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Northern Bank

This bank has been operating in Belfast since 1809 and has always sought to provide for the needs of both business and personal customers. Since 2005 it has been part of the Danske Banking group. The bank takes pride in being technologically advanced and presents all of its news and reports online at regular intervals. It has recently been awarded the 4 star best buy Moneyfacts.co.uk Base Rate Tracker Mortgage 2010.

You can choose a Base Rate Tracker, Fixed rate or Variable rate mortgage - all products are available to residential customers across northern Europe.

The Re-pay account enables you to combine your mortgage, overdraft, loans and savings into one account, allowing you to benefit from having a lower overall balance or to take advantage of the credit facility. So for example if you have a £95,000 mortgage and £10,000 savings you will only be paying interest on £85,000. If you are able to make regular overpayments then your mortgage will be paid off quicker and interest is charged daily so you will pay less over the period of your loan.

Northern Bank will lend up to 95% of the value of your home but offers very good rates if you are able to provide a bigger deposit, this is particularly useful if you have substantial equity available in your home and would like to switch your mortgage to take advantage of better interest rates.

New customers, including first time buyers may be eligible for help with legal fees, ask your advisor about this. You may repay your mortgage over 30 years or up to the age of retirement.

 

Northern Bank Mortgage Products

Base Rate Tracker mortgages: This product means that your monthly repayments will vary and be dependent upon the Bank of England Base Rate. If rates rise then your interest rate will also rise, but if they fall then your rate will also fall. There are no early repayment charges on this product.

Fixed Rate mortgages: a fixed rate mortgage means that the rate is set for an agreed period of time. So if interest rates rise your mortgage rate will stay the same. However, you need to keep in mind that if the variable rate falls, you could pay more for your mortgage during the fixed rate period. At the end of the agreed period you will pay the standard variable rate of interest. Early repayment charges will apply during the fixed rate period.

Re:pay Account mortgages: This mortgage will combine all of your savings, loans and credit facilities into one account, there are no fixed monthly repayments you simply have an agreed 'safety limit' that you must stay within at all times. Each month you must make a payment that keeps your account in order, interest is calculated daily so you benefit from immediate reductions in your mortgage balance.

I If you are interested in a mortgage quotation including those offered by Northern Bank please complete our quick enquiry form.