Are you ready to take the leap and purchase your first home? According to the UK Finance Regulated Mortgage Survey, the average loan size for first-time buyers in Northern Ireland is £101,000, so getting a mortgage is a crucial piece in the home-buying process.
Making the decision to get a mortgage and to start the application process can feel mind-boggling but it doesn’t need to be. With the right blend of preparation and professional help, it can be very straightforward.
The Northern Ireland mortgage market continues to show steady growth, and as borrowers take advantage of what continues to be the most affordable homebuying region in the UK*, Bank of Ireland UK wants to make the mortgage process easier, faster, simpler and more flexible for its customers. With this in mind, their mortgage advisers have outlined a simple check list for first-time buyers to help you prep for your first mortgage meeting. This guide will help you feel organised, in control and ready to take the first steps to owning your dream house. Here’s some professional advice from mortgage adviser Pat Greene at Bank of Ireland UK.
1.) Money, Money, Money: In everyday life no one would dare ask to see your pay slips but at your first mortgage meeting this is a totally normal request. So it’s a good idea to gather together your last three months’ pay slips, and even a bit longer if possible. You may also have credit commitments, whether you’re making monthly payments for your iPhone or repaying credit cards, so bring details of those with you including the date of your last expected payment, this will give your mortgage adviser a chance to review your financial situation. And remember, there will be no judgement, money is their business.
2.) New House Details: You’ve probably heard it said before that preparation is key! So before coming to your first mortgage meeting, come prepared with all the details for both the dream property you currently have your eye on and contact details for your solicitor. It’s important that everyone is on the same page before you embark on your mortgage journey as it can help to speed up the entire process. We understand it’s more than just a mortgage, it’s a place to call your own, a place to decorate, have friends around to and a place to pour your personality into. Your mortgage adviser is on your side and will be eager to get you into your new home as quickly as possible.
3.) Address History:Whether your address history reads like a copy of the Yellow Pages or you’ve lived at the same address your whole life, come to your first mortgage meeting with an up to date list of everywhere you’ve called “home” for the past three years. This includes proof of your current address which you’ll be able to find on recent bank statements or phone bills that have been posted out to you. As with everything, if you’d like some help with knowing what documents are accepted for this, don’t hesitate to pick up the phone to any of our friendly mortgage advisers at Bank of Ireland UK.
4.) Proof of identity:Simple but very important – bring photographic ID. The mortgage advisers just want to be sure they are actually talking to the real you before they start to discuss your finances. Your passport or driving licence is the perfect option for this. Once again if you have any questions over what forms of ID will be accepted, give one of our advisers a call, they’ll be more than happy to help.
5.) Question time:We know that everyone is going to have questions surrounding mortgages, especially if you are a first-time buyer. Bank of Ireland UK has lots of helpful mortgage advisers ready to handle any and all of your questions who are available online, on the phone or in person at one of our 28 branches across Northern Ireland. They want to make sure you know all the options available so you can find the best mortgage for you, so write down all your questions and our advisers will do their best to answer them when you meet.
Buying your first home is an incredibly exciting time and Bank of Ireland UK wants to work with you to better understand your mortgage options, to help you find a mortgage that best suits your needs – we understand that it’s more than a mortgage. For even more helpful tips about buying your first home, visit www.bankofirelanduk.com/mortgages/
*UK Finance: Mortgage Trends in Northern Ireland Update Quarter 3 2018