Home Mover in Scotland
"I'm a Specialist Mortgage Advisor who can help your property dreams come true."
Ross McMillan
Blue Fish Mortgage Solutions
As a former estate agent of almost 15 years, I now use my vast experience, insider knowledge and access to dozens of lenders to help people like you:
- Secure the right mortgage for your circumstances.
- Successfully master the Scottish property buying process from start to finish.
- Achieve your property ambitions - however big or small
Get in touch for a no-obligation chat about how I might be able to help you.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Some Buy to Let mortgages are not regulated by the Financial Conduct Authority.
Table of Contents
- How much deposit or equity do I need?
- How can I improve my credit score?
- I’ve not moved or bought in a long time, how do you actually make an offer/how does the system work in Scotland these days?
- How soon after starting or changing to a new job, can I apply for a mortgage?
- When purchasing in Scotland how does the Home Report effect or influence how much of a mortgage I can get?
I can help you with all of these and booking your initial discovery call is definitely worth your while but in the meantime you may also have other questions like the ones below:
What actually is a home mover?
A home mover is what we call someone that owns a property, but wants to move to a new one. When you are considering moving home it’s important to consider your options and your entire situation.
The biggest thing when moving house is you don’t necessarily need a new mortgage/lender you may be able to transfer (or port) your mortgage to a new property, taking it with you and topping it up as needed.
Who can apply for a Home Mover Mortgage?
Typically, anyone with an existing mortgage can apply for a home mover mortgage when moving house. The only caveat is that your mortgage has to be portable if you want to move it over to the new house. If not, you may have to take a new mortgage with a new lender instead.
Of course, you also have to meet all of the borrowing criteria laid out by the lender. Even if you’re porting or mortgaging with the same lender, you may no longer meet their lending criteria so like any other mortgage application this will still be fully assessed by the lenders underwriters.
In what circumstances would you need a Home Mover Mortgage?
Home Mover Mortgages are aimed at people who already have a property. They are designed for when you want to move to a new place. If you don’t already own a property or have a mortgage, you should look at different options perhaps as a first-time buyer instead.
How do you apply for a Home Mover Mortgage?
The application process is similar to that of a traditional mortgage. I will help you with the entire process, ensuring that you have a high chance of being approved. Essentially, an application will be based on the following:
- How much money you need to borrow
- The property you are looking to purchase
- The amount of any deposit you have to contribute.
- Your employment status and income
- Your current financial situation including credit history and outgoings
Many other things are included, and the lender will review your application and run a credit check. Different lenders have different ways of assessing and calculating these things as well as which incomes they will take into consideration and even the type of property you are looking to purchase so advice in this area can make a huge difference in what you may be able to borrow and from whom.
Speak to an expert!
Contact me, Ross McMillan, the owner of Blue Fish Mortgage Solutions today for expert advice and guidance on your unique mortgage and property needs. I will work with you one-on-one to help you find the right solution for your specific needs. With my expertise and industry connections, you can rest assured that you are in good hands when it comes to securing the financing you need for your property.
How do Home Mover Mortgages differ from normal mortgages?
Both mortgage types are essentially the same. They both give you a chance to borrow money to go towards a home. The main difference is that you often have more options when moving home. As a homeowner, you’ve proved your financial worthiness and can access better rates from lenders.
Plus, you may have equity in your home that can go towards a downpayment on your next mortgage. This can let you borrow more money than a first-time buyer.
Home much can a Home Mover borrow?
This will vary from lender to lender and varies depending on your income and outgoings. This means that if you have credit cards, loans etc this along with your general expenditure will be taken into account when any lenders are calculating how much you can borrow. Different lenders have different ways of assessing and calculating these things as well as which incomes they will take into consideration and even the type of property you are looking to purchase so advice in this area can make a huge difference in what you may be able to borrow and from whom.
What types of Home Mover Mortgage are available?
There are many different types of home mover mortgage. The most common are Fixed rate mortgages, Discount rate mortgages and tracker rate mortgages.
Fixed Rate Mortgages
This is the most common type of residential mortgage. With a fixed rate mortgage your interest rate is fixed for the period. Therefore your monthly payments are the same every month until the end of the product.
Discount Rate Mortgages
Discount Rate Mortgages tend to be a discount on the lenders variable rate. This means if the lender puts their variable rate up or down your monthly payments will likewise go up and down. This can be good when rates are low, but not if they go up. They lack the stability of knowing your monthly outgoings will be the same each month.
Tracker Rate Mortgages
This type of mortgage usually tracks the Bank of England base rate. So it goes up or down depending on what the base rate does. It can often have a cap or collar that stops the interest rate going over or under certain rates.
What are the key stages of the property buying process in Scotland:
- Speak to mortgage advisor to establish and get advice on what a realistic budget for your individual circumstance might be.
- Mortgage advisor may then progress to obtain an agreement/decision in principle to give you some confidence – not a guarantee – that you could obtain a mortgage. (aka an AIP/DIP)
- Start viewings and then identify property you would like to offer on.
- Instruct solicitor to make offer. (once you’ve done sums and consulted with your mortgage advisor to double check/firm up on figures etc)
- Once offer accepted, we then look to progress the agreement in principle (AIP) to a full mortgage application.
- Legal conveyancing between both solicitors commences.
- Once mortgage offer received, solicitor could be in a position to confirm the legal bargain (aka conclude missives) which would include a definitive date of entry/settlement date.
- For the date of entry, the monies required from you (i.e. deposit) need to be in your solicitors bank account and cleared.
- Solicitor draws down/receives funds from mortgage lender to complete the purchase.
- On the date of entry get keys for your new house.
Hopefully the above information has been useful but if you have any other questions or are ready to start your own property journey now, please fill in the enquiry form and we will get in touch!
This article is intended to be a generic overview and each individual situation will need to be considered carefully, with the final decision being down to the lender.
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