Frequently Asked Questions About Mortgages
Looking for Mortgage Advice Belfast?
Our fully qualified team of Financial Advisors are here to answer any query you may have. We know that buying a home is probably the biggest financial commitment you will ever make and with so much choice, we want to ensure you make the right choice.
Below, you will find answers to the most frequently asked questions:
Mortgage Advice Belfast
A mortgage is a loan secured on residential property.
A mortgage is a long-term loan and has traditionally run for a fixed period, typically 25 years. However, most mortgages are flexible enough to allow for early repayment or, if your circumstances dictate, the term can be extended beyond the original loan period.
This is known as a Repayment or Capital & Interest mortgage. Your repayments pay off part of the interest and part of the capital borrowed each month. It is designed that at the end of the set term the full debt will be cleared.
Your monthly repayments only repay the interest on your mortgage debt. You are responsible for the repayment of the capital when the mortgage reaches the end of the term.
Borrowing is now based on affordability. Your current income (sometimes including commission, bonuses, overtime) less any current credit commitments (i.e. loans / credit cards) will determine how much you can borrow. Mortgage Advice Belfast.
Yes, different lenders have different lending criteria, however you can borrow to fund the cost of building a property, subject to income and affordability. If you are looking to buy a site to build your dream home on then this could be the way to do it.
There are some standard fees and charges that you will come across, these will be explained fully to you by your Mortgage Advisor before any decision is made to proceed with a mortgage.
All lenders require a Valuation to be carried out on your property to confirm its value. This is done for the lender’s benefit, to confirm the property is adequate security for the loan. It should tell you if there’s something seriously wrong with the property. Some lenders will offer a free valuation – speak to our Advisors for more information and Mortgage Advice Belfast.
Legal Fees & Outlay Costs
You will need a solicitor to carry out all the legal work when buying or selling your home. Ask your solicitor to outline all costs to you at the outset. Your legal fees could amount to a substantial sum so it is well worth shopping around for a competitive solicitor. We can advise you of the solicitors in your area, if you do not have a family solicitor. Please ask a member of our staff to advise you with regard to legal costs and they will be glad to help you. Conveyancing is not regulated by the Financial Conduct Authority
You may be required to pay stamp duty depending on the value of the property you are buying – speak to our Team of Advisors or refer to the Money Advice Service for more information.
Speak to our Team today for more information.
Buying a house is likely the largest purchase you will ever make – why would you run the risk of not insuring it? At Mortgage First we can source insurance from a variety of providers.
For the first appointment you don’t need to bring anything – just yourself! Our Team of Advisors will listen to you, learn about your particular circumstances and talk to you about your options
However, should you want to progress to an application we will need:
• Copy of photographic ID, such as Passport/Driving Licence.
• Current address verification, such as recent utility bill or recent bank statement.
• Most recent 6 months Bank statements.
• Most recent 3 months payslips. (Self-employed – last 3 years SA302’s).
• Proof of deposit (if applicable)
• A recent Credit Report.
This is an indication made by a Mortgage Lender that – provided the information given to them is correct – they will “in principle” consider your mortgage application.
It is very useful to have one before you even start looking for a house to give you the edge over any competition.
Knowing what you can afford will help you narrow your search.
Our Advisors can complete this process very quickly.
Your home may be repossessed if you do not keep up repayments on your mortgage.