Mortgage Central (Scotland) Ltd

We are here to help with all your mortgage and protection needs. Established in Stirling 2008 and ran by local folk who understand the local market.

We have such lovely people that we have the privilege to help buy their dream homes. We don’t expect cake - but boy do we love it! Look at this beautifully hand made cake brought to us from happy clients! Looks stunning, tasted even better!
Thank you so much! You know who you are!

Mortgage Rates are constantly changing and we have the tools to ensure we can recommend the most suitable deal for you.

HSBC increases mortgage rates as experts warn more lenders could follow suit Experts have warned that other major lenders may increase their rates

We are closed for the Easter Weekend.
Open Tuesday
April 2nd @9:00am

Signs of life in the property market?

Mortgage approvals for house purchase and property sales increased in January Some 55,227 mortgages for house purchase got the green light in January, the highest total since October 2022.

Mortgage Rates have continued to fall into 2024 so if you have a mortgage rate due to expire in the next 6 months, now is the time to review your options.
For First Time Buyers and Homemovers, the market is showing tentative signs of picking up so why not find out how much you could potentially borrow and be ready to make a move when you find your next home!
Contact us to see how we can help you throughout the whole process.

We are now closed for Christmas & New Year
and will reopen on
Thursday 4th January.
Thanks to all our old and new customers for your support throughout the year!

May Bank Holidays 2023
We will be closed on the following dates:
1st May, 8th May &
29th May

We will be closed this
Easter Weekend
Friday 7th - Monday 10th April
Reopen 9:00am Tuesday 11th.

Happy Easter Folks!

The Scottish Government have increased the Additional Dwelling Supplement to Land & Buildings Transaction Tax (formerly Stamp Duty) from 4% to 6% with immediate effect from 16th December 2023. This will apply to all Second Property purchases including Second Residential properties, Holiday Homes & Buy to Let Purchases etc.
As an example, if you already own a property and purchased a Buy to Let property at £100,000, the LBTT payable would be £6,000. On a purchase of £150,000 the LBTT payable would be £9,100.

Christmas & New Year Holidays

Hi all, after another eventful year (is there such a thing as 'normal' nowadays?), we are closing for our usual festive break when business is quiet and not a lot is happening in the property market.
We do check emails every so often when we are closed so if you have any urgent enquiries when we are closed please email us at [email protected].

We will be closed from 4:00pm on Wednesday 21st December and reopen at 10:00am on Wednesday 4th January.

Thank you all for your business over the past 12 months and we look forward to helping you again (or for the first time) in the New Year!

We are here to answer your concerns about current market conditions as best we can. Please feel free to call us on 01786 447470.

Part of the view on my walk to work this morning

With the ongoing Financial Market turmoil this week, many lenders have suspended their mortgage product ranges for new customers and increased rates for existing customers switching deals. Things are moving at a very fast pace at the moment and we are doing all we can to help both existing and new customers, whilst trying to keep up with the changes. We doubt if by the end of this week and going into next week that there will be any mortgage rates available that do not begin with a 4!
Please bear in mind that at the moment we still have relatively (historically that is) low interest rates after a prolonged period where many of us have benefitted from all-time low rates.
We hope the market will stabilise soon and lenders relaunch their full range of products so at least we all know where we stand.
There are options for mitigating some of the pain of increased mortgage payments such as increasing the term (age permitting) etc.
We also have access to virtually all UK lenders lending in Scotland so we will be able to advise you of your choices.

Self Employed Reminder
Time to submit your personal Tax Returns for Tax Year Ending April 2022 - all sole traders/partnerships and Ltd Company Directors. Also landlords.
The vast majority of lenders will not accept Tax Calculations (SA302’s) older than 18 months, so the deadline is 5th October 2022 to use the previous year as the latest figures.
Confused? Give us a call!

We will be closed on
Bank Holiday Monday
19th September 2022

Just to remind everyone that we offer you the choice of Face to Face appointments in our offices, or we can provide the same service remotely. Covid taught us that we can work just as effectively with telephone, email and video calls. So the choice is yours, just let us know what you prefer when you contact us for an appointment!

With mortgage rates rising rapidly since the beginning of the year and further rate increases expected, check the end date of your fixed rate and get in touch with us to review your options. Don’t delay as it could cost you dearly!

Well folks, it looks like interest rates are going up quicker than anticipated last November - in essence, I don't think even the 'experts' know where they will end up!

If you are on a standard variable rate, a tracker rate or your fixed rate mortgage deal is ending in the next few months, now is a good time to review your options.

If you're looking for a new mortgage we can help. With hundreds of mortgages under one roof, your
friendly local experts can scour the market to help you find the right mortgage tailored to your
circumstances.
A MORTGAGE IS A LOAN SECURED AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF
YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER DEBT SECURED ON
IT.

Due to the latest Government Covid Guidance, all of our staff will be working from home until further notice and our office at 22 Upper Craigs, Stirling will therefore be unmanned.
We have worked in this manner for most of the pandemic and we are still able to offer our full range of services.
Thank you for your understanding, as frustrating as this seemingly never ending situation is for all of us.

WILL LATE CREDIT CARD OR LOAN PAYMENTS PREVENT ME GETTING A MORTGAGE? PLUS: CHECKING YOUR CREDIT FILE.
In short, yes they can. Mortgage Lenders have a low tolerance towards missed payments on unsecured borrowing such as loans and credit cards. It is important that you make all payments in full and on time.
Set up credit cards to be repaid on Direct Debit for at least the minimum payment each month so you do not forget to transfer a payment manually.
Some lenders will ignore an occasional late payment but that tolerance can be as low as 1 late or missed payment in the last 24 months. Many will not accept any missed or late payments at all.
If you think you may have missed payments, register with a Credit Referencing Agency to check your payment history so you can advise us when applying for a mortgage. The main agencies are Experian, Equifax and Transunion.
CheckMyFile reports on all three as not all your credit agreements may show up with every agency. Most offer a free 30 day trial and then charge a monthly fee thereafter unless you cancel your subscription.
There are also free Agencies like Credit Karma and Clearscore that are funded by advertisers. It is good practice to keep an eye on your credit file every so often to ensure everything is correct, help identify identity theft and check your own credit score.

Hoorah!

Stirling crowned ‘happiest place to live in Scotland’ A poll put the central belt town as number one north of the border, ahead of Edinburgh in fourth place, Glasgow in seventh and Aberdeen in tenth.

Lots of talk in the press and news about mortgage rates increasing but stay calm folks, it may not be so drastic and a slow gradual increase over a period of time is predicted.
No guarantees of course and fixed rates are at an all time low at the moment. Have a read of this article though. Ultimately it will down to long term inflation and decisions made by the Bank of England Monetary Commitee.

https://www.bbc.com/news/business-59091003

Slow rise from ultra-low mortgage rates predicted Brokers say the current cost of a mortgage is the lowest it will be "for some time".

FREE DOCUMENT SCANNER
Did you know that if you have an iphone, you have a built in Document Scanner in the 'Notes' App? To find and use it;
1. Open the Notes App
2. Click on the icon to write a new note (bottom right)
3. Click on 'Done' (top right) to clear the virtual keyboard
4. Click on the Camera Icon at the bottom of the screen
5. Choose Scan Documents
6. Hold Camera over the document to be scanned making sure it is level and you have all four corners of the document showing, and it will automatically take a picture. To switch to manual to give you more time to line up the document correctly, just touch Auto and it will switch to manual and vice versa
7. Click to Scan the next document or save
8. The scans will be save in your notes as pdf's and you can attach and email them as required

DOCUMENTS REQUIRED FOR MORTGAGE PROCESSING.
Just a wee note folks about the documents we require for a mortgage application.
The Standard List would typically be:
~ Proof of ID - current passport/drivers licence
~ Latest 3 months Pay Slips
~ Latest 3 months Bank Statements
~ Evidence of Source of Funds for Deposit (for a purchase). This would be an Annual Savings/Investment/ISA Statement or the latest 3 months Bank Statements. To meet Anti Money Laundering Requirements, if any money has recently been transferred into an Account, we would also require the statements for the Account the money has been transferred from. Sorry but we don't make the rules but can face a fine or jail if we do not act with Due Diligence!
~ For Gifted Deposits we would require the person/s gifting the money to provide the same evidence of source of funds as well as ID and either a signed form provided by the lender or we would provide a Gifted Deposit Letter for them to sign.
SELF EMPLOYED
~ In all cases we require the latest 2 years Tax Calculations (SA302's) and the corresponding Tax Year Overviews. These can be obtained either from your Accountant or your HMRC online account.
~ The Latest 3 months Business Bank Account Statements
~ For a Ltd Company we also require the latest 2 years Trading Accounts

We will not ask for any documentation we do not require and whilst the above list is not exhaustive, it will cover most lenders and our Network's requirements.

CIS WORKERS
If you are employed under the Construction Industry Scheme (CIS) and need a mortgage, did you know that some lenders will treat you as employed as long as your main contractor is issuing you with payslips and are deducting tax.
For more information and advice, call us on 01786 447470 or email [email protected].

DEBT TO INCOME RATIO (DTIR)
An issue we are coming across more often recently is mortgage applicants having a high Debt to Income Ratio which can have a negative impact when trying to secure a mortgage. This unfortunately, is not commonly known to those not in the mortgage industry so we would like to highlight it here for you.

What is Debt to Income Ratio?
Most lenders calculate it as the total amount of outstanding unsecured debt you have as a percentage of your Gross Annual Income and if it is above a certain percentage, typically 40 - 50%, then there is a higher chance your mortgage application could be declined.
One reason we are seeing higher Debt to Income ratio's is P*P car finance agreements, which generally carry a final 'balloon' payment which increases the outstanding balance that shows on your credit file. For example, lets assume you have a gross annual salary of £30,000. You also have a P*P Agreement showing a balance of £25,000 including a balloon payment of £10,000. On top of this you have a Credit Card balance of £5,000. So your total unsecured debt is £30,000 which is 100% of your Gross Annual Salary.
Of course it is important that you keep up your monthly payments on all of your credit commitments, but it is also important to be aware that the total amount of your unsecured debt may also be taken into account.
Having active credit within reason, is a good thing to build and maintain your Credit Score, but bear in mind that too much, in either monthly payments or total outstanding balances, can in some instances prevent you obtaining the amount of mortgage lending that you may require.
Some lenders calculate DTIR differently, and it may be dependent on your monthly repayments, including the new mortgage payment, not exceeding 50% of your Net Monthly income for example.
Part of our process of obtaining a mortgage for you is assessing affordability and making you aware of the potential impact of your Debt to Income Ratio. We can then place your mortgage application with the most suitable lender for your individual circumstances, giving you the best chance of having a mortgage agreed.

TAX RETURNS DUE
A reminder for the Self Employed including Sole Traders/Partnerships/Directors of Ltd Companies and Buy to Let Landlords;
As we are now beyond 18 months from the Tax Year ending 05 April 2020, mortgage lenders will now require sight of your Tax Year Ending 05 April 2021 Tax Calculation (SA302) and Tax Year Overview.
So if you want a mortgage - get your personal Tax Returns in folks!

Nationwide Building Society's Latest UK House Price Index with Regional Charts showing Scotland is the 4th highest region for Annual Price Growth but fortunately still one of the lowest regions for First Time Buyers mortgage payments as a percentage of take home pay.