Mortgage FAQs

Get To Know Everything About Mortgages

How can I Find The Best Mortgage Deal?

Many mortgage comparison sites let you compare mortgages from various lenders. However, in most cases, it’s best to speak to an independent mortgage adviser. They always have access to the best deals. In addition, they can review your financial situation to come up with the cheapest mortgage to suit your needs.

How Much Can I Borrow?

The amount of money you can borrow for a mortgage depends on various factors. For example, the property’s value, number of applicants, income, credit history, and spending habits affect how much you can borrow. For instance, the more you spend each month, the less you can borrow.

What Proof of Income is Necessary To Apply For a Mortgage?

When applying for a mortgage, you will need to show proof of income. Mortgage lenders typically want to see payslips from the previous three months and P60s from the last two years. If you are self-employed, you will need to provide the SA302 for the previous two years to prove your income.

Other forms of income can include payments like Universal Credit, Tax Credits, Disability Living Allowance, private or state pension, and maintenance payments. In addition, you will need to provide bank statements

What is an Agreement in Principle (AIP)?

An AIP is a certificate from your mortgage lender stating the amount they are willing to lend. Getting an agreement in principle is a good idea before starting your property search. The reason is that the AIP certificate allows you to put in a serious offer on a property and increase the chances of it being accepted

What Help is Available For First-Time Buyers In Northern Ireland?

Several schemes are available to help first-time home buyers in Northern Ireland. These are shared ownership, rent to buy, Lifetime ISA, and the right to buy scheme. It’s best to speak to a mortgage adviser to determine which scheme is best for you.

What Mortgage Fees Will I Have To Pay?

It’s important to know that you must pay mortgage costs over and above the amount you borrow. The additional costs for a mortgage include the arrangement fee, booking fee and valuation fee. Depending on the type of mortgage and property values, the extra mortgage fees could amount to more than £3,000.

Can I Apply For a Mortgage If I Have Bad Credit?

It is possible to arrange a mortgage even if you have a poor credit rating. There is sometimes a fine line between ‘bad’ and fair credit scores. However, if your credit score is poor, you may have to pay higher interest rates and fees. However, every case is different, and much depends on your overall financial status.

Can I Let My Property?

To let a property while still paying a mortgage requires getting a lender’s consent. Each application is subject to review, and each lender has specific terms and conditions. In many cases, you may have to pay higher interest rates or additional fees to rent out your property.

What is a Buy-to-Let Mortgage?

If you want to buy a property to rent out, you will have to apply for a Buy-to-Let mortgage (BLT). Typically, the mortgage repayments are interest only, and you pay the mortgage off at the end of the agreed term. The amount you can borrow is linked to your projected rental income. As usual, you must present evidence about your earnings and finances.

Will Changes in Interest Rates Affect My Direct Debit Mortgage Payments?

Unless you have a fixed-rate mortgage, changes in interest rates will impact your Direct Debit. Your mortgage lender is obliged to inform you in advance about changes to your regular mortgage payments.  

Why Has My Mortgage Been Declined?

There can be several reasons why a lender declines a mortgage application. However, the three most common reasons are a poor loan-to-value rating, low earnings, or poor credit scores. To avoid a lender rejecting your mortgage application, it’s vital to avoid unnecessary credit and work at improving your credit rating.

How We Help...

For more clear and personalised mortgage advice get in touch with our team of mortgage advisers today on 028 90 288585, or by emailing as at enquiries@aims-ni.co.uk.

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Disclaimer

THINK CAREFULLY BEFORE SECURING DEBTS ON YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

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