Mortgages, Newtownards

Find the perfect mortgage to suit your needs

Mortgages from NI Mortgages in Newtownards

Mortgage Advice from NI Mortgages

NI Mortgages are proud to offer the best mortgage advice specifically for Northern Ireland customers. Speak to a mortgage advisor who is based in Northern Ireland, not in a UK call centre, who knows the local mortgage market inside and out. If it's convenient you can call into our office in Newtownards. If you are looking for a mortgage adviser or mortgage broker to help with your mortgage search then you've come to the right place.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Specialist Mortgage Advice in Northern Ireland

Not all UK mortgage lenders offer mortgages in N. Ireland and there are many local lenders who aren't well known to GB or online brokers so we use our expert local knowledge to match you to your ideal mortgage. Whether it's your first home, your 10th move, a buy to let investment or simply a review of your existing mortgage to ensure that you're getting the very best deal, we're here to help.

The range of deals available from these lenders include special schemes for First Time Buyers, Home Movers, Remortgaging, Buy to Let and Flexible Mortgages.

NlMortgages.com for mortgage advice in Northern Ireland

NImortgages.com is designed to explain some of the main terms and options available so that you will understand the choices available and can work with your mortgage advisor to get the right mortgage for you and secure your dream home. 
Professional Mortgage Advice
We firmly believe that mortgages don't come in a "one size fits all" package. 

Reliable and professional advice, which takes account of your specific circumstances and needs, is essential to avoid expensive mistakes. 
Cost Effective Mortgage Solutions
At Nl Mortgages we take the guesswork out of arranging a mortgage. By taking time to understand your needs and preferences we will ensure that the mortgage you get is tailored for you and will be the best and most cost effective solution whether it's your first home or your 21st. 

First Time Buyers

Mortgage Advice when buying your first home

Applying for a mortgage for the first time can be daunting but here at NI Mortgages, your local mortgage experts, we are happy to help you get the most competitive mortgage deal for your individual circumstances but our service extends much further than that. We help all our first time buyers through the full property buying process from start to finish. We will help you deal with estate agents, solicitors and help arrange a survey
First Time Buyer Mortgages

Moving Home or Re-Mortgaging

Find the right mortgage for your home

If you need to change your mortgage because you are moving house or if your existing mortgage deal is coming to an end here at NI Mortgages, your local mortgage experts, we will search the entire mortgage market to ensure that you get the most competitive mortgage deal for your individual circumstances. Even if the most competitive mortgage is with the mortgage company you are currently with, we will still act on your behalf to ensure that the new mortgage deal is secured without delay

Buy To Let

Buy to Let Mortgages for Your Property Investment

Buying a property to let out has become extremely popular in recent years, especially as house prices locally have corrected to an attractive level and given the ongoing high demand for good quality rental properties from tenants. This is a very different proposition when it comes to mortgage borrowing with different rules and criteria applying so here at NI Mortgages, your local mortgages experts, we will ensure that you get the most competitive mortgage deal for your individual circumstances. Additionally changes to the charging of stamp duty on second properties and reductions to the level of tax relief enjoyed by landlords mean that expert advice is essential.

Equity Release

Release the money in your home with an equity release mortgage

What do you do when you own your own home but are short of cash? If you are aged over 55 you may be eligible for an "Equity Release" mortgage. This simply means that you borrow money against the current value of your home. There are various schemes available some which allow the interest to roll up on top of the amount you've borrowed to be settled in the future when the property is sold. Generally this is after your death or when you move into long term care or leave the property. These are very specialist schemes and we refer this type of business to specially qualified individuals who will take you through all of the options and details step by step to determine if these are appropriate solutions for your financial needs.’

Fixed Vs Variable Mortgage Rates

Lenders often offer different mortgage deals to appeal to different types of buyers. The first choice for most prospective buyers to consider is a "Fixed interest rate" mortgage or a "Variable interest rate" mortgage (often called discounted or tracker). 

Fixed Rate Mortgages

A fixed rate mortgage will set the rate of interest charged on your mortgage for a set period of time -typically anywhere from 2 to 10 years. This helps you budget because you know exactly what your mortgage payments will be for that period of time. The possible downside is that rates could fall below your fixed rate meaning that at times you could be paying more than others with similar sized mortgages but at least you will have no nasty shocks if rates increase above your fixed rate. 

Variable Rate Mortgages

A variable rate mortgage will rise and fall and can be linked to the Bank of England base rate, the lenders own standard mortgage rate or some other variable rate. This "discount" also applies for a set period of time, again typically 2 to 10 years, and is often cheaper than an equivalent "Fixed rate" mortgage but takes away that peace of mind of knowing what your monthly payment will be. Unless you know that your mortgage payments are comfortable and that you can absorb any increase in monthly payments then you may be best advised to look for a fixed rate. 

Equity Release Mortgages

If you are 55 or over and you own your own home, you could qualify for an equity release plan and unlock a lump sum from your property to help you enjoy the retirement you want.
Equity Release

Co-Ownership Mortgages

Co-ownership allows candidates to purchase part of the property, usually with a mortgage, with the balance of the purchase money being provided by the Co-ownership scheme. The starting point is normally 50/50 but other percentages are available and you can increase your share in your home as your finances allow. 
Co-Ownership Mortgages

Life Insurance

At NI Mortgages in Newtownards we can help you find the best protection package to suit your own needs with Life insurance, Critical illness insurance, Income Protection & Home insurance available through all of the major UK insurers we can find the cover which is right for you at the best possible price.
Life Insurance

Discuss Your Own Mortgage Requirements

If you have any questions about getting a mortgage or need advice about making changes to your existing mortgage, please get in touch. You can speak to a mortgage consultant in our local branch in Newtownards

Mortgage FAQS

  • HOW MUCH DEPOSIT WILL I NEED?

    Most lenders are looking for a minimum 5% deposit at the moment so on a purchase of £100,000 you would need £5,000. However through NI Co-ownership you may be able to purchase without any deposit. Contact us for full details.

  • HOW MUCH CAN I BORROW?

    Typically at the moment 4.5 times salary would be around the maximum available from most lenders but this is then cross checked through an affordability calculator which may restrict your borrowing capacity further.


    Bear in mind that you are committing to your mortgage for a long period so you must be satisfied that you are comfortable with the monthly costs for the foreseeable future and allow for rate increases where possible.


    Even if a lender would be willing to lend, say £150,000, you may be better to look for properties in a lower price bracket so as not to over stretch yourself.

  • WHAT FEES WILL I HAVE TO PAY?

    In addition to your deposit there are a number of possible fees that you may encounter:


    Legal Fees: This is the fee payable to your solicitor for they work they undertake on your behalf and is usually payable prior to the purchase completing. Typical fees for a £100,000 purchase could be around £900 including the solicitors fee, outlays, search fees and VAT. If you are both buying and selling there will be a fee for each aspect.


    Valuation Fees: When you apply for your mortgage the lender will organise a basic mortgage valuation on the property. Whilst some lenders include this free of charge others will charge you up front for it and typical costs could be in the region of £250. Bear in mind, if you pay for it and the sale doesn't go through you will have lost that money. Also remember that this is only a mortgage valuation and you may be wise to instruct your own more detailed 'Homebuyers' survey to avoid costly surprises once you move in. 'Contact us' for a quotation.


    Arrangement Fees: Most mortgages now come with arrangement fees which can vary from very little to £1,000+. You must check that the fees you will be charged do not make the particular deal more expensive than one with a higher rate but lower fees. In the majority of cases these arrangement fees can be added to your mortgage balance but you will be charged interest on them over the term of your mortgage.


    Broker Fees: We do not normally charge broker fees for our advice but many other mortgage advice companies or financial advisors do. Be careful. If you are to be charged a fee it should be made clear to you in writing at the very first meeting. Also be careful as some companies say they don't charge a fee but then attach a condition 'provided that you arrange a suitable life insurance policy with them' which is often from a restricted choice of insurers and can cost you much more than it should.


    Stamp Duty: Stamp duty is a tax payable by the purchaser on larger property purchases. As of December 2014 the new rates are:


    0% on the first £125,000 of the purchase price,

    2% on the next £125,000,

    5% on the next £675,000,

    10% on the next £575,000 and

    12% on anything over £1.5 million.

    (For example a purchase at £100,000 will not incur stamp duty. At £175,000 the duty will be £1,000. And at £275,000 the stamp duty will be £3,750). Rates for Buy to let or second homes are typically 3% higher with effect from April 2016.

  • FIXED RATE OR VARIABLE RATE MORTGAGE?

    Many buyers want the security of knowing what their monthly mortgage costs are going to be in which case they should lean towards a fixed rate which fixes the monthly costs for a period of years regardless of what underlying interest rates do.


    Where buyers expect interest rates to fall they may prefer a variable rate which will fall or rise every time there is a Bank of England interest rate change. If rates remain low this will be of benefit to these borrowers but if rates increase they may wish they had chosen a fixed rate for the protection that it offers.


    Advice, Advice, Advice has to be our recommendation. You must understand the pros and cons of both options and do what is right for you. 'Contact us'.

  • CO-OWNERSHIP

    The Northern Ireland Co-ownership scheme has enabled many buyers (mostly First time buyers) to get on the property ladder. Under this scheme you arrange a mortgage on part of the property and Co-ownership provide the remainder of the purchase price (in exchange for a modest monthly rent on this share). Often no deposit is required reducing the up front costs to you.


    If the property goes up in price Co-ownership own a set percentage of the property and will be entitled to that money back if you sell the property in future. You can of course buy out Co-ownership at any stage if your circumstances allow you to do so either by increasing your mortgage or paying back a lump sum. As always 'contact us' as advice is the key to understanding the pros and cons of this scheme.

  • INSURANCE

    A mortgage is the biggest financial commitment that most people will undertake in their lives but you shouldn't fear it provided that you have thought it through properly from the outset. There are also insurance products available that needn't cost the earth but can provide you with much needed protection should your circumstances change e.g. if one party to a joint mortgage dies during the mortgage term or if you are taken ill and are unable to work or pay your mortgage or if you are made redundant and are unable to pay your mortgage. Additionally it is important to arrange Home insurance for your property and contents for peace of mind.


    We offer these products from the widest range of insurers rather than just a single company so we can get the right cover at the right price - be careful of mortgage brokers who are tied to a 'single' insurance company as that insurance company could be very expensive compared to others available.

  • WHAT IF I HAVE A POOR CREDIT HISTORY?

    It depends what you mean by that. If you have missed some payments on a mobile phone account or similar then it may not be too much of a problem but if you have had mortgage arrears, been bankrupt, repossessed, defaulted, or have CCJ's (County Court Judgements) then your options will be significantly more limited and you may even be excluded from getting a mortgage at this point in time.


    Get a copy of your credit report from Experian, Equifax or any of the other credit reference agencies and then give us a call to explore your circumstances and options.

  • BUY DIRECT FROM YOUR BANK OR GO TO A MORTGAGE BROKER?

    Many people will automatically go to their own bank when they need a mortgage rather than speak to a mortgage broker. This could be a costly mistake for a number of reasons. We compare deals across the widest range of lenders and show you why a particular deal might be better for you. Your bank can only advise on their own mortgages and may not offer the best mortgage for you or their lending criteria may not fit with your individual circumstances. It's not just about picking a headline mortgage rate but about matching you to the right lender and mortgage deal so that we get the best outcome for you.


    We liase with your estate agent, your solicitor, your mortgage lender and you to ensure that the process runs smoothly from start to finish. We are accountable to the Financial Conduct Authority and the Financial Ombudsman for the advice which we give and are professionally qualified to provide you with the best advice. 'Contact us' to discuss your needs and get the right solution.