Mortgages.scot

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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Stress test means I can’t get a mortgage

Many consumers are still struggling with the concept of the mortgage stress test to meet the affordability of a new mortgage. Whilst it can be frustrating, I do have a guide that can take the pain out it.

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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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The debt you know nothing about?

When applying for a mortgage one of the most important things you can do is know at least the same as the lender will when they carry out all of their affordability checks. Claiming not to know about an unpaid debt is not going to help you.

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Is a 40-year mortgage too long?

Being able to evidence affordability for a mortgage these days is more difficult than ever. The solution to getting what you want may lie in a long term but how long is too long for a mortgage? 40 years?

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