Listed
There are many listed buildings in Scotland, not all are as out of reach in terms of value as you may think. However, purchasing a listed building comes with responsibilities and potential costs that you need to consider.
Advisor
is a question I get often and am actually surprised I have not covered it before. When looking for a mortgage deal do you really need to use a mortgage advisor?
Under Value
Purchasing a property under market value does not mean a lender will allow you to use the market value when it comes to LTV. That is what one visitor found out when they thought a bargain home had been found. There are other aspects to purchasing property under market value.
COVID
The end is in sight for COVID restrictions. Well, we hope it is. Many have missed payments on a range of accounts due to being furloughed or losing a job. How will it affect you in the future?
Insurance
When you own a property that you let your parents live in, even if rent-free, who can take out building insurance cover? Not quite as easy to answer as you may think.
ceMAP
CeMAP, should you get qualified by sitting the industry's most recognizable mortgage qualification? You may want to study it for many reasons, not just to become a mortgage advisor.
Debt
When applying for a mortgage the affordability assessment every lender will carry out will be affected by the level of other debt you have. How much debt is too much?
Parents
Suppose you buy a property and want to allow your parents or other family members to live in it? Sounds simple and it is unless you need a mortgage on the property. Lenders are not keen on family members being tenants.
Mortgages
Insurance provider PaymentShield carried out a survey recently that suggested 52% of adults aged between 18-34 said they did not understand the mortgage process. That is a worrying statistic for a society that has such a large reliance on being homeowners.
Live Work
When is a home not just a home? It could be that it is also a workplace. Commonly referred to as a live-work unit, many lenders are reluctant to lend against this type of property and I will look at why here.
2nd Charge
Who should assess your affordability when borrowing against your property and it is from a different lender to your main mortgage? Will it be your original lender or the one you are borrowing from?
DIP
Before you decide on a property to purchase you can obtain a Decision in Principle which gives you confidence a mortgage should be available. Should being the key here, it is not a guarantee.