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Author: By Ed Parry


Mortgagesorter >> Uncategorized

First Trust Bank – UK Mortgage Lenders


First Trust Bank is part of the Allied Irish Bank Group. It is based in Northern Ireland. It offers mortgages that are flexible to meet your property plans, whether you’re buying your first home, moving home, re-mortgaging, or buying a second property.

The main mortgage options from First Trust Bank are:

Discount Extra Mortgage
FlexiTracker Mortgage
Discount Freedom Mortgage
Fixed Rate Mortgage

Discount Extra: the interest rate is set at the standard variable rate less a discount for the first 3 years. This will reduce your initial monthly payments. After this set period the rate will go back to the First Trust Bank standard variable rate.

Interest is calculated on an annual basis.
An early repayment charge applies during the first 3 years of the mortgage.
An arrangement fee is applicable.

FlexiTracker: this mortgage has a tiered variable interest rate depending on how much you borrow. The mortgage rate is set at a margin above the current Bank of England base rate for the term of the mortgage.

Interest is calculated on a daily basis.
Low start option, where you pay back interest only’ payments for up to the first 3 years of your mortgage. Then you make repayments of both capital and interest for the rest of the mortgage term. An arrangement fee for this option applies.
No early repayment charge for full or part repayment of the mortgage.

Discount Freedom: this mortgage is a variable interest rate designed to reduce your initial monthly mortgage payments, it is the standard variable rate less a discount for the first 2 years, after which the mortgage rate will go back to the standard variable rate.

No early repayment charge for full or part repayment of the mortgage.
No arrangement fee.
Interest is calculated on an annual basis.

Fixed rate: the mortgage rate is set fixed for a 3 year period, after which the interest goes back to the First Trust FlexiTracker mortgage rate.

Low start option, where you pay back interest only’ payments for the fixed rate period. After that you make repayments of both capital and interest for the rest of the mortgage term.
An early repayment charge applies for the term of the fixed rate.
First Trust spread the annual required payments over 10 or 11 months instead of the usual 12 enabling you to take up to 2 holiday payments each year when no mortgage repayment is made.

Other mortgages offered by First Trust include:

Professional Package Mortgage
Site Purchase and Self Build
Low Start Mortgage
Homes in the RoI

Professional Package mortgage: designed particularly to help young professionals start their housing plans.

You can borrow up to 4 times your income
Get up to a 30-year term extending the term of your mortgage will allow you to reduce your monthly payments which is useful in the early years of the loan when your income may be lower.
Low Start option where for the first three years of your mortgage you only pay back interest on the mortgage. After that, you make payments of both capital and interest for the rest of the mortgage term.
The outstanding interest on your mortgage is calculated daily

Site Purchase and Self Build: First Trust Bank has a range of mortgage products for site purchase and self-build projects. Each proposal is considered on its own merits, and once building work is in progress, you can draw your mortgage in stage payments.

The site purchase mortgage enables self builders to purchase the site on which a dwelling is to be built.

Maximum loan to value 80%
Minimum borrowing of £30,000
Low Start option available on FlexiTracker mortgage
You can choose from the standard variable rate mortgage, FlexiTracker mortgage, Discount Freedom, Discount Extra

Homes in the Republic of Ireland Mortgage: a package offered particularly for First Trust customers who work in Northern Ireland but want to have their primary residence in the Republic of Ireland.

Interest is calculated daily, so any capital reductions give immediate benefits
Up to two holiday payments each year, where you get to decide which months
No early repayment charge


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