First time buyers: Scottish mortgage advice

Mortgages – most of us will take one on over the course of our lifetime, but they are also a source of deep confusion for a lot of us, particularly first-time buyers.

Scottish mortgage advice is out there in an abundance of sources but finding the right mortgage deal for you is not always easy - lenders will often try to draw you in with attention-grabbing offers, without clearly explaining the small print. Since a mortgage is one of the costliest regular outgoings for most people, it is important to ensure that your mortgage suits you and your lifestyle.

At Campion Homes we are proud to provide high quality new homes. Our quality pledge extends to our customer service too. So, with that in mind, we have compiled a list of our top tips filled with Scottish mortgage advice, so you can ensure that you are getting a good deal on your mortgage.

Interest rates

As a mortgage is a loan, you will incur interest regardless of the deal you decide to go with. The important thing here is to weigh up what kind of interest rate you would like.

Fixed rates tend to give borrowers certainty over what their payment amount will be for a certain period. This gives you the security of knowing exactly how much your payments will be each month. When your fixed rate is coming to an end make sure to begin shopping around for another deal with an interest rate that may suit you better than the one you are currently on.

Variable rates are different and can increase and decrease depending on what happens with the base rate. This leads to potentially having a different monthly payment each month. Depending on your circumstances this could be an advantage or disadvantage to your expenses. Always consider what is best for you before agreeing to a mortgage deal.

Price comparison

Online tools are a great way of comparing different mortgages available to you. Right now, there are a huge number of sites claiming to offer the best deal possible.

Even though price comparison sites allow you to compare a lot of deals, they do not always cover everything that is available in the mortgage market. Make sure you compare choices on a number of different comparison sites to give yourself the best choice possible.

Whole package

Ensure that you understand the detail of the whole mortgage deal you are looking at, not just the interest rate, to work out your overall cost. Fees can sometimes sneak into a mortgage deal which will affect your overall expenditure. Some also come with cashback options that may be worth considering. There is a real surge in cashback deals for mortgages and these can affect the overall deal by either off setting hidden fees, or actually making it more cost effective.

Mortgage Advisors

As taking on a mortgage is a major commitment, some first-time buyers find having an impartial expert opinion helps them to navigate their way through mortgage offers. Mortgage advisors have their finger on the pulse of the mortgage market and will be able to scour the market to find the best deal for you.

The number of new build homes in Scotland is increasing year-on-year, meaning more and more first-time buyers are tempted by a brand-new home. At Campion we want to make it as easy as possible for you to purchase a home with us. We have a simple buying a new build process that takes you through each stage.

As a first-time buyer, purchasing a home can be a daunting experience. By considering our Scottish mortgage advice you can feel more confident getting your feet on the property ladder.

Are you thinking about purchasing your first home in Fife? Download our super useful First Time Buyers Guide for comprehensive information and helpful tips. You can also view our beautiful developments throughout Fife .