Frequently asked questions about mortgages

To apply for a mortgage:

• you must be over 18 years old
• the maximum age for repayment is 65 years old. Where a mortgage extends beyond this age, you should be able to demonstrate continued ability to service the loan by way of pension or alternative means.
• the property you want to purchase must be in the Isle of Man
• you must be resident in the Isle of Man.

It's unlikely that we'll be able to lend to you if you've ever been declared bankrupt, have had court judgements against you, had your property seized, defaulted on a mortgage, or had to organise a repayment plan with your creditors.

Security and buildings insurance are required when you take out a mortgage.

You’ll need to be employed or self-employed to qualify for a mortgage. This will help to make sure you can manage your mortgage repayments in the future.

We can help you to work out how much you can borrow by looking at your household expenditure and any additional financial commitments such as loans, overdrafts, credit and store cards, hire purchase agreements and maintenance payments.

Our mortgage calculator will give you an indictation of how much you could borrow, or get in touch to arrange an appointment with a Mortgage Arranger.

It's important you add up all the costs involved in a mortgage, not just the interest rate. You may need to budget for a valuation fee, search fees, land registry fees and legal costs, as well as stamp duty on properties over a certain amount. Your mortgage arranger can give you more information on fees that you may need to pay.

We expect you to take out buildings insurance to cover damage or rebuilding costs if needed. You may also decide to take out contents insurance along with sickness cover, unemployment cover and life cover.

Yes the fee can be added to your mortgage but remember that, with the product fee added to the mortgage, you still cannot exceed the maximum loan to value and you'll pay interest on the fee. We also have a range of mortgages with no product fees.

Use our mortgage rate finder to view our range of mortgages.

Our Agreement in Principle letter tells you whether we could potentially lend you the amount you want to borrow.

Your Mortgage Arranger can usually provide an Agreement in Principle letter after your first appointment. We'll just need some personal information from you to help with our decision. Here's a handy list of the documents that we'll need to see.

Important information

• Please note, an Agreement in Principle letter is not an offer of a loan
• Requesting an Agreement in Principle does not mean that you are committing to apply for a mortgage with us
• Information provided will not be used for any marketing purposes
• Lending criteria, terms and conditions apply
• It's unlikely that we'll be able to lend to you if you have ever been declared bankrupt, have had county court judgements against you, your property seized, defaulted on your mortgage, or had to organise a repayment plan with your creditors.

When we’ve received all the required documentation and are happy with both the credit reference agency checks and the valuation report we'll make our decision on your application.

If your application is approved we'll then send you the mortgage offer documents to read through and sign. We'll also send a copy to your Advocate.

Read our guide to home buying for more information on the different stages of the process.

Our Mortgage Arrangers are available to discuss your mortgage needs and answer any questions you may have. Get in touch and we can chat through your options.

One of our Mortgage Arrangers will discuss your mortgage requirements and advise on the best option for you. If you wish to proceed with an application they'll guide you through the mortgage process.

We've compiled a handy checklist of documents you should bring to your mortgage appointment.

If you have any other questions please get in touch.