Your home may be repossessed if you do not keep up repayments on your mortgage
The cost of buying a house
When you consider buying your first home it’s important that you have a realistic understanding of all the costs involved and take them into account when working out your overall budget. Some of the related expenses that you should consider include.
Deposit
No matter which mortgage product you select you will be required to put down a sizeable deposit, usually between 5% and 20% of the purchase price. For example a property costing £100,000 would generally require a deposit between £5,000 and £20,000.
95% Mortgages in Northern Ireland are becoming more common on today's market now that the government has stepped in with their Help to Buy scheme.
Stamp Duty
If you’re buying your first home
You can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:
no SDLT up to £425,000
5% SDLT on the portion from £425,001 to £625,000
You’re eligible if you and anyone else you’re buying with are first-time buyers.
If the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.
The rates above are correct as of 01/02/2023
Valuation fees
Before offering a mortgage your lender will have to assess the value of the property that you wish to purchase. The cost of a valuation can vary depending on the size and value of the property and could range from £150 – £1,500. Our mortgage brokers usually have access to “no valuation fee” products however this may not be the cheapest option depending on the rates available.
You will require a solicitor or a conveyancer when purchasing a property. They will carry out all local searches usually costing £300 and there will be legal fees on top typically costing between £1,000 and £1,500, this figure will vary depending on the overall cost of the purchase. Don’t forget to price around for the most competitive price not all solicitors charge the same amount.
Mortgage fees
A lot of Mortgage Brokers charge a fee for their services some of them may charge as much as £500 or more. Mortgage Adviser NI will never charge you a fee for their services. Get Fee free Mortgage Advice today.
Other costs
Don’t forget to budget for decorating and furnishing your property. Before you commit to buying your new home price around and work out roughly how much you will need.
This could add up to £1,000’s and you need to be prepared before you get the keys.
Most lenders will insist on adequate buildings insurance being in place before finally signing a mortgage off. This will protect you against damage to your home for example Fire, floods and subsidence to name but a few.
You may also want to invest in contents insurance to cover your possessions or life insurance which would pay off your mortgage debt in the event of death.
Council tax is something that is often overlooked by First Time Buyers in Northern Ireland rates will be set on an individual basis and will depend on the size of your property.
You should confirm the monthly cost before completing your purchase rates in Northern Ireland are typically in excess of £100 per month.
These can quickly add up to a sizeable amount. Gas, electricity, oil, landline, tv license, additional tv packages and internet access could easily add up to an amount equal to your mortgage repayments.
Price around for the best deals available but do not neglect these factors when working out your budget.
First Time Buyer Mortgage Guides
The Latest 95% LTV First Time Buyer Products
The products below are based on a purchase price of £150000 with the applicant contributing a depsoit of £7500 which means the loan amount would be £142500. All of the products listed are based on a mortgage term of 30.
Residential
capital repayment
mortgage.
Standard variable rate 8.24%,
Cash Back £0.00,
Total fees £1,165.00.
An early repayment charge is applicable to this mortgage
for the first 3 years
Your rate of 5.3% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Progressive BS that's 8.24%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £328779. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
£794.85
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
5.34%
Initial Rate
7.49%
Follow on Rate
7.4%
APRC
£19076.4
Initial Period Cost
Residential
capital repayment
mortgage.
Standard variable rate 7.49%,
Cash Back £0.00,
Total fees £1,079.00.
An early repayment charge is applicable to this mortgage
until .
Your rate of 5.34% will last for the first 24 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Nationwide BS that's 7.49%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £298854.84. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
£811.78
Initial Monthly Payment
2 year fixed
Rate Type
£999
Product Fee
5.53%
Initial Rate
8.24%
Follow on Rate
8.1%
APRC
£19482.72
Initial Period Cost
Residential
capital repayment
mortgage.
Standard variable rate 8.24%,
Cash Back £0.00,
Total fees £1,099.00.
An early repayment charge is applicable to this mortgage
for the first 5 years
Your rate of 5.53% will last for the first 26 months of your mortgage (the 'initial period'). After that, you'll switch to the lender's standard variable rate (SVR). For Halifax that's 8.24%. Based on what you've told us, your loan to value (LTV) is 95%, the maximum loan to value for this product is 95%. The total cost of this mortgage is £328779. That's the total cost you will pay over the whole term of the mortgage.
Subject to eligibility
expand_more
{"tags":["FTB"],"_id":"63b6ea461e22660f98eb8e2e","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"The cost of buying a house","meta_title":"First Time Buyer NI | The cost of Buying a House","meta_description":"Do you know the real cost of buying a home today. Essential information for all first time buyer NI. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/the-costs-of-buying-a-house","page_menu_link":"The cost of buying a house","page_sections":[{"_id":"63ddba3e70728d0018406d51","section_title":"The cost of buying a house","section_content":" When you consider buying your first home it’s important that you have a realistic understanding of all the costs involved and take them into account when working out your overall budget. Some of the related expenses that you should consider include.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d52","section_title":"Deposit","section_content":" No matter which mortgage product you select you will be required to put down a sizeable deposit, usually between 5% and 20% of the purchase price. For example a property costing £100,000 would generally require a deposit between £5,000 and £20,000.\r\n\r\n<a href=\"/first-time-buyer-mortgages/95-mortgages-for-first-time-buyers\">95% Mortgages in Northern Ireland</a> are becoming more common on today's market now that the government has stepped in with their Help to Buy scheme.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d53","section_title":"Stamp Duty","section_content":" <strong>If you’re buying your first home</strong>\r\n<br>\r\nYou can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:\r\n<br>\r\nno SDLT up to £425,000\r\n<br>\r\n5% SDLT on the portion from £425,001 to £625,000\r\n<br>\r\nYou’re eligible if you and anyone else you’re buying with are first-time buyers.\r\n<br>\r\nIf the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.\r\n<br>\r\nThe rates above are correct as of 01/02/2023\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d54","section_title":"Valuation fees","section_content":" Before offering a mortgage your lender will have to assess the value of the property that you wish to purchase. The cost of a valuation can vary depending on the size and value of the property and could range from £150 – £1,500. Our mortgage brokers usually have access to “no valuation fee” products however this may not be the cheapest option depending on the rates available.\r\n<br><br>\r\n<a href=\"/contact-us\">Contact one of our mortgage brokers today</a> and we will assess your options.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d55","section_title":"Legal fees","section_content":" You will require a solicitor or a conveyancer when purchasing a property. They will carry out all local searches usually costing £300 and there will be legal fees on top typically costing between £1,000 and £1,500, this figure will vary depending on the overall cost of the purchase. Don’t forget to price around for the most competitive price not all solicitors charge the same amount.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d56","section_title":"Mortgage fees","section_content":" A lot of Mortgage Brokers charge a fee for their services some of them may charge as much as £500 or more. Mortgage Adviser NI will never charge you a fee for their services. Get Fee free Mortgage Advice today.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d57","section_title":"Other costs","section_content":" <div class=\"accordion-panel\">\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Decorating & Furnishing <span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nDon’t forget to budget for decorating and furnishing your property. Before you commit to buying your new home price around and work out roughly how much you will need.\r\n<br><br>\r\nThis could add up to £1,000’s and you need to be prepared before you get the keys.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Insurance<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nMost lenders will insist on adequate buildings insurance being in place before finally signing a mortgage off. This will protect you against damage to your home for example Fire, floods and subsidence to name but a few.\r\n<br><br>\r\nYou may also want to invest in contents insurance to cover your possessions or life insurance which would pay off your mortgage debt in the event of death.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Council Tax<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCouncil tax is something that is often overlooked by <a href=\"/first-time-buyer-mortgages\">First Time Buyers in Northern Ireland</a> rates will be set on an individual basis and will depend on the size of your property.\r\n<br><br>\r\nYou should confirm the monthly cost before completing your purchase rates in Northern Ireland are typically in excess of £100 per month.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Running costs<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nThese can quickly add up to a sizeable amount. Gas, electricity, oil, landline, tv license, additional tv packages and internet access could easily add up to an amount equal to your mortgage repayments.\r\n<br><br>\r\nPrice around for the best deals available but do not neglect these factors when working out your budget.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n</div>\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 05 2023","__v":0}
{"tags":["FTB"],"_id":"63b6ea461e22660f98eb8e2e","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"The cost of buying a house","meta_title":"First Time Buyer NI | The cost of Buying a House","meta_description":"Do you know the real cost of buying a home today. Essential information for all first time buyer NI. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/the-costs-of-buying-a-house","page_menu_link":"The cost of buying a house","page_sections":[{"_id":"63ddba3e70728d0018406d51","section_title":"The cost of buying a house","section_content":" When you consider buying your first home it’s important that you have a realistic understanding of all the costs involved and take them into account when working out your overall budget. Some of the related expenses that you should consider include.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d52","section_title":"Deposit","section_content":" No matter which mortgage product you select you will be required to put down a sizeable deposit, usually between 5% and 20% of the purchase price. For example a property costing £100,000 would generally require a deposit between £5,000 and £20,000.\r\n\r\n<a href=\"/first-time-buyer-mortgages/95-mortgages-for-first-time-buyers\">95% Mortgages in Northern Ireland</a> are becoming more common on today's market now that the government has stepped in with their Help to Buy scheme.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d53","section_title":"Stamp Duty","section_content":" <strong>If you’re buying your first home</strong>\r\n<br>\r\nYou can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:\r\n<br>\r\nno SDLT up to £425,000\r\n<br>\r\n5% SDLT on the portion from £425,001 to £625,000\r\n<br>\r\nYou’re eligible if you and anyone else you’re buying with are first-time buyers.\r\n<br>\r\nIf the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.\r\n<br>\r\nThe rates above are correct as of 01/02/2023\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d54","section_title":"Valuation fees","section_content":" Before offering a mortgage your lender will have to assess the value of the property that you wish to purchase. The cost of a valuation can vary depending on the size and value of the property and could range from £150 – £1,500. Our mortgage brokers usually have access to “no valuation fee” products however this may not be the cheapest option depending on the rates available.\r\n<br><br>\r\n<a href=\"/contact-us\">Contact one of our mortgage brokers today</a> and we will assess your options.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d55","section_title":"Legal fees","section_content":" You will require a solicitor or a conveyancer when purchasing a property. They will carry out all local searches usually costing £300 and there will be legal fees on top typically costing between £1,000 and £1,500, this figure will vary depending on the overall cost of the purchase. Don’t forget to price around for the most competitive price not all solicitors charge the same amount.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d56","section_title":"Mortgage fees","section_content":" A lot of Mortgage Brokers charge a fee for their services some of them may charge as much as £500 or more. Mortgage Adviser NI will never charge you a fee for their services. Get Fee free Mortgage Advice today.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d57","section_title":"Other costs","section_content":" <div class=\"accordion-panel\">\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Decorating & Furnishing <span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nDon’t forget to budget for decorating and furnishing your property. Before you commit to buying your new home price around and work out roughly how much you will need.\r\n<br><br>\r\nThis could add up to £1,000’s and you need to be prepared before you get the keys.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Insurance<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nMost lenders will insist on adequate buildings insurance being in place before finally signing a mortgage off. This will protect you against damage to your home for example Fire, floods and subsidence to name but a few.\r\n<br><br>\r\nYou may also want to invest in contents insurance to cover your possessions or life insurance which would pay off your mortgage debt in the event of death.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Council Tax<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCouncil tax is something that is often overlooked by <a href=\"/first-time-buyer-mortgages\">First Time Buyers in Northern Ireland</a> rates will be set on an individual basis and will depend on the size of your property.\r\n<br><br>\r\nYou should confirm the monthly cost before completing your purchase rates in Northern Ireland are typically in excess of £100 per month.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Running costs<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nThese can quickly add up to a sizeable amount. Gas, electricity, oil, landline, tv license, additional tv packages and internet access could easily add up to an amount equal to your mortgage repayments.\r\n<br><br>\r\nPrice around for the best deals available but do not neglect these factors when working out your budget.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n</div>\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 05 2023","__v":0}
[{"tags":["FTB"],"_id":"63af0776cd0073616cb40999","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"First Time Buyer Mortgages","page_category":"FTB","isParental":true,"page_parent":"","page_url":"/first-time-buyer-mortgages","page_menu_link":"First Time Buyer","page_sections":[{"_id":"63dd92655105110218b07d37","section_title":"First Time Buyer Mortgages","section_content":" Getting a mortgage can be a daunting task for a first time buyer in Northern Ireland. A combination of rising property values, peoples inability to save an initial deposit and a more cautious attitude adopted by lenders can make it difficult to get your foot on the property ladder. Want to know more about the <a href=\"/first-time-buyer-mortgages/first-time-buyer-faq\">Full Mortgage process.</a> \r\n<br><br>\r\nIf you are one of the lucky ones who already has a deposit saved up things are currently looking quite good. With the mortgage rates available on todays market up to 95% loan to value there are plenty of options available.\r\n<br><br>\r\nStruggling for a deposit all is not lost there well may be options available to you have you considered a <a href=\"/first-time-buyer-mortgages/co-ownership-mortgages\">co-ownership mortgage.</a>\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63dd92655105110218b07d38","section_title":"Can you get a Mortgage?","section_content":" Unfortunately this question cannot be answered with a simple yes or no until a mortgage broker has assessed your situation.\r\n<br><br>\r\n<strong>Each application will be decided on its own merit some crucial factors will include</strong>\r\n<br><br>\r\n<strong>Employment status :-</strong> Do you have a full time permanent contract.<br>\r\n<strong>Age :-</strong> Will you be borrowing beyond you specified retirement age.<br>\r\n<strong>Affordability :-</strong> what is your income in relation to what you are trying to borrow.<br>\r\n<strong>Type of property :-</strong>Did you know that certain lenders will not offer 95% Mortgages on new build properties.<br>\r\n<strong>Credit Score :-</strong>Maybe you have missed a payment or maybe you don’t have any credit history at all. These are just some of the factors that could make or break your application.\r\n<br><br>\r\nDon’t despair the good news is that all lenders have different criteria. So just because you have been declined by one doesn’t mean that you won’t be accepted by another.\r\n<br><br>\r\nIf you are struggling to get your First Mortgage the best thing to do is speak to an expert. Our brokers will assess your circumstances and will instantly know who is most likely to accept your application. Saving you time hassle and stress and to make the deal even sweeter they will never charge you a fee for their services.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63dd92655105110218b07d39","section_title":"How much can you borrow?","section_content":" Again this is another difficult question to answer without first assessing your circumstances. Some lenders will be willing to lend 4 – 5 times your salary, but a lot will depend on how much disposable income you have left at the end of the month after credit commitments are taken into consideration.\r\n<br><br>\r\nDo you have outstanding credit card debts or are you still paying off a car loan, clearing these commitments before applying for a mortgage can increase your loan amount considerably.\r\n<br><br>\r\nWhen considering income lenders vary on what they are willing to accept some lenders will accept state benefits such as child tax credits or disability living allowance, some will consider overtime, bonuses or retirement income and some won’t.\r\n<br><br>\r\nIts best to speak a mortgage broker who has general knowledge on a comprehensive list of lenders and who knows each lenders criteria and which one is most likely to accept your application.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63dd92655105110218b07d3a","section_title":"How much of a deposit does a first time buyer need?","section_content":" Saving a good deposit is a common problem for First time buyers lenders generally require a minimum of 5%.\r\n<br><br>\r\n95% Mortgages in Northern Ireland have become a lot more common recently with the majority of lenders now offering them. You should be aware that the best rates are reserved for those with the biggest deposits as they represent less of a risk to the lender.\r\n<br><br>\r\nUnfortunately 100% mortgages are now a thing of the past but if getting a decent deposit saved up is a real problem options such as co-ownership or a springboard mortgage could be just what you need. Don’t forget to investigate other Government Mortgage Schemes that could help you get your foot on the property ladder.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63dd92655105110218b07d3b","section_title":"How much will your repayments be?","section_content":" Your repayments will be determined by the amount of your loan, the rate you secure and the term of your loan. Traditionally the majority of mortgages where structured over a 25 year term however nowadays certain lenders will allow you extend the term of the loan up to 35 years which will reduce the amount of the monthly repayments.\r\n<br><br>\r\nYou do however need to be aware that extending the loan from say 25 years to 35 years will mean that the total amount repayable will increase and you will end up paying more in the long run.\r\n<br><br>\r\nIt’s not uncommon for First time buyers to initially take out a longer term mortgage to allow them time to acclimatise to their new financial situation. An example of this would be a First Time Buyer taking out a 2 year fixed rate mortgage product over 30 years. When their 2 year fixed rate deal expires and they have settled into their new home they could then re-mortgage over a 20 year term providing they have adequate income to do so.\r\n<br><br>\r\nDoing this would ease the financial pressure during the initial 2 years when there are lots of additional costs to consider. When considering the cost of buying a new home its important to remember that its not just the monthly repayments you have to worry about furnishing a property can be expensive too.\r\n\r\nCheck out our <a href=\"/calculators\">Affordability Calculator</a> for a rough guide.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Fri Dec 30 2022 15:44:54 GMT+0000 (Greenwich Mean Time)","__v":0,"meta_description":"Our free mortgage brokers are able to give all the first time buyer mortgage advice you will ever need. Call mortgage adviser NI today. ","meta_title":"First Time Buyer Mortgage Advice | Mortgages Northern Ireland"},{"tags":[],"_id":"63b4d7dc109a6e28bcb96ae0","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"95% Mortgages Northern Ireland","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/95-mortgages-for-first-time-buyers","page_menu_link":"95% Mortgages Northern Ireland ","page_sections":[{"_id":"63ddb5bf08368a00184d69f4","section_title":"95% Mortgages Northern Ireland ","section_content":" A 95% Mortgage is most likely to appeal to a First Time Buyer as it means they will only be required to find a deposit equivalent to 5% of the value of the property that they are trying to purchase. Don’t get too excited though it’s not all good news. Lenders usually have stricter lending policies when it comes to 95% mortgages and the rates available on these products are generally not as good as those you would get if you were to put down a larger deposit as you would represent more of a risk to the lender.\r\n<br><br>\r\nBelow are a list of questions that we are commonly asked about 95% mortgages.\r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddb5bf08368a00184d69f5","section_title":"What is a 95% mortgage? ","section_content":" Simply put a 95% Mortgage is a loan equal to 95% of the value of the property that you are trying to purchase. For Example a First Time Buyer wishes to purchase a property for £100,000 but they are struggling to save a sizeable deposit and they only have £5,000 available. £5,000 is equal to 5% of the properties value meaning they will require a loan of 95%.\r\n<br><br>\r\nThis deposit to loan ratio is commonly referred to as LTV or Loan to Value.\r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddb5bf08368a00184d69f6","section_title":"Is a 95% mortgage right for you? ","section_content":" It’s a difficult question to answer without first having your financial situation assessed by a professional Mortgage Broker.\r\n<br><br>\r\nIf you are really struggling to gather up a decent deposit it may be your only option but you do need to be aware that you are unlikely to secure a really good rate as you will represent a greater risk to the lender.\r\n<br><br>\r\nOn the other hand buying your first home can be expensive and there will be lots of hidden costs that you may have failed to take into consideration so even if you have managed to save up more than a 5% deposit you may find that you require liquid cash to satisfy other associated costs such as solicitor fees, furnishing the property and stamp duty to name a few.\r\n<br><br>\r\nCheck out our page on the associated <a href=\"/first-time-buyer-mortgages/the-costs-of-buying-a-house\">costs of buying a new home.</a> \r\n<br><br>\r\nDon’t forget that once your first mortgage deal has expired you can always re-mortgage once you have had time to settle into your new property and take stock of the associated financial implications.\r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddb5bf08368a00184d69f7","section_title":"Who offers 95% mortgages in Northern Ireland? ","section_content":" Following the financial crash lenders adopted a much more cautious attitude to mortgages and 95% mortgages became very scarce and hard to come by. However things are slowly starting to change and 95% products are now offered by the majority of main stream lenders in Northern Ireland.\r\n<br><br>\r\nOur Mortgage Brokers have access to a comprehensive panel of lenders and we usually have access to dozens of 95% mortgage products from a range of different Banks and Building Societies which can be made available to our clients.\r\n<br><br>\r\nIt’s important to consult a mortgage broker as each lender has different lending criteria so although you may find one that has a 95% product your application could still be rejected as you or perhaps the property you are trying to purchase does not meet the lenders criteria. For example did you know that some main stream lenders will not offer a 95% mortgage on a new build property.\r\n<br><br>\r\nThis process of applying and being rejected can be extremely time consuming and disheartening and could even lead to you losing your dream home if the vendor decides to sell to someone else who already has an offer on the table.\r\n<br><br>\r\n<a href=\"/contact-us\">Contact one of our mortgage Brokers today</a> and they will be able to assess your situation, they will instantly know which lender is most likely to accept your application.\r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddb5bf08368a00184d69f8","section_title":"What's the lending criteria for a 95% mortgage? ","section_content":" The majority of lenders have reasonably strict lending criteria for a 95% mortgage due to the increased risk that it represents in the event of a repossession, the government Help to Buy Scheme has however helped to alleviate some of these fears.\r\n<br><br>\r\nCriteria will vary from one Bank or Building Society to another some of the main factors that will be considered include.\r\n<br><br>\r\n<strong>Adequate Income</strong>\r\n<br>\r\nYou must be able to demonstrate that your monthly earnings are sufficient to cover the repayments after all other committed expenditure is taken into consideration.\r\n<br><br>\r\n<strong>A Clean Credit Record</strong>\r\n<br>\r\nYou must have a clean credit record, you can check out your credit rating for free at noddle.co.uk. Your credit score is determined by a number of factors and failure to keep up with your repayments on credit cards and loans will have a negative effect.\r\n<br><br>\r\n<strong>Affordability</strong>\r\n<br>\r\nNew rules implemented by the financial conduct authority require lenders to look at more than just your salary when assessing your eligibility for a 95% mortgage. All of your committed expenditure will be assessed usually by examining 3 months Bank Statements and your application will be “stress tested” for example how would you cope with your repayments if interest rates were to rise.\r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddb5bf08368a00184d69f9","section_title":"What's the downside of a 95% mortgage? ","section_content":" You are unlikely to secure a really good rate on a 95% mortgage product as you represent a greater risk to the lender this means that your monthly repayments will be greater.\r\n<br><br>\r\nHave you considered what could happen if house prices were to fall ? 5% equity does not leave you with a great safety net. If house prices were to fall you could find yourself in negative equity which would make it virtually impossible to re-mortgage your property when your initial deal comes to an end, this would leave you stuck on your current lenders SVR ( Standard Variable Rate ) paying more than you would if you were able to <a href=\"/re-mortgage-advice/re-mortgage-for-a-better-rate\">re-mortgage for a better rate.</a> \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Wed Jan 04 2023 01:35:24 GMT+0000 (Greenwich Mean Time)","__v":0,"meta_description":"Fee Free Mortgage Advice on all 95% mortgages in Northern Ireland ","meta_title":"95% Mortgages across all of Northern Ireland | Mortgages NI"},{"tags":["FTB"],"_id":"63b6ea461e22660f98eb8e2e","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"The cost of buying a house","meta_title":"First Time Buyer NI | The cost of Buying a House","meta_description":"Do you know the real cost of buying a home today. Essential information for all first time buyer NI. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/the-costs-of-buying-a-house","page_menu_link":"The cost of buying a house","page_sections":[{"_id":"63ddba3e70728d0018406d51","section_title":"The cost of buying a house","section_content":" When you consider buying your first home it’s important that you have a realistic understanding of all the costs involved and take them into account when working out your overall budget. Some of the related expenses that you should consider include.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d52","section_title":"Deposit","section_content":" No matter which mortgage product you select you will be required to put down a sizeable deposit, usually between 5% and 20% of the purchase price. For example a property costing £100,000 would generally require a deposit between £5,000 and £20,000.\r\n\r\n<a href=\"/first-time-buyer-mortgages/95-mortgages-for-first-time-buyers\">95% Mortgages in Northern Ireland</a> are becoming more common on today's market now that the government has stepped in with their Help to Buy scheme.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d53","section_title":"Stamp Duty","section_content":" <strong>If you’re buying your first home</strong>\r\n<br>\r\nYou can claim a discount (relief) if the property you buy is your first home. This means you’ll pay:\r\n<br>\r\nno SDLT up to £425,000\r\n<br>\r\n5% SDLT on the portion from £425,001 to £625,000\r\n<br>\r\nYou’re eligible if you and anyone else you’re buying with are first-time buyers.\r\n<br>\r\nIf the price is over £625,000, you cannot claim the relief. Follow the rules for people who’ve bought a home before.\r\n<br>\r\nThe rates above are correct as of 01/02/2023\r\n\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d54","section_title":"Valuation fees","section_content":" Before offering a mortgage your lender will have to assess the value of the property that you wish to purchase. The cost of a valuation can vary depending on the size and value of the property and could range from £150 – £1,500. Our mortgage brokers usually have access to “no valuation fee” products however this may not be the cheapest option depending on the rates available.\r\n<br><br>\r\n<a href=\"/contact-us\">Contact one of our mortgage brokers today</a> and we will assess your options.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d55","section_title":"Legal fees","section_content":" You will require a solicitor or a conveyancer when purchasing a property. They will carry out all local searches usually costing £300 and there will be legal fees on top typically costing between £1,000 and £1,500, this figure will vary depending on the overall cost of the purchase. Don’t forget to price around for the most competitive price not all solicitors charge the same amount.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d56","section_title":"Mortgage fees","section_content":" A lot of Mortgage Brokers charge a fee for their services some of them may charge as much as £500 or more. Mortgage Adviser NI will never charge you a fee for their services. Get Fee free Mortgage Advice today.\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba3e70728d0018406d57","section_title":"Other costs","section_content":" <div class=\"accordion-panel\">\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Decorating & Furnishing <span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nDon’t forget to budget for decorating and furnishing your property. Before you commit to buying your new home price around and work out roughly how much you will need.\r\n<br><br>\r\nThis could add up to £1,000’s and you need to be prepared before you get the keys.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Insurance<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nMost lenders will insist on adequate buildings insurance being in place before finally signing a mortgage off. This will protect you against damage to your home for example Fire, floods and subsidence to name but a few.\r\n<br><br>\r\nYou may also want to invest in contents insurance to cover your possessions or life insurance which would pay off your mortgage debt in the event of death.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Council Tax<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCouncil tax is something that is often overlooked by <a href=\"/first-time-buyer-mortgages\">First Time Buyers in Northern Ireland</a> rates will be set on an individual basis and will depend on the size of your property.\r\n<br><br>\r\nYou should confirm the monthly cost before completing your purchase rates in Northern Ireland are typically in excess of £100 per month.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Running costs<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nThese can quickly add up to a sizeable amount. Gas, electricity, oil, landline, tv license, additional tv packages and internet access could easily add up to an amount equal to your mortgage repayments.\r\n<br><br>\r\nPrice around for the best deals available but do not neglect these factors when working out your budget.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n</div>\r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Jan 05 2023","__v":0},{"tags":["FTB"],"_id":"63b6ecc21e22660f98eb8e48","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"First time buyer FAQ","meta_title":"First Time Buyer Mortgage | FAQ | Mortgages NI","meta_description":"First Time Buyer Mortgage FAQ. Here you will find some of the most frequently asked questions first time buyer mortgage applicants have for us. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/first-time-buyer-faq","page_menu_link":"First time buyer FAQ","page_sections":[{"_id":"63ddba9070728d0018406d6b","section_title":"First time buyer FAQ","section_content":" Our Mortgage Brokers have a wealth of experience when it comes to helping First Time Buyers in Northern Ireland. Below are some of the most frequently asked questions we get. We hope you get the answer you are looking for if not make an inquiry and we will do our best to assist you.\r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba9070728d0018406d6c","section_title":"What is the full mortgage process","section_content":" <div class=\"accordion-panel\">\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Get an agreement in principle<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nAn AIP is a statement or certificate from your lender stating that they would be happy to lend a certain amount to you based on the information that you have supplied. The information given will also allow the lender to check your credit history and make a decision as to weather or not you are mortgageable.\r\n<br><br>\r\nIt’s a good idea to get an AIP before you even look for a property as this will let you know roughly how much you will be able to borrow.\r\n<br><br>\r\nAn agreement in principle can also be used to ensure an estate agent that your offer is a serious one and that you are actually able to obtain a mortgage.\r\n<br><br>\r\nPlease be aware that an AIP is not a guarantee that your application will be successful. Your lender will still need to carry out a full assessment of your income and outgoings before a final decision can be made.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Find a property<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nOnce you have determined how much you can borrow it’s time to find a suitable property and make an offer. There may be some negotiating at this point depending on weather or not there are any other parties interested in the property.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Make a mortgage application<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nWhen your offer has been accepted you will need to make a full mortgage application. This will involve submitting supporting documentation such as proof of income, proof of id, proof of address and Bank Statements.\r\n<br><br>\r\nYour lender will assess all of your documentation and providing they are happy with all of the proofs that you have supplied your application will be moved to approved “Subject to Valuation”.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Instruct a valuation<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nAll lenders will require a valuation to be carried out before issuing a final offer. This is to ensure that the property is of sound construction and is deemed by an independent third party to be worth roughly what you are paying for it.\r\n<br><br>\r\nAt your request and expense a valuation can be upgraded to a Home Buyers Report or a full Building Survey which will provide a much more detailed report on the condition of the property.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Final Offer<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nOnce the valuation has been approved your lender will issue a final offer one copy will be sent to you and another copy will be sent to your solicitor.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Instruct your solicitor<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nOnce instructed to begin the purchasing process your solicitor will begin to carry out searches such as proof of ownership ( making sure that the vendor has a right to sell the property ) and local authority searches etc.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Exchange contracts<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nOnce all of the relevant searches have been carried out you are ready to exchange contracts you will be required to go to your solicitors office and sign the necessary documents at this point a completion date will be agreed upon.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Completion<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nThe big day has finally arrived and you are ready to move into your new home.\r\n </p>\r\n </div>\r\n </div>\r\n\r\n</div>\r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba9070728d0018406d6d","section_title":"What is co-ownership?","section_content":" <a href=/first-time-buyer-mortgages/co-ownership-mortgages>Co-ownership</a> is a government-backed scheme in Northern Ireland which allows you to purchase between 50% and 90% of the properties value and pay rent on the remaining share. You will need to obtain a mortgage to pay for your share of the property. You can increase your shareholding in the property at any time once you become the owner, this process is referred to as staircasing.\r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba9070728d0018406d6e","section_title":"What is a mortgage guarantor?","section_content":" A guarantor mortgage involves a third party usually a parent or close relative guaranteeing to repay the mortgage debt. This means that if you the buyer are unable to keep up with your repayments the third party will be responsible for maintaining them.\r\n<br><br>\r\nSometimes the third party will be required to offer their property as collateral, in this case the worst case scenario could see the guarantor loose their property.\r\n<br><br>\r\nIt’s important that you seek independent legal advice before entering into such a contract.\r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddba9070728d0018406d6f","section_title":"Can a first time buyer purchase a buy to let?","section_content":" The majority of lenders will require you to have a residential mortgage before allowing you to purchase a <a href=\"/buy-to-let-mortgages\">buy to let property</a> however it’s not impossible. Lending criteria for such a purchase will be strict. <a href=\"contact-us>Make an enquiry today</a> and we will assess your circumstances, we have access to a comprehensive range of lenders and we will try our best to find one that will accept your application.\r\n \r\n \r\n \r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Thu Jan 05 2023 15:29:06 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":[],"_id":"63b6eea61e22660f98eb8e72","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Government Schemes","meta_title":"Government Mortgage Schemes in Northern Ireland | Free Mortgage Advice","meta_description":"Government Mortgages schemes in Northern Ireland. Mortgage Adviser NI have a wealth of knowledge regarding all government mortgage schemes in Northern Ireland. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/government-schemes","page_menu_link":"Government Schemes","page_sections":[{"_id":"63ddbae470728d0018406d80","section_title":"Which government scheme is right for you?","section_content":" Before you start you should check to see if you would be eligible for a standard mortgage. If you currently have a 5% deposit this may be a possibility. If not don’t give up there are still options. The government currently run a range of different schemes that are designed to help people in your situation get a foot on the property ladder. The scheme that is right for you will depend on your circumstances so in order to establish that we need to answer a few questions.\r\n ","section_style":"splash"},{"_id":"63ddbae470728d0018406d81","section_title":"Do you have a 5% deposit?","section_content":" If you have already done the hard work and saved a 5% deposit the Government Help to Buy Mortgage Guarantee Scheme could be available to help you today but remember a lot of lenders now offer <a href=\"/first-time-buyer-mortgages/95-mortgages-for-first-time-buyers\">95% mortgage to first time buyers</a> so using a government scheme may not even be necessary. If you are starting to or in the process of saving for your deposit don’t forget to investigate the Help to Buy ISA which could boost your savings by up to 25%.\r\n ","section_style":"splash"},{"_id":"63ddbae470728d0018406d82","section_title":"No deposit? Co-ownership could be the answer!","section_content":" Co-Ownership allows you to buy between 50% and 90% of a property’s value and pay rent on the remaining share. This type of scheme is available to those who do not have a deposit and has proved popular in Northern Ireland. Want to learn more about <a href=\"/first-time-buyer-mortgages/co-ownership-mortgages\">co-ownership in Northern Ireland.</a>.\r\n ","section_style":"splash"},{"_id":"63ddbae470728d0018406d83","section_title":"Right to buy mortgage scheme","section_content":" The majority of housing association tenants who have lived in the same property for 5 years or more will have the right to buy their property at a considerable discount. Find out more about <a href=\"/first-time-buyer-mortgages/right-to-buy-government-scheme\">Right to Buy in Northern Ireland.</a>\r\n ","section_style":"splash"}],"page_date":"Thu Jan 05 2023 15:37:10 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["FTB"],"_id":"63b6f0431e22660f98eb8e89","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Co-ownership Mortgages","meta_title":"Co-Ownership NI | Free Co-Ownership Mortgage Advice NI","meta_description":"Fee free co-ownership NI mortgage advice at mortgage adviser ni. Our experts can answer any co-ownership related mortgage enquiries you may have. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/co-ownership-mortgages","page_menu_link":"Co-ownership Mortgages","page_sections":[{"_id":"63ddbb2170728d0018406d9a","section_title":"Co-ownership Mortgages in Northern Ireland ","section_content":" Co-ownership NI is a government scheme which will allow a successful applicant to buy a share of their home (between 50% and 90% of the properties value) and pay rent on the remainder.\r\n<br><br>\r\nYou will still need to take out a mortgage to pay for the remaining share of the home’s purchase price. Co-Ownership is a Shared Ownership scheme exclusive to Northern Ireland.\r\n<br><br>\r\nIf you hope to own your own home but you can’t quite afford a mortgage, or you are struggling to save a sizeable deposit Co-Ownership may help you onto the property ladder.\r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddbb2170728d0018406d9b","section_title":"Advantages & disadvantages of co-ownership","section_content":" <div class=\"accordion-panel\">\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Advantages<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nCo-Ownership is an affordable way to get onto the property ladder.\r\n<br><br>\r\nNo deposit required this is probably what attracts the majority of <a href=\"/first-time-buyer-mortgages\">first time buyers in Northern Ireland</a> to co-ownership.\r\n<br><br>\r\nYou can continue to increase your shareholding in the property until you own it completely. This is known as staircaising.\r\n<br><br>\r\nEven with rent and mortgage combined it s still generally more affordable than a full mortgage.\r\n </p>\r\n </div>\r\n </div>\r\n <div class=\"accordion-item\">\r\n <button class=\"accordion-button\">Disadvantages of co-ownership<span class=\"material-symbols-outlined\">\r\narrow_downward\r\n</span></button>\r\n <div>\r\n <p class=\"panel\">\r\nNot all lenders cater for Co-Ownership so there will be a limited number of products available and you may not be able to secure one of the better rates on the market.\r\n<br><br>\r\nIf the properties value increases you will have to pay more to buy the remaining share.\r\n<br><br>\r\nCurrently 02/11/2016 there is a property value cap of £190,000 (as of 3rd Feb 2023), so if the property you wish to purchase exceeds this it will not be eligible for the co-ownership scheme.\r\n<br><br>\r\nIf you decide to make any changes to the property using a further advance you will have to seek approval from the co-ownership scheme.\r\n<br><br>\r\nIf your circumstances change and you decide to rent your property out you will need to seek approval first.\r\n </p>\r\n </div>\r\n </div>\r\n</div>\r\n \r\n \r\n \r\n ","section_style":"splash"},{"_id":"63ddbb2170728d0018406d9c","section_title":"How can you apply for a co-ownership mortgage","section_content":" The application process for a co-ownership mortgage is a little more complicated than a standard residential mortgage, this is because you must apply to both the co-ownership scheme directly and you must also arrange the finance for the remaining share of the property.\r\n<br><br>\r\nOur Mortgage Brokers deal with co-ownership applications on a regular basis we do not charge a fee for our services and would happy to guide you through the process from start to finish. <a href=\"/contact-us\">Contact a mortgage broker today</a> and get your application under way.\r\n \r\n \r\n \r\n ","section_style":"splash"}],"page_date":"Thu Jan 05 2023 15:44:03 GMT+0000 (Greenwich Mean Time)","__v":0},{"tags":["FTB"],"_id":"63b6f18f1e22660f98eb8eab","page_author":"Richard Aston","page_author_image":"images/richard-aston.jpg","page_title":"Right to buy mortgages ","meta_title":"Right to Buy Government Scheme in Northern Ireland - Mortgages NI","meta_description":"A brief overview of the right to buy mortgage scheme currently available to council tennants in Northern Ireland. ","page_category":"FTB","isParental":false,"page_parent":"/first-time-buyer-mortgages","page_url":"/right-to-buy-government-scheme","page_menu_link":"Right to buy mortgages","page_sections":[{"_id":"63b6f18f1e22660f98eb8eac","section_title":"What is a right to buy mortgage","section_content":"Right to Buy is a government scheme launched to help housing association tenants get on the property ladder. Once you have been a tenant for 5 years or more you may be eligible to buy the property that you are currently renting.\r\n<br><br>\r\nCertain properties will be excluded such as bungalows or those that have been specially adapted for people with disabilities as the council may require these homes in the future.","section_style":"splash"},{"_id":"63b6f18f1e22660f98eb8ead","section_title":"Working out the price","section_content":"Your property will be assessed by an independent valuer who will work out what your property would sell for on the open market. The discount that you are entitle to will then be subtracted from the market value and this will be the price you will pay.","section_style":"splash"},{"_id":"63b6f18f1e22660f98eb8eae","section_title":"How much discount will you get?","section_content":"If you are intending to buy 100% of the property you will be entitle to a maximum discount of £24,000. If you are eligible for the scheme you will receive a 20% discount for the first five years that you have lived there and an additional 2% for each additional year. The maximum discount available will be 60% or £24,000 which ever is lower.","section_style":"splash"}],"page_date":"Thu Jan 05 2023 15:49:35 GMT+0000 (Greenwich Mean Time)","__v":0}]
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