Mortgage Broker Aberdeen

Applying for a Mortgage in Aberdeen

When
youre thinking about applying for a mortgage, whether youre a first
time buyer or whether you already have other property to your name, it
is understandable that you would want to take your time whilst making
your decision, as it may be the most important financial decision that
you ever make in your life. Whether youre at the stage of just starting
to save, or whether youre looking for the best mortgage advisor
Aberdeen has to offer, you are certain to have some questions, and this
guide will help you to answer some of the most important ones. However
please note that this guide is informational, if you want specific
advice you need to speak to a professional advisor.

Which type of mortgage is right for you?

There are different types of mortgages, some common examples are
interest only mortgages and repayment only mortgages. As the name would
suggest, an interest-only mortgage will only deal with the interest that
is accumulating on top of the balance of your loan. This means that you
will need to consider how youre going to repay the capital, and this
will usually involve some other form of investment scheme. A repayment
mortgage is where the interest and the capital are paid back at once;
meaning that at the end of the loan term, you owe nothing, and the
property is yours.

What can I afford?

Working out what you can afford is an important stage, because if you
take a loan that stretches your finances too much this could cause a lot
of stress for you further down the line. It is important to consider
all of your outgoings in addition to your mortgage repayments, including
any finance that you may have on a car, council tax and household
bills. You also need to consider any changes in circumstances that you
might have, for example if your children are going to college, or if you
know that you are planning to expand your family.

Where can I get a mortgage?

There are many places to get a mortgage, but the most common are banks,
building societies. A lot of people will simply talk to the bank that
they hold an account with, but when it comes to lenders so it might be
worth considering this option, another option would be to speak to a
mortgage broker in Aberdeen that will have access to multiple lenders.

How important is the deposit?

How much of a deposit you are able to put down on your mortgage is
important, if you manage to save up a large deposit you could possibly
secure a better interest rate and reduce the amount that you pay out on a
monthly basis. It is best to seek professional advice, speak about your
situation to one or more lenders or go to a licenced mortgage advisor.

The process of gaining a mortgage

Before you start trying to get a mortgage, it can be helpful to know how
much you need to borrow by having a look at the local property prices
in the area that youre looking to buy your new home. Banks and even
google have basic calculators that enable you to enter some information
in order get a basic quote. This means that you will get a realistic
idea of the loan that you will require. Then, you should contact some
lenders to see how much if anything they would be willing to lend
you for your mortgage. Please note that these calculators offer an
estimation, the result will just give you a rough idea. Again here it is
best to speak to your bank or a mortgage advisor that will be able to
explain the process in more detail.

Fees to be aware of

Its not just the property itself that will cost money there are also
fees attached to the mortgage, plus further fees if surveys need to be
carried out on your home. While the fees may not be your priority, it is
important to consider, as you need to be able to pay for these in
addition to putting down any capital for the actual property itself.

Summary

Ultimately, your mortgage could be the most important loan that you take
out, so it is vital that you ensure that you are getting the best loan
to suit your needs. Hopefully our informational guide will have given
you a rough idea and some basic information, now you can approach your
bank/building society or a mortgage broker for specific advice. If you
wish to speak to a mortgage advisor in Aberdeen, call our number today
and we will connect your call.

How much of a deposit you are able to put down on your mortgage is
important, and the more you can put down in advance, the more chance you
have of getting a mortgage that will suit you in the long term. Not
only does it make it more likely that you will get a mortgage
application approved if you have a larger deposit because it looks to
the lender as though you have a good attitude to money and saving but
the higher your deposit, the better the rate of interest you will be
given on the loan itself, meaning that you will ultimately pay less for
your property at the end of the process.

How much of a deposit you are able to put down on your mortgage is
important, if you manage to save up a large deposit you could possibly
secure a better interest rate and reduce the amount that you pay out on a
monthly basis. It is best to seek professional advice, speak about your
situation to one or more lenders or go to a licenced mortgage advisor.

If you are looking for an Aberdeen mortgage broker call us today and we will put you through to a local advisor.

• Aberdeen

• Serving residential, commercial and industrial clients
• Licensed, insured and bonded
• Year established: 2015
• Number of employees: 5

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