Welcome to our page on Mortgages In Scotland.
Please read the information below
relating to the Scottish property purchase system. Then further down there is some brief
information with regard our Internet Mortgage Service.
Our Mortgage Introductory Service can
help you to find the most appropriate mortgage product / deal
available to meet your needs.
We believe the best advice is Independent Advice!
Although part of the UK,
property purchases in Scotland differ from those in
England and Wales.
Buying a house or flat in Scotland
is very different to buying south of the border. Offers over, fixed price, closed bids and
pfront surveys are just a few things purchasers moving to Scotland will have
to cope with.
In England the asking price is
generally higher than the price that is accepted. In Scotland prices are advertised
as either 'fixed' or 'offers over'. In general, fixed price sellers will accept the first
offer for that price that comes their way.
When offers over the price
are displayed it is the minimum a seller will accept, and a blind bidding
system is used. Anyone interested lodges a 'note of interest' via their
solicitor, which will ensure they are notified when a closing date
is set.
When
offers over the price are displayed it is the minimum a seller will
accept, and a blind bidding system is used. Anyone interested lodges
a 'note of interest' via their solicitor, which will ensure
they are notified when a closing date is set.
Once
enough notes have been lodged the seller's solicitor will set a closing date.
Potential buyers have to submit a closed bid by that date. The highest bid
will generally then win, although a seller does not have to accept this or
any other bid.
Buyers
must have a loan amount agreed in principle prior to bidding for a property.
This will give you a maximum amount you can afford to bid to in a closed-bid
situation. You do not have to use a Scottish lender, but if your mortgage
adviser has experience of the Scottish market it will help.
Offers are accepted
subject to missives being completed. These include searches and a survey if your
bid was subject to survey. Once missives are exchanged you have entered into a
legally binding contract. Anyone who completes missives and doesn't come
up with the cash on entry day, the day sale is complete will be held in
breach of contract. They will be liable for interest for each day until the
cash is handed over, or the property is re-advertised and sold to
someone else.
The overwhelming
majority of buyers in Scotland sell their own properties before looking for a new home.
Do
you want all the benefits and features of a qualified, professional
mortgage adviser who will act for you? Complete the online
enquiry form. For further information on the service offered through
Mortgage.gb, please e-mail us on information@mortgage.gb.net.
Buying
your own home will probably be the single biggest financial transaction
you ever make. It should be an exciting experience but unfortunately,
at times it can also be worrying. The aim of this service is to
introduce UK homebuyers to Independent Advice on mortgages.
With such a large number of mortgages available, we believe it is important
to obtain Independent advice from a qualified adviser who will work
for you, not for any one lender.
Introducing people across the UK to Independent Mortgage Advice!
All of our partner
companies hold independent status - this means that their advisers are not tied to
any one lender, and that they will act for you when arranging a mortgage and not
the lender. They are only interested in finding the most appropriate mortgage to
meet your needs. In fact, with new regulation in the mortgage industry, an adviser must show evidence of their understanding of your needs, and their
reasons for selecting their recommended mortgage product for you
Mortgage.gb.net
introduces to Park Row Associates Ltd and other strategic (independent)
advice partners. Park Row Associates Ltd are a national independent
financial advice company who are authorised and regulated by the
Financial Services Authority. Mortgage.gb, as part of
the Internet Mortgage Services group of websites, believe very strongly
that the, "Best Advice is Independent Advice". We are very careful
to ensure that all our partner advice companies are, and remain to
be, independent and retain whole of market access to ensure
that you can obtain (through our service) the most appropriate mortgage
to meet your needs. For information on our partner advice companies,
please click here.
We
believe the Best Advice is 'Independent' Advice!
Your
home may be repossessed if you do not keep up repayments on your mortgage.
"A
fee may be payable for mortgage advice, depending on your circumstances,
of up to 1% of the loan amount."
