mortgage in Scotland

irret

Hi there,
Does anyone know what the situation is for someone trying to get a mortgage for first time buyer in Scotland after paying off a 3 year Trust Deed?
We finished paying the Deed back in January 08 and are now looking for a morgage, we should be able to get £8,000 towards it so i wondered what the chance of getting a mortgage now up here. I don't know what the situation is with this at the moment, houses seem to be selling very slowly up here, so not sure if its because of slump in sales or people not being able to get mortgages?
Help please!

UK007BullDog

I think you should call up a couple of brokers in your area to get the info. I am not sure if we have a Scottish mortgage adviser on the board.

Bexter

Hi

I just finished a Trust Deed and have also been looking to get a mortgage. The honest answer is that in the current climate, it is not at all easy. But it does depend on individual circumstances - however, my experience has been that you need an absolute minimum 10% deposit and even that only means there are a couple of lenders, one of whom is no longer doing 90% LTV (Future). The situation improves significantly once you have been discharged for 12 months however. I have done a lot of research and spoken to several brokers - so if you need more specific info, please feel free to PM me.

Bex

Dan_Collins_2

You will need a good deposit, Scotland, england and wales are in the crunch zone!

Get a broker.