Mortgage in Scotland

tyros_2

In Scotland, is it more common to speak to lenders before, or after looking for a property? I know Scots law is different for many things but unsure about mortgages.

Thanks.

beecher

As in the rest of the UK, speak to lenders before you look for a property so as you know how much you can borrow, and how much it'll cost. You are eligible for the exact same mortgages in Scotland as the rest of the UK - Scots law doesn't have any impact on it. Make sure you speak to a solicitor too as they are invaluable when it comes to buying a property and should talk you through each stage.

comparemytunes

I recently purchased a property in Scotland as a FTB. Spoke initially with a broker, and also my bank to get a feel for what sort of amounts I would likely be lent. The broker indicated some of the Scottish lenders were more likely to approve a Scottish purchase, and that the valuation process could go smoother when purchasing via the offers over/around process. However, in the end we went with our bank and they accepted the independent valuation we had done as part of the offers over process without further charge.

beecher

comparemytunes wrote: »

I recently purchased a property in Scotland as a FTB. Spoke initially with a broker, and also my bank to get a feel for what sort of amounts I would likely be lent. The broker indicated some of the Scottish lenders were more likely to approve a Scottish purchase, and that the valuation process could go smoother when purchasing via the offers over/around process. However, in the end we went with our bank and they accepted the independent valuation we had done as part of the offers over process without further charge.

That sounds strange advice from your broker. Can't see how the valuation process would be any different with a Scottish lender - all the banks have a list of approved Chartered Surveyors who will be local and well aware of the offers over process. This process is dead in the water anyway as most properties are either fixed or say 'offers in the region of'.

Sounds like your broker wanted you to use one particular lender, for whatever reason.