First mortgage Glasgow (A review)
Who are first mortgage Glasgow?
First mortgage Glasgow is a mortgage broker in the UK and to be a mortgage broker they must be regulated by the FCA. They are a branch of first mortgages.
You can check if first mortgage Glasgow are authorised to provide mortgage advice by searching the FCA register.
You should see first mortgage Glasgow mentioned on the FCA register by either their brand name “first mortgage Glasgow” or their registered company name which you can find on their website.
The role of first mortgage Glasgow:
If you are currently looking to buy a home then first mortgage Glasgow may be able to assist you in finding a suitable mortgage product that meets your financial needs.
Before first mortgage Glasgow proceed with providing you any assistance they will inform you through an initial disclosure documents of how they operate, if they charge any mortgage fees, if the offer mortgage protection or general insurance products, if they have any deals with any mortgage lenders, if they cover a whole of market in regards to mortgage lenders they could offer you, first mortgage Glasgow may also inform you if there are specific mortgage lenders they can’t access.
first mortgage Glasgow will also tell you if they are a specialist mortgage broker and deal with a niche area of the mortgage market such as:
- Bad credit mortgages
- Self-employed mortgages
- Complex income mortgages
- New build mortgages
- Shared ownership mortgages
- Help to buy mortgages
- Buy to let mortgages
- Commercial mortgages
- Mortgages with DMP (debt management plans)
- Mortgages with CCJs etc
To do this first mortgage Glasgow will undertake a mortgage fact find to understand your current financial position and your future financial plans.
The mortgage fact find will include providing information about:
- Your income
- Your expenses
- Your current debts or credit obligations
- Your credit history
- Any property you own
- Dependants you have
- Your current employment
- Your future financial plans
- Your current financial plans
- Any government schemes you are eligible for
- Any government relief programmes you feel you may be eligible for
- On your current property (if you own one)
After assessing and understanding your financial information first mortgage Glasgow will likely then provide you with mortgage advice which is covered by the financial services compensation scheme up to £85,000.
first mortgage Glasgow will then seek your consent and then look to get you a mortgage agreement in principle from the mortgage.
A mortgage in principle will allow you to appear more serious to potential sellers and will likely give you an edge over other potential buyers who don’t.
Once you have found a property that you like you would then go back to first mortgage Glasgow who will then look to get you a mortgage offer from a mortgage lender who meets your needs considering the property you have found.
Once you get a mortgage offer, first mortgage Glasgow will then work with the mortgage lender and your conveyancer to ensure you are able to exchange contracts and complete on the mortgage.
Once you have completed your mortgage first mortgage Glasgow will hold your date typically for a further 6 years and may likely recontact you when a remortgage is due.
Questions you should ask first mortgage Glasgow:
- Do first mortgage Glasgow charge a broker fee?
- Do first mortgage Glasgow cover the whole of market mortgages?
- Do first mortgage Glasgow offer mortgage protection?
- Do first mortgage Glasgow offer a panel of conveyancers?
Are you a first-time buyer considering a mortgage?
Have you considered these first-time buyer schemes?
- Lifetime ISA- gives you a government bonus of £1,000 if you save the maximum £4,000 a year.
- Help to buy ISA- gives a maximum bonus us £3,000 if you save the maximum allowed of £12,000. Before you get either you should consider which is better. Lifetime ISA vs Help to buy ISA.
- Help to buy equity loan- gives you up to 40% as a 5-year interest-free equity loan. You begin to pay interest at 1.75 % after the fifth year and 1% plus RPI for every year thereafter.
- Shared ownership- You can buy between 25% to 75% of the property initially with a shared ownership mortgage and then buy more using a staircasing mortgage.
- Armed forces help to buy- similar to the help to buy equity loan but specific for the armed forces personnel giving them an increased chance of acceptance.
- Rent to buy- This is the right to buy scheme on which this guide is currently discussing. A different marketing name is just used. Watch out for this when shopping to avoid missing out on eligible properties due to confusion.
- Right to buy- allows you to buy your home at a discount price.
- Preserved right to buy– same as above.
- Right to acquire- same as above.
Getting a mortgage
You may want to consider using an independent mortgage broker to get a mortgage.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases. This could be over 11,000 mortgage products. This may have some advantages than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. This will allow you to shop for your home easier as more estate agents and sellers may take you seriously or it will give you confidence that your remortgage is indeed a possibility before you make a full mortgage application. Once you have found a home you want to buy or are satisfied with the mortgage offer for your remortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer. Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it, they will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.
If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.
You can also contact the debt charity “Step Change” if you are in debt and need help.