4 Tips to Secure Your First Mortgage in Aberdeen

If you’re a first-time buyer in Aberdeen looking to buy a home this year, read on for our four top tips to secure your first mortgage.

1. Save deposit

You won’t get anywhere on the property ladder with out money for a deposit.

Deposit is key to getting yourself a mortgage. At the moment, you could get a mortgage in Aberdeen with at least 5% of the property’s value. A larger deposit will make you less risky for mortgage lenders and as a result they’ll generally offer you more competitive deals with lower interest rates.

Read our 9 First Time Buyer Deposit Saving Tips.

2. Check credit rating

Having a nice shiny credit rating is a plus.

Even if you have a good income and large deposit, your mortgage application could still be refused if your credit rating is poor. Missing credit card payments or not being on the electoral roll at your current address can make all the difference.

You can check out what your credit rating is by using sites such as Experian, Noddle and ClearScore.

3. Documents Ready

Having the correct documents ready could speed up your first mortgage process. These documents could include:

  • Suitable ID
  • Last 3 months payslips
  • Last 3 months bank statements

4. Speak to someone

By using a mortgage broker in Aberdeen, not only will you receive local knowledge, but a broker will compare hundreds of mortgage lenders and thousands of mortgage deals to see what mortgage suits your circumstances the best.

Aberdeen Mortgage Company are a whole-of-market mortgage broker. We look at mortgage rates from lenders such as Halifax, Nationwide, Barclays and many more to see who has the best deal for you.

Next steps

If you’re looking for some advice of how to get started on the property ladder. Aberdeen Mortgage Company advisers can help explain to you the whole process. We stay with you and hold your hand all the way until you have your key in the door.

View our infographic – 10-step plan to moving into your first home in Aberdeen.

Speak to our expert Aberdeen Mortgage Company advisers to learn how we could help with your first mortgage. You can give us a call on 01224 316200, email us or fill in our online enquiry form.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

This firm charges a fee of up to £595 for mortgage advice. The fee will depend on your circumstances and will be discussed and agreed with you at the earliest opportunity.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an appointed representative of PRIMIS Mortgage Network, a trading name of First Complete Limited which is authorised and regulated by the Financial Conduct Authority.

Group Income Protection for Businesses – How you can reward your employees

Group Income Protection gives access to a range of professionally delivered workplace wellbeing solutions, added value services, provides rehabilitation and financial support. It adds value to your business as an important addition to a modern benefits package.

  • Help with managing the cost of long-term sickness absence
  • Long-term employee absences can have a huge impact on businesses.
  • Group Income Protection rehabilitation services aim to reduce lengthy absences by providing early intervention and pro-actively managing employee health issues.

A policy like this can therefore:

  • providing financial support to your employees
  • helping employees back to fitness
  • re-engaging employees with your business

Why your employees need financial support

Long-term sickness can affect daily life in a big way. And on top of dealing with the emotional and physical challenges, your employees may also have to deal with financial issues, which could spiral out of control. State benefits may be available when things go wrong, but these might not be as favourable or as comprehensive as we sometimes imagine.

  • Flexible policy design – policies offer a range of benefit levels and payment terms, designed to meet the needs and budgets of individual businesses.
  • Flexibility to choose which employees to cover you can select the level of cover and to whom it can apply, creating different categories of membership to suit your budget requirements.
  • Flexibility over how much cover to offer you can choose the income benefits as a percentage of the member’s gross earnings. You select the benefit level depending upon your budget, as a percentage of the member’s earnings.
  • Some policies offer flexible underwriting which means that medical information is not needed if cover is below a certain limit.

What value does Group Income Protection offer your business?

Group Income Protection cover offers you the opportunity to stand out from your competitors. Here are more ways it gives you value for your money:

  • Retention and hiring – Offering Group Income Protection cover as part of an employee’s benefit package helps you show your commitment to your workforce. It can also help make you an attractive employer to potential recruits.
  • Value for money – Group Income Protection usually costs less than an employee would pay when choosing to buy it privately.
  • Tax – Benefit payments are subject to tax. Premiums will normally qualify as an allowable business expense and therefore qualify for corporation tax relief. All references to taxation are based on our understanding of current law and tax practices, which could change in the future.
  • Flexibility – You can combine Group Income Protection with our other policies, such as Group Critical Illness, and Group Life or Group Spouse/Partner Life cover – building an employee benefits package that really stands out.

Speak to our expert advisers about our group protection policies such as Group Life, Group Critical Illness Cover and Group Spouse/Partner cover. Call 01224 316200 or fill in our online enquiry form.

Please note for these insurance products, terms and conditions apply. This information is a summary only. You will receive a full policy document upon application. This policy will set out the terms, conditions and limitations of cover provided under the plan.

Lifetime Finance Group Limited trading as Aberdeen Mortgage Company is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority for mortgages, protection insurance and general insurance products.