Mortgage To Buy House In Scotland
Best Mortgage Rates
Mortgage To Buy House In Scotland
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- 3.84% Initial
- 5 year fixed
- 6.4% APRC
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Cashback £0Free LegalsFree Valuation
- Get quotes
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- Halifax
- 3.85% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
- Get quotes
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- Halifax
- 3.85% Initial
- 5 year fixed
- 6.7% APRC
-
Cashback Max £250Free LegalsFree Valuation
- Get quotes
-
- Lloyds Bank
- 3.86% Initial
- 5 year fixed
- 6.7% APRC
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Cashback Max £250Free LegalsFree Valuation
- Get quotes
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- 3.89% Initial
- 5 year fixed
- 5.9% APRC
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Cashback Max £1,250Free LegalsFree Valuation
- Get quotes
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Mortgage To Buy House In Scotland
Helping you make the right mortgage decision with our mortgage service
Our special features include:
Whole of market service - we work with leading UK mortgage lenders
- Access to leading market mortgage rates
- Access to high street & specialist mortgage lenders
- Fast turnaround - speak to us today if you need to move quickly
- We have lenders who will take into account previous defaults and missed payments
Looking to raise additional finance on top of your existing mortgage or buy to let mortgage? - we have access to a range of finance solutions
It is imperative to get good advice when it comes to your mortgage, as it is such an important transaction.
Factors to consider
If you are comparing different mortgage finance options, the first thing you might consider is whether you prefer an interest-only or repayment mortgage:
As its name suggests, repayment mortgages require you to repay your mortgage on a monthly basis. The payment covers the interest accrued on your loan, as well as repaying some of the capital you owe the lender. At the end of your mortgage term, you will have repaid all the money you owe the lender.
The monthly payment on an interest-only mortgage is generally lower because what you pay to the lender is merely to cover the interest accrued on the loan.
During the mortgage term, you do not pay back any of the loan. When the mortgage term ends, you must repay the full amount borrowed. Since interest only plans pose a greater risk to lenders, they tend to have stricter lending criteria.
Accumulation of interest
In many mortgages, there is an introductory rate, which is a fixed initial term during which the interest on your loan is calculated differently than it would be for its remaining term.
Various mortgage lenders provide diverse plans, so you can choose how your introductory interest is calculated and how long your initial term will last.
Commonly, after the introductory period, the lender will calculate the interest based on their Standard Variable Rate, which is a rate that is set and changed at their discretion.
There are several types of introductory rates, including:
o Fixed rate: A fixed rate mortgage has an introductory rate where the interest rate will remain the same each month, so you know ahead of time what you will be paying each month.
o Tracker: Tracker mortgages are linked to the Base Rate, which is an interest rate set by the Bank of England, so any changes to the base rate will affect your monthly payment. Depending on the changes you make, you could be charged less or more interest.
Independent Advice
If you are not sure what your options are for buying property in Scotland & your mortgage requirements speak to our independent mortgage broker team who will be able to offer impartial advice or you can call us on 0117 403 3464