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MORTGAGE ADVICE FROM THE EXPERTS

11 May 2015

The Tayside property market is in fine fettle for the onset of spring.

So perhaps it is not surprising that Tayside Solicitors Property Centre manager Lynne Hill and local solicitors are reporting strong interest from potential buyers looking for expert advice on securing mortgage funding.

The average property price in the Dundee area now comes in around £145,000.

But first-time buyers will still find a wide selection under the six-figure mark being sold through the Whitehall Crescent Centre.

Generally, home loans can be repaid over a period of up to 25 years, but most lenders can be flexible.

By speaking to a solicitor, you will have a firmer grasp on what sort of mortgage could be secured.

It is sensible to identify what price bracket to be searching in – rather than looking at properties profiled at the TSPC only to find they are beyond your financial grasp. That is sure to be frustrating.

There is every likelihood that a lender will want evidence of your income and also expenditure, including credit card payments and household bills.

You don’t want to bite off more than you can chew, even with mortgage rates from the banks and building societies very tempting at the moment.

Your solicitor will assess your individual circumstances and provide a knowledgeable guiding hand to steer you through the mortgage maze.

Be aware that lenders will be expecting customers to put down a deposit before offering a mortgage.

This will also influence the interest rate you will be charged. So it is important to have savings behind you to take advantage of the lower rates – and the same rule comes into play for current owners looking to take a step up the property ladder.

The most common mortgage is repayment, where you pay interest and part of the capital sum each month. You may be offered a choice of a fixed or variable rate and that is another issue to discuss with your solicitor.

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If you wish to enquire about this property or arrange a viewing, please contact the selling solicitor using the contact details on this page.

If you wish to contact TSPC for some other reason, our number is 01382 228770.