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Bad Credit Mortgages In Northern Ireland

The expert guide to Northern Ireland mortgage lending and how local lenders will assess a mortgage application with bad credit issues to consider in the eligibility assessment.

How are bad credit mortgages in northen ireland different?

Getting a mortgage with a bad credit rating is often a challenge - but never impossible with an independent broker on your side to negotiate terms for you.

In Northern Ireland, there are fewer mortgage lenders than in England, and so if you add a negative credit rating into the mix, it can be tough to find a mortgage you qualify for.

Here we'll run through how the assessment process works and what to expect from a lender when applying for a bad credit mortgage. For more help finding mortgage borrowing in Northern Ireland, give the Revolution team a call on 0330 304 3040, or email us at [email protected].

Are There Bad Credit Mortgages Available in Northern Ireland?

Yes, there are indeed. However, there are fewer lenders to choose between, so assistance from a whole-of-market broker is often essential.

There are also postcode restrictions to bear in mind, which means that lenders cannot offer mortgages within specific regions.

Lenders will also assess how easy it would be to sell the property and recoup their losses if you were to end up in a repossession scenario. Therefore, the type and location of the property are also critical factors.

About Your Mortgage
Single or joint mortgage?
What’s your yearly income?

Error: Yearly income income must be between £1 and £10,000,000.

Do you receive a regular bonus?

Error: Regular bonus must be between £1 and £10,000,000.

Based On Your Yearly Income, You May Be Able To Borrow

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Most lenders will let you borrow 4.5 times your annual salary so, as long as you have a standard 10% deposit, you should be able to borrow this much.

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Depending on your personal circumstances, some lenders may let you borrow 5 times your salary.

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Lenders usually cap the amount they lend at 5.5 times your salary, so it’s unlikely you’ll be able to borrow more than this.

How Do Lenders in Northern Ireland Assess Bad Credit?

Every lender has a different policy, so you'll find that bad credit mortgage eligibility varies significantly between lenders - whether they are in Northern Ireland or elsewhere in the UK.

Some lenders have flexible bad credit policies and will lend even where there is a history of severe credit problems that have since been repaid. Others will refuse any applicant with even a minor credit problem.

Mortgage providers will consider the type of credit issue, when it occurred, how serious it was, and whether you have since repaid the debt.

Affordability is another critical assessment criteria. If you earn enough income to cover the mortgage costs and your debt repayments comfortably, you will demonstrate that you meet the affordability requirements.

Is There a Maximum Bad Credit Mortgage Value in Northern Ireland?

There isn't a fixed maximum as such, but most lenders will offer a cap of four times your annual income. So, if you earn £25,000 a year, you can usually get a mortgage capped at £100,000.

A lot depends on the risk assessment process. If you have a severe bad credit history, the lender is less likely to be generous with the salary multiple they decide to apply.

You can offset the risk by offering a larger deposit or accepting higher interest rates in that scenario.

How Can I Work Out if I am Eligible for a NI Bad Credit Mortgage?

As we've mentioned, every lender has individual policies, so it is impossible to know whether you would be eligible without the support of an experienced broker.

It's also never wise to rely on online calculators for a mortgage figure in a bad credit scenario since the lender will assess each application on a case-by-case basis.

What are the Costs of Taking out a Bad Credit Mortgage in Northern Ireland?

The costs you need to be aware of include more than the interest charges on your mortgage:

  • Arrangement fees
  • Property valuation costs
  • Relocation fees
  • Stamp Duty taxes
  • Property insurances

If you're unsure how to budget for your property move, get in touch with the Revolution Finance Brokers team for a rundown of all the factors to consider.

How Much is Stamp Duty in Northern Ireland?

In NI, the tax is called Land and Building Transaction Tax rather than Stamp Duty. The rates are:

  • Zero for properties valued up to £125,000
  • 2% for properties between £125,000 and £250,000
  • 5% for properties between £250,000 and £925,000
  • 10% for properties between £925,000 and £1.5 million
  • 12% on properties over £1.5 million

First-time buyers are exempt from Stamp Duty up to a property purchase of £300,000.

What Can I Do To Secure a Northern Ireland Bad Credit Mortgage?

The first step is always to consult an experienced broker who can assess your circumstances and recommend the best lenders for your circumstances.

Revolution Brokers provide a fully independent service with whole-of-market access. We negotiate home loans for thousands of customers every week across the UK and bespoke to your borrowing needs.

Give the team a call on 0330 304 3040 or send us a message to [email protected] to get your application started!

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