Mortgages.scot

Mortgage Prisoner Bill introduced

A new mortgage prisoner bill was introduced on March 12, 2024, by MP Marting Docherty-Hughes, intended to support the many mortgage prisoners that still exist today.

Prisoner

Debt Awareness Week

Debt Awareness Week is coming up; it's the 10th anniversary of the event. Stepchange, the debt charity, works hard to educate and help people on all aspects of debt. I am doing my part with a series of articles in the coming week to help people understand the help and support out there and the essential aspects of debt.

Debt

Mortgage arrears hit 7 year high!

The latest data from the Bank of England shows that mortgage arrears rose in the last quarter of 2023. This wasn't unexpected, given the turmoil created by the pandemic and the high-interest rates that followed.

Arrears

What is Fiscal Drag and how does it affect you?

Whilst discussing the budget recently, a friend mentioned that despite getting a decent salary increase due to the high inflation period we have been going through, he is paying more tax than expected and losing out on an allowance. Ah, I said. Fiscal Drag!

Fiscal
Drag

Budget 2024 - Stamp Duty - Multiple Dwelling Relief

Today's budget announced a change to Stamp Duty Land Tax. To be clear, this applies only to England and does not affect Scotland.

SDLT

Budget 2024 - Stamp Duty - Non Dom Status

In today's budget, the government has changed the tax rules for those considered non-domiciled in the UK. Why is this relevant to mortgages?

non-dom

Cost of renting in Scotland increasing faster than London

Recent data from Zoopla reveals the cost of renting in the UK today, and it's not great news for Scotland. Glasgow has been hit the hardest in the UK with Edinburgh not far behind.

Rent

Are interest only mortgages still a reasonable option?

Are interest only mortgages still available and are they a sensible option for borrowers? The media's attention to interest-only mortgages in recent years would suggest not. They are still available and may be suitable depending on borrower circumstances.

Interest-only

Will my benefits count towards income for a mortgage?

A question I have received previously asks whether benefits can count towards mortgage affordability calculations. The simple answer is yes, they can; the long answer is below.

Disability
Benefits

Rejected due to credit search, lender refuses to explain why

A visitor recently had a mortgage declined due to the results of a credit search; she was confused as agencies searched showed nothing, and the lender refused to share any information.

Credit
Search

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