The mortgage market has changed somewhat recently. Due to the Covid pandemic many banks are working
remotely, making telephone queue times, longer, often up to one hour. You may need to consider increasing
your deposit, the minimum in most cases now is 15%, unless you are a First Time buyer. Maximum terms are
now 25 years in most instances. As a result it is a good idea to look at all the options across the market place,
our team of independent financial advisers can do this for you. To help you unravel this Covid mortgage maze,
we’ve summarised what you need to know:

Rate Types – Fixed Rate or Variable Rate

Fixed Rate – means that your monthly payment won’t change for the duration of the fixed term, usually 2, 3
or 5 years. Any change in the market rate will not affect your monthly payment.

Variable Rate – can be discounted, tracker, offset or plain variable. These variable rates will go up or down
as the Bank of England (BOE) base rate changes. Currently the BOE base rate has been at an all-time low
for a number of years – so variable rates have remained low.

Potential Early Repayment Penalties
When choosing a mortgage you should explore how long any potential penalties might apply, should you no
longer need the mortgage or want to move properties.

Most providers will have mortgage rates that come with an arrangement fee or mortgage rates that have no
arrangement fee. A simple calculation is required to see what might suit you best.

Matching a Mortgage Rate to your plans
Remember this rate will be with you for the next few years, so make sure that it matches your plans. Is this

to be your forever home or do you plan to move again in the near future?

How can we help?
We can offer whole of market advice and search through the vast range of products on offer to develop a
tailor-made solution to all mortgage requirements. We will assist with the entire application process including
obtaining a decision in Principle for you from the most suitable lender in the market place.
To find out more please contact a member of our Financial Services Team at

Call your Local Office

Aberdeen 01224 332400

Aberdeen Property Office 01224 564636

Banchory 01330 822931

Ellon 01358 720777

Inverurie 01467 629300

Stonehaven 01569 762947