What happens at the mortgage advisors?

kingstreet

**woody123** wrote: »

A friend once had a mortgage advisor visit her, he told her that on her salary it wasn't worth it, because she would just exist to pay off a mortgage

Every meeting I have with a first timer I try to put across to them that overextending themselves could end up with them sitting looking at four walls wondering what they've got themselves into.

Early in the process, I ask potential clients to sit down with their parents and work out what their outgoings might be, then when I meet them I go through their budget planner and make sure the figures are realistic.

It's not just about finding a 0.1% saving on the rate!

mayk_3

You should go online and use a loan and mortgage calculator before the appointment. Listentotaxman.com have a new loan calculator which lets you add on to the mortgage calculations you are doing any other loans you may have to get a good idea of what monthly/yearly repayments will be. It also lets you see what rate changes could do to these figures. That will give you a good idea of what you can afford to borrow on top of existing debts.
You are better off to do the repairs in drips and drabs after you move rather than borrowing everything now and finding yourself in trouble if rates go up and circumstances change. Often you will make different decisions about renovations having lived in a property for awhile anyway. Everything does not have to be done straight away does it?
If you do get approval make sure to shop around for life assurance and home insurance as brokers often push these on you as part of the package and they do not usually offer the best deal.
With regards the cost of living, do you know anyone living in the area? Is there a "Moving to Scotland" forum or anything like that online which could help you with info on day to day cost of living in the area?
Good luck with it.

wilmi

Can anyone advise me whether it is currently possible to obtain a mortgage without proof of income please. I have recently taken redundancy have a reasonable deposit IE 35% and intend starting my own business. My credit record is excellent.
Appreciate any advice.

kingstreet

wilmi wrote: »

Can anyone advise me whether it is currently possible to obtain a mortgage without proof of income please. I have recently taken redundancy have a reasonable deposit IE 35% and intend starting my own business. My credit record is excellent.
Appreciate any advice.

No it isn't. You'd have to lie about your circumstances and no-one would risk their career for that.

You'll need at least a year's accounts for your new business, plus an accountant's projection for year two.

Why would you need a new mortgage?