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When everyone has a home

Housing advice for Northern Ireland

Mortgages

CORONAVIRUS UPDATE

Lots of people are struggling to manage with housing issues because of the coronavirus crisis. Check out our Coronavirus section for information and advice on common problems, including help to pay your rent and mortgage, eviction and repairs.

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.

It’s essential that you get advice and understand your options if you’ve fallen behind on your mortgage payments and you’re worried that your home may be repossessed.

Choosing a 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.

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Applying for a mortgage

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.

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Switching mortgages

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.

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Problems paying your mortgage

It's essential that you get help and advice if you're struggling to pay your mortgage. The sooner you start dealing with your mortgage debts, the more options you'll usually have. If you ignore the problem it becomes harder to manage and you could end up losing your home.

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How much of a mortgage can you afford?

When you go to a mortgage broker, they'll 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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