Understanding mortgage rates in Northern Ireland

Buying a home is exciting, but the world of mortgage rates can feel a bit confusing. At Mellon Properties,
we like to keep things simple and approachable, so here’s some of the basics for our buyers.

Mortgage interest rates affect your monthly repayments. Fixed rates stay the same for a set period, giving you certainty, while variable rates can go up or down. Rates depend on things like how much deposit you can put down, the type of mortgage, and the lender you choose.

Right now, rates have been fairly stable, but small changes can happen, so it’s worth keeping an eye on them. The key things to focus on are:

• How much deposit you can afford—higher deposits often mean better rates.
• The type of mortgage and how long you want to lock in your rate.
• Any fees or charges attached to the deal.

Even small differences in the rate can make a real difference to your monthly payments, so it’s always worth comparing options.

At Mellon Properties, we love helping our community navigate these choices. Whether you’re curious about the market, thinking about your first home, or just want to chat over a coffee about your options, our door is always open. Buying a home should feel exciting—not stressful—and we’re here to make it as simple and welcoming as possible.