FAQS
What is the difference between a fixed rate and a variable rate?
A fixed rate is usually set at a specific rate for an agreed term eg there are 2/3/5 year deals available where you can opt for a fixed rate and have your repayments guaranteed to stay the same for the agreed term even if interest rates change. However you are usually tied into this deal for that period of time and may have to pay a fee if you want to pay the mortgage back early.
With a variable interest rate your mortgage payments will go up or down depending on interest rates but there is usually more flexibility with this type of mortgage and you can usually pay off lump sums without being penalised.
With a variable interest rate your mortgage payments will go up or down depending on interest rates but there is usually more flexibility with this type of mortgage and you can usually pay off lump sums without being penalised.
Do I need a deposit?
Yes, you will need at least 5% of the purchase price of the new property however interest rates are usually more competitive if you can provide a greater deposit. A Help to Buy Isa is a good way of saving towards the deposit for your first home.
what age do i need to be to apply for a mortgage?
Mortgage applications are available to applicants aged 18 and over
How much can I borrow?
This is something we can usually give you an indication of after a quick chat. The lender will assess your income, borrowings, deposit and credit history among other criteria so it is a fairly process and each lender will set varying criteria.
What documents do I need to provide?
Each application is different but, broadly speaking, you will need to provide the following before we can submit your application:
- Proof of ID
- Address verification
- Bank statements
- Proof of income
- Proof of deposit
- Proof of ID
- Address verification
- Bank statements
- Proof of income
- Proof of deposit
My credit history is poor - can I still apply for a mortgage?
Your credit score is an important part of your application however don't assume that you cannot get a mortgage without speaking to us first.
Do you charge a fee?
Yes, we charge a fee which is usually payable when we submit a full mortgage application. The fee is usually £295 but can be more based on the amount of work involved in processing your application. We will always tell you what the fee will be upfront and our initial meeting is free.
Why do I need insurance for my mortgage?
Most lenders will specify that your buildings are insured as a minimum condition of getting the mortgage. It makes sense to insure your buildings and contents so that in the event of the unforeseen and your property is damaged you have some form of protection. It is also wise to protect your income and to protect yourself and your family in the event that you are ill or unable to work, earn an income and pay your mortgage and bills. Having sufficient cover will help give you the peace of mind of knowing that you have your home protected.
I don't have a mortgage - do I still need insurance?
We can advise you what cover you need to protect your standard of living in the event of the unforeseen. Do you have access to funds if you are unable to work due to an illness? If you don't, you can speak to us for a no obligation chat and we can advise you of your individual requirements.
which areas in northern ireland do you cover?
Although the majority of our clients are based in Derry / Londonderry and Limavady areas, we can usually cover any area throughout the Province and have access to offices in many locations. If you prefer to meet at home, we can also arrange home appointments.
Email: [email protected]
Tel: 07355 063439
Mail:
44 Summerhill, Prehen, Derry / Londonderry BT47 2PL
or
138 Ballyquin Road, Limavady BT49 9EZ
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority
Irwin Mortgage & Financial is a trading name of Louise Irwin who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Completed Limited is authorised and regulated by the Financial Conduct Authority
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK
Trading address - 138 Ballyquin Road, Limavady, BT49 9EZ
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity
Tel: 07355 063439
Mail:
44 Summerhill, Prehen, Derry / Londonderry BT47 2PL
or
138 Ballyquin Road, Limavady BT49 9EZ
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE
Most Buy to Let mortgages are not regulated by the Financial Conduct Authority
Irwin Mortgage & Financial is a trading name of Louise Irwin who is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Limited. First Completed Limited is authorised and regulated by the Financial Conduct Authority
The guidance contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK
Trading address - 138 Ballyquin Road, Limavady, BT49 9EZ
This firm usually charges a fee for mortgage advice. The amount of the fee will depend upon your circumstances and will be discussed and agreed with you at the earliest opportunity
