New Year, new mortgage

The start of a new year can be a great time to review your financial commitments, especially your mortgage needs.

Whether you are a first time buyer, home mover, looking into property investment or are simply at the stage to re-mortgage there are a variety of options available to you.

2014 saw a number of developments within the mortgage market and undoubtedly the Mortgage Market Review had a big impact. This means that lenders now look much more closely at mortgage applications, ensuring that the applicant can afford the mortgage. Also, the result of the Scottish referendum removed a lot of uncertainty from the market and at ESPC Mortgages we have seen an upsurge in interest for all types of mortgage requirements following this.

Moving house

First time buyers

If you are considering buying your first home, 2015 could be the year for you! Interest rates are still at an all-time low and there are a number of financial assistance initiatives available for those with modest deposits. The Help to Buy schemes will no doubt continue to prove popular throughout the year, with new funds being released to Help to Buy Scotland: Equity Loan Scheme in April 2015. The Low Cost Initiative for First Time Buyers (LIFT) scheme is another option and some of the new build developers are also continuing to offer their own equity share schemes. So lots of opportunities which may help you to get on the property ladder in 2015!

Home movers

If you need to move this year to accommodate a need for more space, be closer to schools or work or any other reason then paying close attention to your finances can pay dividends. If you have equity in your current property this can make a big difference in terms of your deposit for your new purchase. You will need to investigate if you have any penalties for paying off your mortgage early or whether you can transfer your mortgage to your new property (known as porting). With good mortgage rates available there are some good deals to be done. With increased activity in the market and shorter selling times as well as the implications of the change from Stamp Duty Land Tax to Land & Buildings Transaction Tax in April 2015, the start of 2015 could be the time to move for some.


The Buy to Let sector seems to be really picking up, with rent levels in Edinburgh rising and the potential to benefit from a good rental yield we have seen a lot of clients entering this market. Generally a minimum deposit of 25% is required but there is a good choice of fixed and variable rate mortgages available at competitive rates from a wide range of lenders. The lending criteria for Buy to Let mortgages are markedly different from a residential mortgage and it is important to obtain advice whether this sector is right for you.


Many people regularly review their car and house insurance to ensure they are obtaining the best deal available. The same should apply to your mortgage, as rates can vary widely and some people aren’t aware of what interest rate they currently pay. If you have come to (or are near to) the end of your fixed rate deal it may not always be the best option to revert to your current lenders base mortgage rate. Considerable savings can potentially be made by taking advantage of a more competitive rate, particularly if you have reasonable equity in your property.

Want to know more?

To find out more about your options for 2015 and have a chat with a mortgage specialist why not give ESPC Mortgages a try? Call Brian, or another member of the team on 0131 624 8680 for a no obligation chat.

Brian McCarthyBrian McCarthy is a Financial Planning Consultant who aims to help those who need help finding mortgage solutions. He works with clients to find the mortgage that best meets their individual needs. You can call him on 07956 969 859 for more information.

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The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.