Mortgage Lending in Scotland

russelld_2

Hi
I am looking to re-mortgage my flat in Glasgow. I contacted First Direct today, who asked whether the flat was freehold or leasehold. When I said that it was held feudally, as far as I knew, they responded that Scots law had changed, and it must now be one or the other. In addition, 1st Direct will not grant a mortgage on a freehold flat in England, so would not in Scotland.

What is the situation with this? Is it true that my ownership needs to be classified leasehold or freehold, and if so, will it make it more difficult to get a mortgage in Scotland? All advice is appreciated.

Regards

CloudCuckooLand

http://www.mortgages4mortgages.co.uk/mortgages-explained/land-tenure.php

http://www.scotland.gov.uk/News/Releases/2002/06/1727

A word with your solicitor might be in order, or speak to a Scottish bank, they must be used to the system.

cardinalbiggles

CloudCuckooLand wrote: »

http://www.mortgages4mortgages.co.uk/mortgages-explained/land-tenure.php

http://www.scotland.gov.uk/News/Releases/2002/06/1727

A word with your solicitor might be in order, or speak to a Scottish bank, they must be used to the system.

The op shouldnt have to First Direct are a UK BANK and should be more than up to speed with what happens in each of the countries making up the UK.

Its just ignorance on their part, their computers probably only have the 2 options. I had something similair with the Coop but after talking to someone else about it all was fine.

beecher2

Even more annoying that they lie and say that Scottish law has changed when they clearly don't have a clue. I'd put in a complaint if you can be bothered.