Mortgage Loan Scotland - Mortgage Loan Guide
If you're about to take out your first mortgage loan and need more information, read our Mortgage Loan Guide. It's a comprehensive guide to mortgage loans, and is the perfect starting point for a first time buyer.

Mortgage Loan, Scotland - Buying For The First Time
Buying your own home for the first time can be exhilarating, confusing and nerve wracking in equal measure.

As a first time buyer without the proceeds of a previous sale to rely on, you may need to borrow a higher proportion of the property's value - you may need a 100% mortgage or more. First time buyers typically borrow 87% of the property value according to the Council of Mortgage Lenders.

You may also need to minimise your moving expenses or your monthly mortgage payments while you settle in. In some cases, you may be planning to buy with a partner or to let out a spare bedroom.

This is why many mortgage lenders offer special deals designed exclusively for those who have never bought a home before. Among the special deals you may qualify for are:

· 100% Mortgage
As the name implies, a 100% mortgage provides the full purchase price for those who do not have a deposit or who would prefer to use their savings to do up their new home. In some cases, your mortgage lender can even provide a105% mortgage, giving you some extra money to spend on your new home after you buy it.

· Cash Back Mortgages
A cash back mortgage means that, once you have bought your home, your mortgage lender pays you a proportion of the loan (usually around five per cent) in cash to spend as you wish. If you have never owned your own home before, you may well need furniture, electrical goods, curtains and so on. A cash back mortgage loan can help cover these expenses.  On early repayment of the mortgage you may have to pay back some or all of the cashback.  Ask for a personalised illustration. 

· Legal and Survey Fees Added to Loan
There are a number of other costs involved in buying a home that can add a further strain on the wallet at time when you are trying to keep all the savings you have for moving in. Some mortgage lenders will add these costs to your loan so that you don't have to pay them up front (although this will increase the size of your mortgage loan).

· Discounted Monthly Payments
The first few months of moving in are the most expensive, so some mortgage lenders offer discounted mortgage rates (lower monthly payments) for a period, often six or 12 months from the start of the mortgage loan term.

These offers can look very tempting, but calculating which one represents the best deal for your particular circumstances is very difficult, and is best done with expert help.

If you are tempted by any of these special offers, you must be sure to check whether there are any conditions tying you in to the mortgage loan for longer than the special offer period. It can prove costly if you are obliged to stick with the same mortgage once the discounts have come to an end. We can help you weigh up the pros and cons of these mortgage deals and decide on the mortgage rate that's best for you.

Your home may be repossessed if you do not keep up repayments on your mortgage

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Mortgage Rates in Scotland - Mortgage Deals
Your mortgage rate determines what you'll pay your mortgage lender, so it's very important to get the best deal possible. Our Mortgage Deals section features a selection of mortgage loan deals that provide great value for money.

Finding a Mortgage Lender in Scotland
We deal with a wide a range of mortgage lenders to ensure that we can find you the best possible mortgage loan deal. Find out how our experts can help you by filling out our simple online Mortgage Enquiry Form and taking advantage of our independent advice.