Mortgage application guide
Your home may be repossessed if you do not keep up repayments on your mortgage.
Ulster Bank mortgages are available for over 18s.
Quick tip: At this stage you could consider which solicitor you will appoint to act on your behalf. If you’re remortgaging to Ulster Bank, we will appoint our panel solicitor, so there’s no need to find your own.
Whether you’re buying or remortgaging, at this stage we ask an independent valuer to check that the property is priced correctly and suitable for mortgage purposes. You’ll be given a choice of what level of inspection you would like.
A Standard Valuation is the minimum check we require to progress the mortgage for house purchases and is required by law. A surveyor will inspect the property, highlighting obvious major defects that could affect the value, then compare the property to similar ones, taking age, condition and location into account. This information is used to write a valuation report, called a Standard Valuation.
Icon expand Remortgaging
If you’re remortgaging, there are a number of valuation options available. We’ll contact you to discuss the most suitable one for you.
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If you’d prefer the reassurance of a more detailed survey, you can choose to pay for one of the following two options:
- The Homebuyer’s Report is a more detailed report, with advice on defects affecting the property value, and details of any likely future maintenance or repair costs.
- A full Buildings Survey (previously called a Structural Survey) is useful for older, larger or non-traditional properties. It provides a thorough inspection and detailed breakdown of the property condition including any structural defects, necessary repairs and maintenance advice.
Icon expand Choosing the right survey
It’s a good idea to chat with your Mortgage Adviser about the most relevant survey for the type of property you plan to buy.
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The valuation report is always sent to your solicitor. In their report, the surveyor will provide their independent opinion on the value of the property. If the report highlights that the property needs repair work, we may make you a mortgage offer, but hold back an amount until the repairs are completed.
Icon expand If the valuation is unsuccessful
Sometimes the surveyor may recommend that the sale price is higher than the actual property value, and downgrades the valuation. This can be quite common and may be down to many different factors including over pricing due to market conditions or structural issues with the property.
We don’t want you to buy a property that’s been over-valued, so we’ll contact you to discuss the different options open to you. These may include asking the seller to reduce their price or you increasing your deposit so you need a smaller mortgage. Or you may decide on reflection that this particular house purchase isn’t for you.
Once your valuation is complete, we carry out our final checks before writing to you and your solicitor with our mortgage offer. This will include a copy of your valuation.
Changing your offer before completion
We make our offer based on the details you provided in your original application, such as the property purchase price (provided this has been confirmed by the valuation), loan amount and your specific mortgage product. If you want to make any changes to these, now is your final opportunity to discuss them with your Mortgage Adviser before completion.
If you are buying a property, once your solicitor has made all of their checks, they will agree the dates for exchanging contracts and completing the purchase with the seller’s solicitor. On exchange of contracts, your deposit is paid to the seller. You’ve now committed to buy the property.
The last step is completion itself. This is where , if you are remortgaging, we either release the funds to you or to your previous lender to pay off the redemption amount and clear your old mortgage.
If you’re buying a new property, it’s when your solicitor sends us the Certificate of Title and in return we release the funds to them. They then pass those funds to the seller’s solicitor. Once the seller has received the money, the house purchase is complete. You get the keys to your new home. Congratulations.
The Money Advice Service's monthly budget calculator can help you see how much you could trim your spending and start saving for your new home.
This link is to a non Ulster Bank website. Ulster Bank is not liable for the accuracy of the information provided on this website.
Our step-by-step guide to help you buy your new home.
Our step-by-step guide to the mortgage application
Answers to questions we are asked most often about mortgages.
A list of key terms and phrases we'd like to help you understand.
about our Mortgages