Mortgage Broker in Glasgow, Edinburgh, Scotland

Are you looking for mortgage broker in Glasgow, Edinburgh or indeed anywhere across Scotland & UK? The prospect of a new home is so exciting but you have to buy the house first and there is a lot to consider – rules, criteria, law, money and mortgages. Buying a home is one of those major steps in life that’s much easier to take if you’re well-informed and get some good advice.

What is a Mortgage?

A mortgage is a method of raising capital through a loan contract, typically with a bank. The lender gives money to the borrower, who uses their property/land/home as security that they will repay the debt and any relevant interest.

Mortgage Broker Biggest Tips to Getting a Mortgage – Do your Homework!

The stress is relieved if you do your homework up-front, trust us! Fore-warned is fore-armed as they say! Our experience recommends you do the following and our process captures all of this seamlessly.

A mortgage is a loan secured against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

Understand your finances – are they in order?

We spend time with you gathering this information & helping you formulate a plan.

Do you have a deposit?

We will advise you on what you need, options and comparing those options.

Have you prepared a budget plan?

Using our template, you can easily breakdown how much it costs to be you. All mortgages are assessed on affordability & so this step is vital.

Do you have all your evidence/ paperwork at the ready?

We will check your documents are acceptable, in the right format etc. Getting this sorted up-front means no stress later when you are under pressure from solicitors etc.

Have you checked your credit report?

Use this link to understand your credit score. Credit issues either big or small are not insurmountable and we can advise you here. clicking this link takes you to checkmyfile.com our preferred credit reference agency. Terms & Conditions apply.

Get an Acceptance in Principle from a lender

This will prove your credibility to estate agents & sellers and make your offer more attractive. We will get this for you with minimised impact to your credit score.

Ideally all of the above should be done before you go looking for property but it doesn’t always work out like that! Perfect homes have a habit of just appearing even when you are not looking! Be assured that we have your back to facilitate a short deadline if this is how it works out for you!

You can find out more about the next steps in the process ie. what happens when you apply for a mortgage by clicking the link below.

Type of Mortgages

Before looking for a mortgage adviser in Glasgow it’s good to get some background knowledge. Before applying for a mortgage, consider the different types. The two main kinds include:

FIXED-RATE MORTGAGE

The interest rate on these mortgages remains the same for the duration of the agreement, which typically ranges between two and five years.

Advantage: The monthly repayment doesn’t change if interest rates go up.
Disadvantage: You are tied in with Early Repayment Charges which can be costly if your circumstances change

VARIABLE-RATE MORTGAGE

If you get a mortgage with variable rates, the interest rates will fluctuate during the repayment period.

Advantage: When interest rates decrease, the monthly payment goes down.
Disadvantage: When interest rates increase, the monthly payment goes up.

MORTGAGE SUB-TYPES

Sub-types of mortgages include:

Discount mortgages: A discount is applied to the standard variable rate (SVR) for a limited period.
Tracker mortgages: These mortgages track the interest rate from another source—typically the Bank of England.
Capped-rate mortgages: With this mortgage, the interest rates are capped; they cannot rise above a certain amount.
Offset mortgages: These mortgages are linked to your savings account balance, which is used to reduce the amount of interest.

The mortgage process is different if you’re buying a home for the first time; it can affect the type of mortgage you get.

First-time buyer mortgages: These are only available to first-time buyers and have a high loan-to-value ratio (LTV) but require only a 5% or 10% deposit.
Guarantor mortgages: These mortgages allow you to buy a property with only a small deposit or no deposit if a friend or family member signs as a guarantor.

These are the mortgage types you need to be conscious of. How to get the right mortgage to fit your needs depends on your situation and plans and we can advise you what suits you best.

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