First Time Buyer

First Time Buyer

Are there any 95% Loan-to-value Mortgages available in Northern Ireland?

Buy-to-Let, First Time Buyer, Help To Buy, Homebuyer, Mortgages, Remortgage, Self Build
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Are there any 95% Loan-to-value Mortgages available in Northern Ireland?

It is hard to save for a deposit in today’s economy regardless whether you are a First Time Buyer or a Home mover.  It is difficult if you own a property with little or no equity and want to get a remortgage while the rates are low.  Almost on a daily basis I get asked if there are there any 95% LTV mortgages available in Northern Ireland.

I thought this post might help even more people find the answer.

95% LTV Mortgages Northern Ireland (NI)

As a Financial Planner & Mortgage Adviser I always like to point out the risks with mortgages with such low deposits.  The Northern Ireland market is at best in the early stages of an economic recovery but what if NI house prices drop again? 95% loan-to-value mortgages could very quickly become negative equity mortgages.  It’s important to consider if you afford a bigger deposit?

So assuming you are comfortable with the risk; can you get a 95% loan-to-value Mortgage in Northern Ireland (NI) in the current market? The answers are shown in the table below depending on the type of mortgage you are looking for; Buy to Let, First Time Buyer, Help to Buy, Let to Buy, Remortgage, Self-Build or a Homebuyer mortgage.

95% LTV Mortgages

Mortgage Type

95% LTV Mortgage

Buy to Let


First Time Buyer


Help to Buy




Let to Buy




Self Build


As you can see 95% loan-to-value mortgages are few and far between and you need a good credit rating to get one.

Rates, Fees and Affordability

As with all mortgages the rates, fees and affordability calculations will vary from lender to lender.  For a 95% LTV mortgage in the current market, expect the fine tooth comb approach.

Good news for First Time Buyers, Help to Buy and Homebuyers with low deposits across Northern Ireland. Alas everyone else will have to save a little more or pay down their existing mortgages

From Acorns Financial Planning Ltd are based in Tyrone, Mid Ulster. We provide a comprehensive Financial Planning and Mortgage Advice service to clients across Northern Ireland and the UK.

Mortgage Advice

If you have any questions or if you need help getting a mortgage for a 95% LTV mortgage in Northern Ireland or further afield call 02895 815000, email [email protected] or leave a comment below.

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5 tips for First Time Buyers

First Time Buyer, Mortgages
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5 tips for First Time Buyers

1. Find out how much can you borrow?

It is rarely as simple as saying a lender will lend First Time Buyers up to X times your earnings anymore as lenders have tightened up their underwriting in lieu of the credit crunch.  Before underwriting your borrowing capacity the lender will want to know?

  • Details of your Income
  • Details of your expenditure
  • How much of a deposit you can put down?

Each lender has different criteria and will estimate your borrowing capacity differently which makes the need to get advice even more prevalent as these calculations often include a credit search and too many can be damaging to your credit score.

2. Budget, Budget, Budget

In buying a property you will likely incur some fees along the way such as

  • First Time Buyer Northern Ireland (NI)Surveys
  • Stamp duty
  • Land registry fees
  • Conveyancing
  • Arrangement fees
  • Moving costs

On top of that once you have bought the property you could also be responsible for meeting the additional cost of all the following expenses (depending on your personal circumstances):

A good budget is essential in preparing yourself for what lays ahead.

3. Choose the right rate for you

Generally speaking (always dangerous to speak generally about personal financial circumstances but we’ll go for it) most First Time Buyers opt for a fixed rate as this means they know exactly what they a paying for the first 2, 3 or 5 years.  This obviously depends on the market at the time but is a sensible approach especially in the current market with rates at historic lows.

4.  Timing, how long will it take to get a first time buyer mortgage?

This will vary from week to week and from lender to lender.  Those with the most competitive deals will often take the longest as there is more demand for the product.  In today’s market it could take from 2-4 weeks at best and 8-10 would be a reasonable estimate for the worst case scenario.

The key is to approach the lender prepared, you need to have all the answers and documentation ready along with your deposit etc. and a good Mortgage Adviser can help you with this.

5. Get independent mortgage advice

Of course we would say this but here’s why:

  • Buying your first home is stressful and as such it is worth speaking to a mortgage professional that will guide you through the process from start to finish.
  • Deposits, rates, affordability and terms for First Time Buyers vary from lender to lender and this needs to be matched to your circumstances.

An Independent Mortgage Adviser will help you from start to finish including finding a suitable lender, working with Surveyors, your Solicitor and making sure you have any necessary insurance.

Images courtesy of Sunfox on Flickr

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This page does not constitute advice and should not be taken as a recommendation to purchase or invest in any of the products/services mentioned



What is the Help to Buy Scheme and how does it work?

First Time Buyer, Help To Buy, Homebuyer, Mortgages, Remortgage
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What is the Help to Buy Scheme and how does it work?

The Help to Buy scheme helps homebuyers and First Time Buyers who don’t have a lot of savings to buy a home.

The Help to Buy scheme is available to those who have a 5% deposit to put towards the purchase of a property.

Help To Buy Mortgage

How does the Help to Buy scheme work?

As with any mortgage application you need a good credit rating and to buy a home through the Help to Buy scheme you will need to have a 5% deposit.

Once you have found a suitable property you will then need to find a suitable Help to Buy mortgage from a willing Lender.  The Lender then applies to the government for a guarantee on your loan of up to 20% of the value of your property, which means if you default on your mortgage and the property is repossessed the Lender will be liable for this portion of the loan.

Who are Help to Buy schemes available to?

Help to Buy mortgage schemes are available to first time buyers, homeowners moving home and potentially those who need to remortgage.

Unlike other schemes the Help to Buy scheme will accept both new builds and second hand properties.  The property must be valued less than £600,000 (£400,000 in Scotland). Second homes and Buy to Lets are excluded from the scheme.

How do I apply for a Help to Buy mortgage?

A good Mortgage Adviser will help you source a suitable mortgage from a lender that operates in the Help to Buy scheme.

Remember there will be additional costs above and beyond the required 5% deposit, such as

  • Mortgage application & booking fees
  • Survey costs
  • Solicitor’s fees
  • Mortgage Advice fees
  • Buildings and contents insurance and life assurance

Of course the lender will have to carry out the usual checks on prospective borrowers such as assessing their credit report, assessing affordability including the ability to cover repayments if the interest rate increases.

Images courtesy of kennymatic on Flickr