Whilst lending, and the resulting buying and selling of residential property, continues to make a slow recovery in the current economic climate  the team at Morton Fraser has been successful in supporting clients to continue to buy and sell homes in recent months.

So, what do you need to consider with regard to borrowing?

This factsheet provides some guidelines and tips when considering this:

Mortgages are still tricky to place but can be found

Enlisting the support of an experienced financial adviser can save you a large amount of time and money. Good advice is crucial in a market where switching lenders and mortgage types is not as simple and quick to do as it once was. Be sure you secure qualified advice from an experienced adviser who knows the options best suited to your financial situation both now and in future. Different mortgages suit different people so seek guidance from a reputable mortgage adviser.

Get advice in good time

It is crucial to get the advice before committing to a purchase – remember in Scotland things can move quickly. The best time to explore your options is before you begin searching for your dream home – and especially before you become emotionally involved with a likely property – emotional purchases can be made in haste and may result in problems further down the line.

Understand all the costs

Headline rates can be deceptive – you need to understand all the costs. It is easy to be misled by clever marketing initiatives. Again, take time to explore with an experienced adviser what is best suited to your circumstances, and in particular take time to understand hidden costs and penalties. Do not overlook negotiating with your current lender – again, your adviser can help you with this.

Use a solicitor to arrange the finance

This will ensure your transaction runs smoothly, and can ease the conveyancing process significantly. It also allows wider considerations to form part of the equation, such as implications for Wills and protecting your assets generally.