Mortgages.scot

Building insurance for a property lived in by parents

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.

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How much debt will a lender accept for a Mortgage?

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?

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BTL for Parents refused by the lender

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.

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2nd Charge Affordability Assessment, odd!

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?

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Rate switch, Will reduced income stop it?

With COVID and other factors, many find themselves on a lower income. If you want to change your existing mortgage to a new deal can you do it even if you can no longer meet an affordability test?

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Using a pension for affordability support

We can draw pensions as early as 50 in some cases and we living longer, so it stands to reason that we may have a mortgage at retirement and only a pension to support it. Is using a pension acceptable?

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Forced Sale Value on Valuation Report

Valuation reports often contain items that you may not be familiar with. One that some see referenced is the 'forced sale value', what does that mean?

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Valuer missed Woodworm

What if anything can you do if you find an issue such as woodworm in a property you have purchased and the valuer did not notice it? Do you have a claim? Maybe.

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Reassignment of purchase

Something that is becoming more and more common is buyers purchasing property off-plan and then selling them later without actually ever paying for it. This is where reassignment of purchase or reassignment of contract comes in. Some lenders don't like it.

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Reduce spending before a mortgage?

When applying for a mortgage, should you reduce your spending in the months prior if you are able to know far enough in advance you intended to apply for one?

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