Thinking about buying your very first home? We're here to help. We teamed up with the good folks at Ulster Bank to answer any and all of your mortgage questions. Check out the expert advice below. Question 1: If I wanted a mortgage for a house worth €300k, how much of a deposit would I need? Answer: If you are a first time buyer you will need €38,000 and if you are a home mover you will need €60,000. Come in and talk to us to find out more how much you can borrow and what your repayments might be. Question 2: Any tips on saving for the deposit while renting? Answer: Review your finances and monthly budget to understand where you are spending your money. Open an interest-bearing account and set up a standing order to be debited from your account on pay day. Slow but steady is the best approach. Start low and build on it. Your customer advisor can do a budget review with you before you start the process. Question 3: How long does the mortgage approval process take with Ulster Bank? Answer: Ulster Bank (UB) can generally offer approval in principal at the initial discussion. Ulster Bank can then progress a full application for credit review which is valid for 6 months. Customers could expect to have full approval within five working days of receipt of all required paperwork. Question 4: What is the longest period of time you can take a mortgage out for, and are there penalties if you pay it back early? Answer: Loans greater than €500,000 can be taken out for 35 years, subject to serviceability after retirement age. Loans less than €500,000 can be taken out for 30 years, subject to serviceability after retirement age. The maximum age for repayment is 65 years. Ulster Bank will consider lending beyond this, up to 70 years of age, where a customer is able to clearly demonstrate and evidence continued affordability post retirement age. There are no penalties for clearing part or all of your mortgage early, provided you are on a variable rate of interest. There would be penalties should you clear your fixed rate mortgage early, these are outlined in the offer letter. However once your fixed rate has run its course, you can then clear the mortgage without penalty. Question 5: Are we better to pay off car loans quicker or save more?  Answer: It will depend on the size of your car loan repayments and the combined income. If possible it is probably best to do a bit of both. When assessing a loan your bank will look at all outgoings, and if there is a car loan the repayments will be taken into account in your affordability to repay the mortgage. This would most likely reduce the amount of a mortgage you could apply for. It's always best not to have any debt when applying for a mortgage. Question 6: Is it better to take a fixed rate mortgage at the minute?  Answer: As you are considering purchasing a home, it's best to avoid getting caught up in trying to beat the markets. That said it is always wise to have an idea of where the rates are and what the experts are predicting. If you are considering a fixed rate it really should be taken for budgetary reasons only, so you know that no matter what happens for the next 3, 5 or 7 years your mortgage repayment will stay the same.. Fixed rates can offer peace of mind for borrowers, but do not forget you cannot clear the mortgage early or make overpayments, while you are on a fixed rate, without having to pay a penalty. In summary if you do not want your mortgage repayments fluctuating, you should consider a fixed rate. Question 7: Can I move my mortgage if I'm in negative equity?   Answer: Most lenders will not take on a loan if it is in negative equity, so the answer is no. No lender will take on new business where the mortgage will be in excess of 90% of the loan to value. However Ulster Bank does have a negative equity mortgage product available for existing customers if they are moving home. You can ask your own questions via @UlsterBank_Help or visit your local branch and talk to a mortgage specialist. More detailed information is available here. If you need to contact Ulster Bank’s Mobile Mortgage Managers, click here. They have the flexibility to call out to customer homes, outside office hours, at times and places that suit you.  Ulster Bank understands that you want a mortgage you can live with. So in order to give you a mortgage that suits you, they have developed a range of mortgages. Take a look at their  mortgage options or have one of their mortgage specialists call you to arrange an appointment.