Traditionally Scotland has not been as well served by the Specialist Mortgage Lenders. This has meant it’s harder for applicants to obtain mortgages than for their counterparts South of the border.
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The decision by the Specialist Lenders may be down to the cost and training needed to run a separate process to cover the property valuation and legislation differences. Or, it may be because there is less appetite from the institutions that end up as the purchasers in a secularisation float. Either way, as a result, the challenge to place mortgages for applicants that have an “arrears experience” in Scotland is harder but not impossible as my guide below demonstrates.
Missed Mortgage Arrears in Scotland
| LTV/ Missed payments | |
| 80% loan to value (20% deposit) | • Aldermore 2 (0 in last 3 months, 1 in last 12 months) • Bluestone 2 (0 in last 12 months) • LendInvest 1 (0 in last 12 months) • Precise 1 (0 in last 12 months) • The Mortgage Lender 1 (0 in last 12 months) • Vida Homeloans 2 (0 in last 12 months) |
| 75% loan to value (25% deposit) | • Aldermore 2 (0 in last 3 months, 1 in last 12 months) • Bluestone 3 (0 in last 12 months) • Foundation 1 (0 in last 6 months) • LendInvest 1 (0 in last 12 months) • Masthaven 1 • Precise 1 (0 in last 12 months) • The Mortgage Lender 1 (0 in last 12 months) • Together Unlimited (0 in last 3 months, 1 in last 12 months) • Vida Homeloans 2 (0 in last 12 months) |
| 70% loan to value (30% deposit) | • Aldermore 2 (0 in last 3 months, 1 in last 12 months) • Bluestone 4 (0 in last 12 months) • LendInvest 1 (0 in last 12 months) • Masthaven 1 • The Mortgage Lender 1 (0 in last 12 months) • Together Unlimited (1 in last 3 months, 3 in last 12 months) • Vida Homeloans 2 (0 in last 6 months) |
For more information of other types of Mortgages with bad credit please click here.
As you can see getting a mortgage when you have had missed Mortgage Arrears in Scotland can be quite tricky hence you should always talk to a professional Mortgage Broker when looking at this type of transaction.
