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Mortgage in Scotland

Mortgage in Scotland provides essential help to consumers who want to own a home in beautiful Scotland. A developed economy, Scotland has a mixed economy which is well entangled with rest of the world. Mortgage market in SCOTLAND is dynamic one and can accommodate varied range of requirements of mortgage buyers through its numerous mortgage lenders who offer excellent mortgage services in Scotland.

The innovative mortgage market of Scotland thrives for the excellence in management of mortgage lenders who can offer excellent range of mortgage services to consumers.

Interest Rates on Mortgages in Scotland

Variable rates mortgage in Scotland

In variable rates mortgage in Scotland, the borrower pays continuing rates on his mortgage loan and the mortgage rate changes every time interest rate changes. Additionally, the application of variable rate mortgage in Scotland depends upon the specific requirements of borrowers.

Fixed rate mortgage in Scotland

In fixed rate mortgage in Scotland, the interest rate is fixed for the period agreed by the borrower and lender which may depend on the capability of borrower to pay back the loan.

Capped rates mortgage in Scotland

In capped rates mortgage in Scotland, borrowers require to pay interest rate subject to a cap which is agreed at the beginning.

Process of Mortgage in Scotland

Mortgage lenders in Scotland charge a valuation fee which in return is paid to a chartered surveyor. The chartered surveyor is bestowed with a duty to locate the property and give a prima facie report about the same. However, as the survey is not an intensive one there can be some ambiguity, lenders are expected to do a thorough inquiry before lending a loan to borrowers. Prominence of mortgage market in Scotland, which once was dominated by heavy industry, shows that it has a bright future.

Bad Credit Loan in Scotland

Bad credit loans in Scotland are suitable options for those who do not possess an excellent to good credit score and lenders are not willing to lend any loan to them. Numerous mortgage lenders in Scotland have evolved a scoring system under which bad credit mortgage loans in Scotland are offered to them. The consumer with bad credit is tested for the score and then only his mortgage loan is processed.

100% mortgage loans are the loans which the borrower is neither required to make any type of deposit nor pay any down payment. Similarly, in 125% mortgage, borrowers can get a loan of the value of his home either in one lump sum or in various installments. In addition to the before mentioned two bad credit mortgages, Shared Equity Mortgage in Scotland is another attractive mortgage type wherein a borrower can offer share of equity and the percentage of the sale value of the house.

Leading Mortgage Lenders in Scotland

A number of small to big mortgage lenders in Scotland provide mortgage services to consumers. Some of the leading mortgage lenders in Scotland are as follows:

  • Kensington
  • Lambeth
  • Leeds and Holbeck Building Society
  • Monmouthshire Building Society
  • Mortgage Express
  • Mortgage Intelligence (Exclusives)
  • Mortgages PLC
  • Nationwide
  • Natwest
  • Northern Rock
  • Norwich and Peterborough
  • Nottingham
  • Paragon
  • Portman
  • Principality Building Society
  • Royal Bank of Scotland
  • Scottish Widows Bank
  • Skipton Building Society
  • Standard Life Bank
  • Stroud and Swindon Building Society
  • The Mortgage Business
  • The Mortgage Works (previously Sun Bank)
  • The One Account (previously Virgin Mortgage)
  • UCB and many others.

   
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