We offer help and advice with buying a house and we don’t just find you the most suitable mortgage, we’re also with you from start to finish to give you help and information at crucial stages of your move. We can help you throughout your move as we have been house moving experts for over 30 years. We do evening and weekend appointments and please call us now to see how we can help!
Want to check out what your payments may be? Use our mortgage calculator now to find out.
We do not typically charge a fee to provide advice, carry out research or arrange residential mortgages.
However, for certain types of cases we may charge a fee of £295. The types of cases where a fee would typically be payable include Buy to Let, adverse credit and small mortgages under £40,000.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.
Buying a home may be one of the biggest financial decisions you ever make, and making sure you’ve got all the information you need is important. Navigating the complex processes involved can be stressful, so you may choose to speak to a mortgage broker in Fife to help make sure you have all the information you need to make the right choice for you.
Mortgage Help Scotland offers mortgage advice in Fife and across Central Scotland, and we’ll help you understand each stage of the process. Whether you’re a first time buyer or you’re stepping up the property ladder, Mortgage Help Scotland has a dedicated and experienced team of mortgage brokers in Fife whose local knowledge and expertise will help make buying your home as smooth as possible.
What is a mortgage?
A mortgage is a long-term loan secured against property or land. Many mortgage terms are paid off over 25 years, although this can be longer or shorter depending on your agreement. Because a mortgage is secured against land or property, if you are unable to keep up with mortgage payments the lender can repossess the property and this may affect your ability to take out other financial commitments.
How Do Mortgages Work?
Taking out a mortgage means borrowing money from a lender – typically a bank or building society – to cover most of the cost. You will usually have to contribute a percentage of the mortgage in the form of a deposit, which is often around 5-10% of the total amount. You will then agree to repay this loan monthly with interest over an agreed term, usually 25 years or more.
The most common types of mortgage are:
Fixed rate mortgages – your interest rate stays the same for an agreed length of time, usually between 2-5 years. This means your payments will be the same for the length of this term, which can offer a sense of stability.
Variable rate mortgages – your interest rate is not fixed and can therefore go up or down depending on the rates of the lender, or the base rate set by the Bank of England. This means your payments may change, and can go either lower or higher.
These are the two most common types of mortgage, and both have their own sets of advantages and disadvantages. Mortgage Help Scotland will discuss your mortgage rates in Fife to help you find the option that best suits your needs.
How Much Can I Borrow?
This depends on several factors including your income, expenses, credit history, and the size of your deposit. There are also several schemes and mortgage types available for different kinds of buyers. For example, first time buyers may be eligible for a 95% mortgage, or a shared equity scheme, while someone buying a property to let or sell will be eligible for mortgages suited for that purpose. These schemes can change yearly, and Mortgage Help Scotland can help you find the best option for your needs.
Lenders will typically offer somewhere between 4-5 times your annual income, although this is dependent on several factors. Mortgage Help Scotland offers a mortgage calculator that will give you a rough idea, but a consultation with one of our Fife mortgage brokers will take into account your full circumstances and this figure may then change.
Factors which may impact how much you can borrow include:
- Your credit score
- Your annual income
- The amount you can deposit
- Any other financial commitments
- Your financial risk profile
Each lender has their own requirements before they will offer you a mortgage. An initial consultation with one of our Fife mortgage brokers will help you to understand what these requirements are, and offer you a clearer idea of what is possible before you start looking for your new home.
What are the extra costs of buying a home?
Purchasing a home does come with additional costs. Stamp duty or SDLT may apply depending on the value of your property, and you should also factor in solicitor’s fees and moving costs. Our Fife mortgage brokers can identify what fees apply and help you factor in these costs.
Should I use a mortgage broker?
A mortgage broker can help make the process of buying a home much smoother, by guiding you through paperwork and finding any financial help you may be eligible for. Mortgage Help Scotland can search the whole of the market for the best mortgage deals that will suit your needs and can help explain each step to you in simple terms.
A mortgage is a big financial commitment, but it doesn’t have to be a confusing one. Mortgage Help Scotland can offer mortgage advice in Fife and across Central Scotland with our expert mortgage brokers.
Our Fife mortgage advisors offer a full range of mortgage services, so whether you’re a first time buyer, looking to remortgage, moving home, or buying to let, we can offer you the support you need to make the choice that’s right for you. Contact Mortgage Help Scotland for easy to understand mortgage advice in Fife.
Book an appointment with us now
Whether you need help to find the best possible mortgage, are looking for a remortgage or need support with income protection, our team are happy to help. All appointments booked below will be over Zoom and we will contact you prior to appointments in order to offer any assistance.
Book an appointment with us now
Whether you need help to find the best possible mortgage, are looking for a remortgage or need support with income protection, our team are happy to help.
All appointments booked below will be over Zoom and we will contact you prior to appointments in order to offer any assistance.