Can I get a mortgage offer before I find my property?

You can choose the mortgage that suits you best and get an 'agreement in principle' from a lender. However, your lender won't make a formal mortgage offer until a valuation has been carried out on the property you wish to buy or remortgage.

What does APR mean?

APR stands for Annual Percentage Rate. A lender is always required to quote the APR when advertising a loan or borrowing rate. The APR calculates the total amount of interest that will be paid over the entire period of the loan. It must also take into account charges which the borrower has to pay in order to obtain the mortgage and during the loan term (such as lenders fees, valuation and legal fees etc). The purpose of APR is to help you compare the true cost of borrowing.

How do I repay capital with an interest-only loan?

Interest-only mortgages pay off only the interest on your loan, not the money you borrowed in the first place. In order to repay the capital borrowed, you normally save money in a separate plan. The main options for saving in this way are by using an individual savings account (ISA), an endowment policy or a pension.

Do I always need life insurance?

When you take out a mortgage, your lender needs to be sure that you'll be able to pay it back, even if you lose your job, become unwell for a long period or die.

Because of this, many lenders insist you buy life cover when you take out your mortgage. We strongly recommend you take out an appropriate life cover policy for the value of your mortgage. We can give you a quotation.

What other costs might I incur in taking out a mortgage?

When you take out a mortgage you should be aware that, on top of the mortgage cost, you may have to pay a valuation fee and arrangement fee. You'll also need to pay search fees, land registry fees and legal costs, as well as stamp duty on properties over £175,000.

Prior to owning your property, we insist that you take out adequate buildings insurance and it is advisable, but not compulsory, to take out contents insurance as well as sickness and unemployment insurance, for your own peace of mind.

Some mortgages offer a free valuation. If you are remortgaging your property, you may also find that your new lender will offer to pay some or all of the legal costs.

You should always look at the total mortgage package and not just focus on the interest rate.

What is the difference between a standard variable rate (SVR) and a tracker rate?

The SVR of each lender is set by that lender and they can vary it at any time. Although lenders normally change their SVR as a result of the Bank of England Base Rate changing, they don't always change them by the same amount.

With a tracker rate, the mortgage tracks an independently set interest rate, such as The Bank of England base rate. The benefit of a tracker mortgage is that any falls in interest rates will be passed on to you. However, any rises in rates will also be passed on to you.

What is the early repayment charge for my mortgage?

Your existing terms & conditions and/or offer letter will detail if an early repayment charge is payable and how it is calculated.

What if I lose my job?

You must tell us immediately of any change in your circumstances that could affect your ability to meet your mortgage repayments.

What if I am having trouble paying my mortgage?

Ulster Bank understands that people sometimes get into financial difficulties and are unable to meet their mortgage payments when they fall due.

If you are having problems paying your mortgage or think you may have difficulties paying your monthly payments in the future you should contact us as soon as possible to discuss the options available to you.

You can be confident that your individual situation will be dealt with confidentially by specialised staff who will outline the best and most appropriate option for you.

If you have a mortgage with an 8-digit mortgage number please contact our Mortgage Centre on 0845 3006079.

If you have a mortgage with a 10-digit mortgage number please contact our Mortgage Centre on 028 90267414.