Questions for you Lender
What are the differences between mortgages being offered? Endowments, repayment mortgages and other types involve different risks and different monthly payments.
- Is the mortgage 'fixed rate' (staying the same for a number of months) or 'variable' (changing monthly with interest rates)? If it's fixed, what happens after the fixed rate period finishes?
- Is the mortgage 'capped' so it can't rise above a certain interest rate?
- How much will monthly payments rise if there is an increase in interest rates?
- How much of a deposit will I require? Are there financial incentives like cashback or free valuation as part of the package?
- What is the lender's arrangement fee?
If you rent your home from a local authority, Scottish Homes or a housing association, you may be able to buy your home from them.
Contact Gregor Wightman on 01786 442571
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