History

First Trust Bank has a long history that spans back to 1816 when it was originally named the Belfast Savings Bank. Then in 1991, it became part of the Allied Irish Bank (AIB) Group as a result of a merger with TSB Northern Island.

In 2007, their credit/debit card operations were divided with the Card Issuing business transferring to the AIB head office in Dublin and the Card Acquiring (merchant) business moved to a joint venture business with First Data Merchant Services in 2009. The First Trust Independent Financial Services provides the sales and advice related to regulated products and services, including protection, investment, and pensions. AIB’s UK division operates in Northern Ireland and Great Britain. They operate 44 full service branches with its head office located in Belfast.

Their full service operations include servicing both the corporate and personal customers. Their range of products include mortgages, invoice discounting and asset finance. Their customer base includes not only individuals, but also they have a strong focus on small and medium sized businesses and the broader corporate sector.First Trust Bank mortgages have the flexibility to make your property plans happen, whether you’re buying for the first time, moving homes, re-mortgaging, or buying a second property.

Remortgages offered by First Trust Bank

First Trust Bank believes in a good deal for all, and they pride themselves on not differentiating between new and existing customers. They keep their mortgages simple and easy to understand.

With the classic standard variable rate mortgage you can move your mortgage at any time. There are no penalties to move, no higher lending charge, available on new homes, with up to a 75% loan to value, and is available for home improvements as well with only an arrangement fee of £499. The buy to let mortgage includes no early repayment charge, no higher lending charge, a 1% arrangement fee and it tracks the base rate.

Other remortgage options through First Trust Bank are:

Discount Extra:this mortgage reduces your initial monthly payments for the first 3 years. The interest rate is set at the standard variable rate less a discount. After this set period the rate reverts to the First Trust Bank standard variable rate. Interest is calculated on an annual basis. An early repayment charge applies for the first 3 years of the mortgage. An arrangement fee is applicable.

FlexiTracker: this mortgage features a tiered variable interest rate depending on the amount you borrow. The mortgage rate is set at an interest 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: you pay back ‘interest only’ payments for up to the first 3 years of your mortgage. Thereafter you make repayments of both capital and interest for the remainder 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 the 2 years discounted period, the mortgage rate reverts 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: set for a 3 year period. At the end of the fixed rate period, the interest rate reverts to the First Trust FlexiTracker mortgage rate.

Low start option: this option enables you to pay back ‘interest only’ payments for the fixed rate period. Thereafter you make repayments of both capital and interest for the remainder of the mortgage term. An early repayment charge applies for the term of the fixed rate. You can take up to 2 holiday payments each year when no mortgage repayment is made. First Trust spread the annual payments required over 10 or 11 months instead of the usual 12.

Homes in the Republic of Ireland Mortgage: a package designed specifically 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 and no early repayment charge.