First Trust Bank mortgage review August 2019

First Trust Bank offers a wide range of mortgages, including a number of particularly appealing deals for first-time buyers.

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First Trust Bank
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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.

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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 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.

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.

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We exist to help you find better. The offers we've compared on this page are from a range of products whose details we can track; we don't cover every product on the market...yet. Unless we've indicated otherwise, products are shown in no particular order or ranking. The terms "best", "top", "cheap" (and variations of these) aren't product ratings, although 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, it's wise to consider getting independent financial advice. Always consider your own financial circumstances when you compare products so you get what's right for you.

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