THE availability of mortgages has fluctuated with the state of the national economy in recent decades.
But with fewer banks and building societies on the High Street, and the fall-put triggered by the banking crisis, there’s no doubt that potential first-time buyers have to get all their eggs lined-up in a row before launching their bid for a loan.
It has always been important for buyers to seek out independent advice from their solicitor before making appointments with the lenders. But that has never been more essential.
The Solicitors Property Centres in Dundee and Perth have been calling for greater access to mortgages for first-time buyers. They believe it is important to strike the right balance between being cautious and being cavalier.
Peter Ryder, manager at the TSPC in Dundee’s Whitehall Crescent, and Anne Begg, his colleague at the Perthshire Solicitors Property Centre in Perth, are stressing the value of perseverance in securing a home loan in a part of the country which, traditionally, has been spared the extremes of market conditions further afield.
Peter said: “One lender may turn you down for a mortgage but another lender may be willing to help. It’s important that would-be buyers don’t get despondent.
“That’s where your solicitor may be able to come to your assistance. An experienced mortgage broker will be able to tell if you can get a mortgage, what size of deposit you will need and how much the lenders will be willing to offer.
“Mortgage advice is available through many of the member firms linked to the TSPC and PSPC.
“It is important to have a deposit saved. First time buyers are being encouraged to open a monthly savings account which will help towards the deposit and help prove to the banks they are able to make a monthly commitment.
“Many lenders use a credit scoring system to decide whether they will lend to individuals. To improve your credit score you might consider taking out a credit card.
“You may use this to pay your petrol, for instance, but you can then pay the balance off every month in order to avoid clocking-up interest charges. This can improve your credit rating and show to the banks that you can be trusted with credit.
“If you have existing credit cards, personal loans, monthly mobile phone contracts or monthly catalogue payments it is vital that you ensure you make all the payments in time. Late payments can affect your credit rating and your chances of obtaining a mortgage.”
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TSPC is the trading name of TSPC Holdings Limited, a limited liability company registered in Scotland No 279747 and Tayside Solicitors Property Centre Limited, a limited liability company registered in Scotland No 279746. The Registered Office of both Companies is 9 Whitehall Crescent, Dundee DD1 4AR.
A list of members names is available for inspection at this address.
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