburn community you rest assured that we are on your side and will do everything in our power to ensure you find yourself in your dream home.
Life doesn’t stop when you start the process of applying for a mortgage. We understand that our clients have other responsibilities such as work, family and healthcare that need to be maintained throughout the application process. That is why we are committed to filtering through reams of paper work and to deliver you vital information in an accessible manner.
We understand the many rules and regulations that need to be adhered to when applying for a mortgage; we are experts in finance so you don’t have to be. By working with Complete Mortgage Solutions you can avoid the stress of trying to apply for a mortgage alone and focus on the things that matter most to you, while knowing that the small details of your application are being meticulously managed by us.
Information is only useful if it is accurate, accessible, reliable and relevant. For the best information on your mortgage please do not hesitate to contact us!
Best Mortgage Deals Northern Ireland
We work with a range of mortgage providers, and have a special insight into the mortgage market in Northern Ireland. We have the necessary contacts and the know-how to ensure that potential delays can be avoided so that you can move forward with your mortgage application as quickly as possible.
If you require more information or professional mortgage help and advice – reach out to our team on any of these pages: