Types of mortages

First time buyer mortgage

If you’ve never owned a home before, you fall into the category of a first time buyer. There are a number of things that you need to think about and consider when applying for a first time buyer mortgage. You will need some capital for a deposit, some banks will only require as little as 5%. You will also need to think about other costs, such as: property searches, surveys, mortgage arrangement fees, solicitor’s fees, stamp duty, home insurance, removal costs and so on.

NT Financial also works with shared ownership, which in some circumstances may mean you don’t require a deposit at all.

Buy to let mortgage

There are two reasons you may buy a property, either as a place to live, in which case you will require a residential mortgage: or as an investment.

If you’re buying the property to rent out and earn an income, banks require you to have a buy-to-let mortgage. Buy to let mortgages in Northern Ireland are typically more expensive that residential mortgages as lenders look for a deposit of between 25% – 40%.

Home mover mortgage

If you currently own a property and want to sell that to buy another, then you are a home mover. A standard residential mortgage is what will more than likely suit you – whether you’re moving into a bigger home or moving house to reduce your payments.

Things to consider before applying:

  • Stamp Duty – if you’re buying a property or land, you’ll probably have to pay stamp duty. How much stamp duty you pay depends on the purchase price and location of the property.
  • Mortgage valuation – this is the main valuation that lenders need to check to see if the property you are buying is worth the money you are going to spend on it. Mortgage valuations can cost from £250-£1,500 depending on the value of the property.
  • Conveyancing fees – Fees for the legal work completed by the solicitor or conveyancer when buying or selling a property.


Remortgaging means moving from your current mortgage lender to another, different lender. This could be for several reasons such as reducing your interest rate to save money on your monthly repayments, changing the type of mortgage you have, borrowing more money on top of your existing mortgage for home improvemnts and many more. If your objectives fit one of these, then remortgaging your current property might be what you want to do.

How do I know if I should remortgage?

There are a few reasons why you may want to remortgage, but there are some main factors that may make you want to switch.

  • If you’re current mortgage deal ends soon, now would be the perfect time start doing some research with a broker to find a better deal for you circumstances.
  • If your property has increased in value, you may have a lower loan to value ratio meaning you could borrow more money for things such as home improvements or large purchases.
  • If you’re wanting to pay off your mortgage earlier than previously anticipated, but your current deal doesn’t allow you to make overpayments; you may want to consider switching to a lender that does.

Shared/ co- ownership

If you have spotted your dream home but then realise it’s out of your reach due to affordability or lack of deposit, it still may be possible through shared ownership.

There are currently two shared ownership schemes available in Northern Ireland. The most instantly recognisable and longest established is Co-Ownership, who have been helping people get onto the housing ladder since 1978. Co-Ownership is a facility where you buy a share of your home (between 50% – 90% of the home’s value) and pay rent on the remaining share. For your share you’ll need to have a mortgage, which we will arrange, along with helping with the Co-Ownership process.

The second shared ownership scheme available is called FairShare. It works in a similar way to Co-Ownership, whereby you purchase between 50% – 90% of your home’s value and pay rent on the remaining share. However it is only available on new builds and is restricted to 3 major housing associations – Apex, Clanmil and Choice. There are currently only 3 major UK mortgage lenders providing mortgages for the FairShare scheme and again we will help you with all aspects of this.

This may only be the start of your journey. Further down the line you may be in a position to buy an increased share or indeed all of the Co-Ownership or FairShare elements. This process is known as staircasing and when you are ready to make this step NT Financial will always be at hand.

Because we work with all the major UK lenders, and local ones, you can be sure of impartial mortgage advice, best suited to your needs. Each lender has their own lending criteria but our expert knowledge will make sure we find a solution that is matched to your own specific circumstances.

Self build mortgage

If you’re building your own home, either down the DIY route, or by employing an entire team of experts; chances are you’re going to need funding. Lenders will not provide you with a standard residential mortgage in a situation like this, you will need a self build mortgage.

The biggest difference is that the lender will give you the capital in stages throughout the project, this is to ensure that the money is spent as you planned, and you don’t run out before the build is completed.

A huge advantage of building your own home and getting a self build mortgage in Northern Ireland is stamp duty. Stamp duty isn’t charged on the cost of building the house or the value once completed – it is only applied on the value of the land, if it worth more than a certain amount.