First Trust Bank

First Trust Bank was founded in 1991, although it can trace its roots to 1816, and it is out of Northern Ireland. They are a commercial bank, and a part of the Allied Irish Bank Group. The main types of mortgages that they offer are variable, tracker, discounted, and fixed.

If you are a first time home buyer, you may be eligible for the Low Start FlexiTracker Mortgage or the plain FlexiTracker. The Low Start loan allows you to make payments only on the interest for the first five years, which would give you extra cash for some of the up front costs of moving and setting up a home. The mortgage term is for 25 years, and the interest rate is set at the Bank’s base rate plus a certain percentage. There are valuation, arrangement, and legal fees. The plain FlexiTracker is also for 25 years; however, with this loan you make repayments on the capital and the interest from the start, being charged the Bank’s base rate plus a certain percentage. There is a valuation fee and legal fees, but there is no arrangement charge.

If you already own a home, but are interested in buying a second or holiday home, there is a FlexiTracker mortgage for you. As with a first time buyer FlexiTracker, you only make payments on the interest (set at the Bank’s base rate plus a certain percentage) for the first five years; after which time, you will also be responsible for paying back the capital. For these loans, the percentage above the Bank’s rate is dependent upon how much you borrow. There is an arrangement fee; however there are no early repayment charges.

First Trust Bank offers a Site Purchase or Self Build Mortgage, for which your personal plan will be evaluated and consequently approved or denied. The maximum loan amount is 80%, and the minimum amount is ₤30,000. The Low Start, FlexiTracker, and standard variable rate mortgages are available for this pursuit, as well as the Discount Freedom loan. This latter type of mortgage gives you lower monthly payments for the first two years by giving a percentage off of the standard variable rate. After those two years, the standard variable rate kicks in. There are several requirements regarding proof of documentation for this Site Purchase or Self Build Mortgage.

First Trust Bank also offers a special Professional Package Mortgage, made to help young professionals realise their dream of home ownership. By young professional, First Trust Bank means: a dentist, medical doctor, lawyer, accountant, vet. surgeon, pharmacist, optician, architect, surveyor, engineer, and teacher. Some of the main components of this plan are that you can have up to a 30-year term, allowing you to spread out your payments more. (In general, the term is 20-25 years.) You can have the previously mentioned Low Start option applied to a Fixed Rate or FlexiTracker mortgage plan and you can borrow up to 100% if you choose the FlexiTracker mortgage, which means that you would not need a down payment.

First Trust Bank also has a specialty mortgage for those work in Northern Ireland, but who want to live in the Republic of Ireland, and for those who want to buy to let. This latter mortgage gives a rate which is a set percentage above the Bank’s base rate.

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