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Belfast Mortgages FAQs

Different lenders have different criteria, and their decision to lend is based on several factors.

Usually, though, how much of a mortgage you’re offered will be based mainly on your employment status and salary, age, and credit rating.

Lenders will also look at your existing credit commitments, for example, car finance, and how much of a deposit you’re willing to pay.

Contact RM Financial Consultants Ltd, and we’ll ask you a couple of quick questions and then give you an estimate of what size of mortgage you’re likely to be offered.

Your monthly mortgage cost is determined by how much you’ve borrowed, the interest rate and how long your mortgage is taken out for.

RM Financial Consultants Ltd can give you an estimate once we’ve asked you some quick questions.

A repayment mortgage is a standard mortgage where you make regular, pre-agreed payments every month, and at the end of your mortgage term, all of your mortgage will be paid off.

In contrast, an interest-only mortgage means you’re only paying off the mortgage’s interest every month while the loan amount remains unchanged.

The vast majority of UK lenders require you to have Home Insurance, which runs alongside your mortgage,

Usually, Home Insurance is made up of Buildings and Contents Insurance.

In addition, many homeowners find it helpful also to purchase optional extra insurance to safeguard their families.

Optional insurance products include Critical Illness Cover, Income Protection Cover, Unemployment Cover, and Life Insurance.

RM Financial Consultants Ltd can help you choose the most appropriate cover for your circumstances.

Most UK lenders ask for a minimum deposit of 5%, while others require you to have a 10% or 15% deposit.

Here’s what those percentages might look like for a house in Belfast that costs £100,000:

  • 5% = £5,000
  • 10% = £10,000
  • 15% = £15,000

Yes, and moving lenders can save you a lot of money each month and over the lifetime of your mortgage.

It’s often easy to get caught up in the excitement of buying a house and forget about all the other smaller costs involved in the process.

If you’re buying a house in Belfast, you should budget for the following extra costs

  • Solicitor’s fees: On average, around £1,200.00.
  • Mortgage broker fees: Belfast mortgage advisors typically get a commission from the lender and a percentage of the loan cost, which could be a couple of hundred pounds, depending on your mortgage.
  • Valuation fees: Some UK lenders offer free valuations while others charge up to £1,000.
  • Stamp Duty: Work out the cost of Stamp Duty by using the UK Government’s Stamp Duty Land Tax (SDLT) calculator.

A Buy-To-Let mortgage is a mortgage taken out to buy a property that you don’t intend to live in but intend on renting it out.

Yes, most lenders allow you to make overpayments on your mortgage.

However, some might charge you early repayment charge, so it’s crucial to find out first from your lender if this applies.

No, typically, lenders require you to have a minimum deposit of 25% for a Buy To Let mortgage.

Contact RM Financial Consultants Ltd, and after we’ve asked you a couple of quick questions, we’ll be able to tell you the maximum you’ll be likely to be offered.

If you are selling an investment property you’ve got a Buy To Let mortgage on, then you’ll have to pay Capital Gains Tax.

However, if you’re selling your home – the place you actually live - then you don’t have to pay any tax.

Find out more about Capital Gains Tax in Northern Ireland.

Your credit score is used by lenders to determine your ability to pay back your mortgage loan.

It also gives lenders a brief history of your finances over the past six years.

Yes, you can improve your credit score by showing that you can repay debt, such as credit cards, car finance and utility bills.

You should also make sure you’re on the Northern Ireland electoral role.

Your credit score is usually updated every couple of weeks, so what you do today is reflected in your credit score several weeks later.

Remortgaging usually involves changing the current mortgage on your home to a different lender.

People consider remortgaging for a wide variety of reasons, including freeing up capital, getting better rates, and borrowing more money for things such as home improvements, a new car, or even a holiday.

Most UK mortgage lenders offer the opportunity to pay off up to 10% of your mortgage every year without any penalties.

However, it’s essential to know beforehand as some lenders charge early repayment charge.

Conveyancing is the legal work carried out by a solicitor, and it’s a vital part of the home-buying process.

It’s hard to look into the future, but when you’re debating a mortgage term length, affordability should be top of your list.

Ultimately, the mortgage term you choose will best suit your life and financial circumstances.

It’s easy to be confused and frightened with all the mortgage jargon.

But getting a mortgage doesn’t have to be a frustrating and head-scratching process.

Ultimately, the most suitable mortgage for you will depend on what you can afford and your circumstances.

Many lenders have as a condition of your mortgage that you pay it all off, for example, by 60 or 65.

However, most mortgages are based more on affordability rather than age.

As part of their affordability checks, UK lenders will ask you to prove you have the income that you’ve said.

Documents to prove your income and employment include things like tax returns for self-employed, payslips and P60.

Have you got another question?

Email RM Financial Consultants Ltd

Why you’ll love RM Financial Consultants Ltd

Access to 50+ providers to provide best deals options

Access to over 70+ lenders

With lots of options to choose from, we can find a deal that suits you.

Free coffee and consultation

Coffee and consultation

Fancy an Americano or Cappuccino? Let’s talk home-buying goals over a lovely cup of Joe.

RM Financial is Always Open Including Weekend

Always open

You’re juggling work, family, and everyday life. That’s why we’re happy to work around your busy schedule, including weekend appointments.

Hassle Free from start to finish


Don’t worry about confusing mortgage jargon; we’ll take care of everything from start to finish.

Bespoke Mortgage Advice

Bespoke mortgage advice

Every person is different, with their own set of circumstances. That’s why all of our advice is tailored to you.

RM Financial will taker care all of your paper works.

Goodbye paperwork

We’ll take care of all the paperwork, allowing you to focus on more exciting things.

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5 easy steps 
to owning your dream home

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Coffee and Chat

1. Coffee and Chat

Whether it’s us coming to your home or you calling in to see us in our office, let’s enjoy a coffee and a chat.

We’ll explore your circumstances, gather information, explore your options, and it’s also an excellent opportunity to ask us any questions.

And once we’ve pre-approved your mortgage, you’ll be able to bid on your future home with confidence.

Mortgage Application With access to over 50 providers in the UK

2. Mortgage application.

With access to over 50 providers in the UK, you can be sure we’ll find a deal to suit you and your needs.

Once we’ve found you a great deal, we’ll complete the entire mortgage application on your behalf.

Mortgage Offer

3. The mortgage offer

Once you’ve got your full mortgage offer, you’re one step closer to your dream home.

And once your mortgage offer has been approved, we’ll scour the market to find you a buildings insurance deal that’ll keep your lender happy.

Advice on Home, Health, Life and Income Protection

4. Protection

Taking on a mortgage is usually the most significant financial commitment you’ll ever undertake.

So, it’s only natural you’ll want to protect it, and you, should anything happen.

RM Financial Consultants Ltd will give you our unbiased advice and find you deals for home, health, life, and income protection.

Funds released

5. Funds released


That wasn’t too bad, was it?

Remember, just a couple of months ago, we were having a chat over coffee, and now you’ve got your new home!

Need a hand moving in?

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