4 Tips to Secure Your First Mortgage in Aberdeen

/in , , /by

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.

_ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _ _

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.

Help to Buy (Scotland) Scheme Extended for 2 More Years

/in , , /by

The Scottish Government has announced it will be extending the Help to Buy (Scotland): Affordable New Build scheme for a further two years.

Help to Buy Scotland is set out to help first time buyers and home-movers purchase a new build home. The scheme helps people to buy new-build homes without the need for large deposits. The Scottish Government will put forward up to 15% deposit of the purchase price of a new build home.

You are likely to require a deposit of minimum 5%, your mortgage and deposit must cover a combined minimum 85% of the total purchase price.

The Scottish Government’s equity stake can be repaid at any time and is based on the value of the property at the time of repayment.

Since 2013, Help to Buy Scotland has so far helped over 12,000 households buy a new home. [1]

Help to Buy: Scotland criteria

  • Your mortgage and deposit cover a combined minimum 85% of the total purchase price.
  • Available to help first-time buyers and existing homeowners (Existing homeowners must sell their home before they can buy a home with assistance from the scheme)
  • The property purchase price cannot be more than the threshold price.
  • For financial years 2018-19, 2019-20 and 2020-21 the threshold price is £200,000

Terms & Conditions apply. For further information see https://www.mygov.scot/help-to-buy/

For more information on the Help to Buy Scotland scheme, speak to our expert mortgage advisers.

Request a Callback

[1] BBC News, Scottish Help to Buy scheme extended for two years, http://www.bbc.co.uk/news/uk-scotland-scotland-politics-43634733

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

This firm charges a fee of up to £395 for mortgage advice. The amount of 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 for mortgages, protection insurance and general insurance products. The Financial Conduct Authority does not regulate some forms of Buy to Let. Lifetime Finance Group Limited.

Help to Buy Scotland: It’s baaaaack

/0 Comments/in /by

Help to Buy Scotland: It’s baaaack

Yesterday, First Minister Nicola Sturgeon pledged to provide £195 million over the next three years to extend the Help to Buy (Scotland) scheme. The funding is set to help at least 6,500 households and promises a “root and branch review of the planning system”

The previous Help-to-Buy scheme closed in May after the funding ran-out for the financial year only two months in.

More details on the scheme’s arrangements will be provided following the publication of the UK Spending Review in November.

Social Justice Secretary Alex Neil comments included: “By targeting resources at affordable homes, the new scheme will widen access by providing a helping hand to individuals and families who wish to buy a new-build home.

“By the end of this new scheme, coupled with support through the current Help to Buy scheme, we will have helped around 14,000 households buy a new-build home.

“We will also reach our five-year plan of 30,000 affordable homes by March 2016 and our planned investment in affordable housing will exceed £1.7bn.”

What is the Help to Buy (Scotland) Scheme?

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Source: Scottish Government, http://news.scotland.gov.uk/News/Help-for-thousands-of-homebuyers-in-Scotland-1c85.aspx, published 02/09/2015

Use Help to Buy Scotland in 2013? It could be time to remortgage

/0 Comments/in /by

As we wait to hear on the next steps for Help to Buy Scotland from the Scottish Government, we turn our attention to those that made use of the scheme in 2013. As we’re now approaching the two year anniversary from its launch, your initial rate could be close to expiry.

Without acting your lender may roll you onto a standard variable rate. Now may be the time to take advantage of the current competitive rates by reviewing your mortgage.

Why review? Print

  • Rates are currently at an all-time low
  • Peace of mind – You won’t have to worry if rates rise up as you will have security of your new fixed rate.
  • Potentially save you money – By reviewing your mortgage you could save hundreds of pounds.

Reviewing your mortgage can be a quicker process than arranging your original mortgage, all it could take is a phone call with us, and we then do the rest. We can review your mortgage rate three months before expiry. We’ll look at whether you could get an improved deal with your current lender or whether moving to a new lender is your better option. You can review three months before your initial rate expires.

How low could yours go?

Aberdeen Mortgage Company is completely impartial and it is our duty to ensure that we provide a competitive deal for you. For more information on if you could save, Freephone 01224 316200 or fill in our online enquiry form.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Aberdeen Mortgage Company Ltd is an Appointed Representative of First Complete Ltd which is authorised and regulated by the Financial Conduct Authority. Registered in Scotland No. SC496302.

What is Help to Buy Scotland?

/0 Comments/in /by

What is Help to Buy Scotland?

Many credit-worthy people are finding it difficult to get a mortgage today because of the large deposits needed following the financial crisis.

The Help to Buy (Scotland) scheme is a Scottish Government scheme to help people to buy a new build home from a participating home builder. It provides help to the home buyer of between 10% and 20% of the purchase price. The three year scheme runs until 31 March 2016.

The scheme is open to all home buyers, although you should not own any other property at the time your mortgage is completed.

Where is Help to Buy available?

Help to Buy is available for new build developments in Scotland on homes up to £250,000.

There are separate schemes in England and Wales. In England it is available for homes up to £600,000 and in Wales up to £300,000.

What type of home is eligible?

The homes that are provided under the scheme are new build homes from a home builder who has been approved to participate in the scheme. A list of registered builders is available on the Help to Buy (Scotland) website (www.scotland.gov.uk/htb). Under the scheme, the Scottish Government will help you to buy a new build home so you may not have to fund all of it initially. The Scottish Government’s equity stake can be repaid at any time and is based on the value of the property at the time of the repayment

How does it work?

  • Your mortgage lender will likely need you to contribute a deposit of around 5% of your mortgage
  • Your deposit and mortgage amount will cover a combine minimum value of 80% of the total purchase price
  • Your mortgage must be a repayment mortgage of at least 25% years
  • Your home must not exceed the maximum purchase price of £250,000
  • Your mortgage must be from a qualifying lender

Help to Buy (Scotland) Shared Equity

Does the scheme guarantee my payments?

The scheme does not guarantee your payments. You are responsible for paying your mortgage under this scheme in exactly the same way as any other mortgage.

Am I eligible for the scheme?

You will need to contact a participating home builder. The home builder will in most cases let you see the show home at the new build development.

If you can reasonably afford more than 90% of the full purchase price, you will not be eligible to receive assistance under the scheme.

For more information about Help to Buy, fill out our online enquiry form.

Terms and conditions apply. Subject to availability.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE