Expert advice on Life Insurance, Mortgages and Wills in Northern Ireland
Covering counties Antrim, Down, Armagh, Derry-Londonderry, Fermanagh and Tyrone
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Professional Mortgage Advice In Northern Ireland

What is a Variable Rate Mortgage?
The monthly payment fluctuates in line with the lender's mortgage rate. This can cause budgeting problems in times of increased interest rates. Some lender's offer an annual review so that the the amount you pay changes once a year with the difference adjusting your outstanding mortgage.

What is a Tracker Mortgage?
Lenders may also offer a tracker mortgage where your monthly payment fluctuates in line with the Bank of England Base Rate, often referred to as a "Base rate Tracker". The interest rate payable is usually a percentage amount above the Bank of England Base Rate.

What is a Fixed Rate Mortgage?
The monthly payment is fixed over an agreed period of time and will remain the same regardless of whether interest rates rise or fall. At the end of the fixed-rate term the interest rate usually reverts to the lenders standard variable rate or you may be offered the choice of another product, on the terms available at the time.

What is a Discounted Mortgage?
The lender offers a true initial discount for a given period. At the end of the discounted period, the rate usually reverts to the lender's standard variable rate. No interest is deferred so the outstanding mortgage will not increase.

What is a Cashback Mortgage?
Some lenders offer a cash payment on completion of the loan, either based on a percentage of the total loan or a flat amount. In some cases, if the loan is redeemed early, a proportion of the cashback may have to be repaid to the lender

What is a Capped Rate Mortgage?
The interest rate is guaranteed not to go above a certain level throughout the capped rate period, which can be from one to ten years, but you will benefit from any reduction in interest rates.

What is a Collared Rate Mortgage?
The interest rate will not fall below a certain level for the collared-rate period.

What is a Flexible Mortgage?
These schemes allow you to overpay, underpay or even take a payment holiday. Any underpaid interest will be added to the outstanding mortgage. Any overpayment will reduce your outstanding mortgage. Some have the facility to draw down additional funds to a pre-agreed limit. Lenders that offer any type of fixed rate, discount or cashback facilities to attract custom, usually require the mortgage to stay with them for a period of time to recoup their costs. They do this by imposing an early repayment charge for a given period which can extend beyond the benefit period. They will usually make an early repayment charge if you want to redeem your mortgage early. Early repayment penalties will be charged if you die within the early repayment period so you should consider building this into the level of life cover you have. You should also make sure that you can afford the standard variable rate that will be charged at the end of discounted or fixed period.

What is Stamp duty?
Stamp duty is a 'purchase tax' and is generally payable where the purchase price of the property is more than £125,000. The current charge is 1% of the purchase price of the property. This increases to 3% if the price is more than £250,000 and to 4% if the price exceeds £500,000. (Stamp duty is not payable for remortgages).
If you are a first time buyer the threshold for when you start to pay stamp duty is £250,000. This only applies if you have never owned a house or flat in the UK or anywhere else in the world.

What is a Valuation Fee?
This may include a non-refundable administration fee and must normally be enclosed with the application. The whole fee is non-refundable once the valuation has been carried out. The type of valuation you choose will depend on factors such as the age and condition of the property and whether there is any history of subsidence in the area.

    Basic mortgage valuation This is for the lenders own purposes confirming the property provides security for the loan. You may wish to consider one of the more detailed types of survey.
    Homebuyer's report This provides concise information in a standardised format on the state of repair and condition of the property. The report will include comments on the property's defects and the valuer's opinion as to its marketability.
Full structural survey This is a structural report based on a detailed examination of the property. Any areas of concern that you might have about the property will be investigated
What is Mortgage Payment Protection?
We recommend you consider protecting your mortgage and associated payments in the event of being unable to work through accident, sickness or unemployment.

What is a Remortgage?
A remortgage (also known as refinancing) is the process of paying off one mortgage with the proceeds from a new mortgage using the same property as security. The process of remortgaging does not usually involve moving home or taking out a second mortgage on the property; it is in effect the transfer of a mortgage from one lender to another. Homeowners may choose to remortgage for various reasons, including to reduce the size of repayments, to pay off a mortgage earlier, to raise capital, or to consolidate other debts.

Local Mortgage experts
Sugar Island Financial Advice are your local Northern Ireland Mortgage experts covering counties Down, Armagh, Antrim, Derry / Londonderry, Fermanagh and Tyrone. Speak to our professional Mortgage adviser who will be able to answer any questions you have.
Simply click the Enquire now button opposite or 

Call us now  02830 252455

If you looking around Northern Ireland for a professional Mortgage advice then look no further, we are right here on your doorstep.

Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage

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