First Trust Bank is one of Northern Ireland’s major banks. It offers a wide range of fixed-rate and variable-rate mortgage products.
There are many deals that may appeal to first-time buyers.
Some mortgages are available with a 95% loan-to-value ratio if you’re a first-time buyer. Other deals offer a cashback up to £1,000. What’s more, there are no application fees, booking fees or valuation fees associated with first-time buyer mortgages. You may have to pay a funds transfer fee or a mortgage exit fee in some instances.
There is also the option to arrange a mortgage via Northern Ireland’s Co-Ownership scheme.
Overall representative example If you borrow £178,000 mortgage over 25 years initially at 4.49% fixed for 60 months reverting to 7.99% variable for term. 60 monthly payments of £988.37 and 240 monthly payments of £1306.89. Total amount payable £373,335.80 includes loan amount, interest of £194,956, valuation fees of £0 and product fees of £0. The overall cost for comparison is 6.7% APRC representative.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
What types of mortgages does First Trust Bank provide?
Fixed rate. First Trust Bank currently offers fixed-rate mortgages with two-, three- or five-year terms. If you’re a first-time buyer, you can get these deals with a deposit as small as 5% of your property value. If you’re moving home or re-mortgaging, you can access a fixed-rate mortgage with a deposit as small as 10%. The larger your deposit, the better interest rate you’ll be offered. You’ll be automatically switched to First Trust Bank’s standard variable rate after the fixed-rate period ends.
Discount mortgages. With these mortgages, you’ll be offered a fixed discount on First Trust Bank’s standard variable rate for either two or three years. The minimum deposit sizes are the same as for fixed-rate mortgages. The bigger the deposit, the larger your discount.
Remortgaging. First Trust Bank offers fixed-rate deals with two-, three- or five-year terms for those looking to remortgage. It will arrange a solicitor on your behalf and cover the legal costs. You must have a deposit equal to at least 15% of the property value.
Cashback. There is a cashback of up to £1,000 available on some First Trust Bank mortgage products. While this is a tempting bonus, it’s important not to be blinded by this. Instead, compare the overall costs of the mortgage over the introductory period.
Co-ownership. The bank accepts mortgages arranged as part of Northern Ireland’s Co-Ownership scheme. This is a scheme allowing first-time buyers in Northern Ireland, to part-rent part-buy a property. It works in a similar way to “shared ownership” in England, Wales and Scotland. This scheme is organised by the Northern Ireland Co-Ownership Housing Association.
Interest-only mortgages. First Trust Bank provides a small range of interest-only mortgages. To be approved, you’ll need to provide evidence of how you plan to pay off the balance at the end of the term.
How do I apply for a First Trust Bank mortgage?
You can apply for a First Trust Bank mortgage by calling 0345 6005 925. You’ll be connected with one of the lender’s mortgage advisors, who will be able to help you select the most suitable mortgage product.
The advisor will be able to guide you through your application. You’ll need to have basic personal information to hand as well as details of your income and outgoings. The results of your application will be subject to a credit check.
What information do I need to provide?
As well as personal details, you’ll need to provide address history and proof of income. Employees will need to share their most recent P60, plus their last three months of payslips and bank statements. Self-employed applicants need to provide three years of accounts.
How can I contact First Trust Bank?
You can get in touch with First Trust Bank via telephone on 0345 6005 925. You can use this phone number to speak to one of the lender’s expert mortgage advisors, who will be able to help you choose the best mortgage for your needs and guide you through your application.
Frequently asked questions
With some mortgage products, you could earn up to £1,500 cashback once your mortgage is confirmed.
The minimum loan amount is £25,000 and your property must be worth at least £50,000. The maximum loan amount is £1,000,000.
Yes, this may be an option for some mortgages.
We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you. Most of the data in Finder's comparison tables has the source: Moneyfacts Group PLC. In other cases, Finder has sourced data directly from providers.
Matthew Boyle is a banking and mortgages publisher at Finder. He has a 7-year history of publishing helpful guides to assist consumers in making better decisions. In his spare time, you will find him walking in the Norfolk countryside admiring the local wildlife.
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