Mortgages

05-May-16
Mortgages

What is a mortgage?

A mortgage is a loan you take out to buy property, the loan is secured against the value of your house until it is paid off. Most banks and building societies offer mortgages, as well as specialist mortgage lending companies. If you change lenders but don't move home it's referred to as a 'remortgage'.

Repayment methods

The two main ways to repay your mortgage are 'repayment' and 'interest only'. With a repayment mortgage you make monthly repayments for an agreed period (the 'term') until you've paid back the loan and the interest.

With an interest only mortgage you make monthly repayments for an agreed period but these will only cover the interest on your loan. You'll normally also have to pay into another savings or investment plan that'll hopefully pay off the loan at the end of the term. Please note United Mortgages NI does not provide investment advice

Interest Rates

You'll also find a range of interest rates to choose from. For example, 'variable' and 'tracker' rates change with Bank of England rates, 'fixed' rates are fixed for a set number of years.

Get In Touch


07977 115 212
Innovation Factory, 385 Springfield Road, Belfast, BT12 7DG
We charge a broker fee for property purchases of £295 and a remortgage fee of £125. United Mortgages NI fees are payable on application.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured against it. Securing short term debts against your home could increase the term over which they are paid and therefore increase the overall amount payable.
United Mortgages NI is a trading name of Stephen McCarry. Stephen McCarry is an appointed representative of First Complete Limited, which is authorised and regulated by the Financial Conduct Authority (FRN: 435779) for mortgage and non-investment insurance advice.
The Financial Conduct Authority does not regulate some forms of Buy to Let.
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