Mortgage Broker AberdeenMortgage Company in Aberdeen, Scotland

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Applying for a Mortgage in Aberdeen

When you’re thinking about applying for a mortgage, whether you’re 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 you’re at the stage of just starting to save, or whether you’re 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 you’re 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 you’re 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
It’s 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.

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.

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  • Servicing residential, commercial and industrial clients
  • Licensed, insured and bonded
  • Year established: 2015
  • Number of employees: 5
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11 Chapel Street Aberdeen, AB101SQ
Aberdeen, Scotland
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There are a number of reasons why, but here are two common reasons. Firstly, the mortgage deal that you signed up to originally might not be the best on the market anymore, and you could be wasting a lot of money because of the deal that you made with it. Secondly if you circumstances change and you require a mortgage that will cost you less on a monthly basis.

It’ always good to seek professional advice as you might not need to remortgage, you might already be on a good deal at present. A professional advisor will be able to look at your situation and your current mortgage and establish whether or not it’s worth remortgaging, alternatively you can do this yourself, do your research and speak to different lenders.
Client Testimonials
Testimonial #1
Great service, phoned up for some information initially and they were very helpful over the phone, ended up chatting to them for 20 minutes and the explained the process in detail.I will definitely use their services again down the line when im ready to make a move.
ByClaudia Fairbanks
Testimonial #2
Phoned up for some general information & questions about options available and got exactly what I needed, Great and friendly service!
ByAlex Austin
Testimonial #3
Quick response, great service.
ByJake Thomson
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Monday08:00 AM÷08:00 PM
Tuesday08:00 AM÷08:00 PM
Wednesday08:00 AM÷08:00 PM
Thursday08:00 AM÷08:00 PM
Friday08:00 AM÷08:00 PM
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