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When everyone has a home

Housing advice for Northern Ireland

Mortgage

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.

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.

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 already have a mortgage, you may want to switch to a different mortgage or a different lender to get a better deal. This may save you money, and it may be possible to arrange temporary or long term changes. You should check your mortgage agreement to see whether you would have to pay redemption fees.

Buying your own home is a huge financial commitment. It's important that you do your research and fully understand your options before you commit to anything. If you can't afford to pay the full purchase cost of a property you might be able to part buy and part rent the property with the help of Co-ownership Housing Association.

You can start your research by checking out property websites online. This will give you an idea of the properties within your budget that are available in your area. Visit estate agents in the area that you want to live in, but remember that agents are working on the seller’s behalf and are trying to get the highest possible price for the property.

Buying a home is stressful. You'll need a trusted solicitor to help and you will have to pay lots of fees and charges.

You may encounter problems when trying to purchase your home. This can be a long and frustrating process.

A mortgage adviser can work out how much you can afford to borrow based on your household earnings. But, it's important to take your overall budget into consideration too.

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