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When everyone has a home

Housing advice for Northern Ireland

Buying

Use these calculators to work out where you can make savings and how long it will take you to repay your debts.

You can sell your home on if you bought it from the Housing Executive or a housing association. However, if you got a discount on the purchase price you might have to pay this back.

Secure Housing Executive (NIHE) and housing association tenants have a right to buy the home they live in, as long as they and the property are eligible for the scheme.

These calculators will help you work out what you can afford to borrow, what your stamp duty will be and how your payments will change if the interest rate increases.   

Most people need to apply for a mortgage when they’re buying a home. This is a long term loan from a bank or building society. The loan is secured on your home so if you stop paying the bank can repossess the property. You should speak to an independent financial adviser to find out which type of mortgage is best for you.

Shared ownership schemes allow someone to own a portion of a property and to rent the remainder from a housing association. For years, Co-Ownership Housing has been the best known scheme for people who want to buy a home but who cannot afford to purchase 100% of the property they’re interested in.

Most people need to apply for a mortgage when they’re buying a home. This is a long term loan from a bank or building society. The loan is secured on your home so if you stop paying the bank can repossess the property. You should speak to an independent financial adviser to find out which type of mortgage is best for you.

The government’s Help to Buy initiatives include access to mortgages for those people who only have a 5% mortgage and a savings bonus scheme for people saving towards a deposit on their first home.

You’ll normally apply for a mortgage after you’ve had an offer accepted on a property. Mortgage offers usually last for 6 months. If the sale hasn’t completed within that time you may need to reapply.

If you are interested in buying a new build home, but don't have enough money saved up for a deposit yet you should look into the Rent to Own scheme for Northern Ireland. It gives potential purchasers a three year tenancy of a new build property and then issues a 20% rent rebate to the tenant if the tenant decides to buy the property at the end of their tenancy.

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