Argyll Drummond
Independent Mortgage Solutions
From start to finish, our expert guidance will help you navigate the mortgage process
It can be hard to find a mortgage deal that suits your exact circumstances. Having the right mortgage broker makes a real difference. With Argyll Drummond, you have access to a specialist and advocate who will act for you, and in your best interests, throughout the process.
Your home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
Mortgage Types
Landlord Mortgages
Whether you’re investing in property, looking to buy your first home, or require more specialist funding, our mortgage advisers can help. Our expert, independent mortgage advice will make buying your property a stress-free and easy process.
Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.
The Argyll Drummond team is dedicated to finding the best mortgage deals for your specific needs and circumstances. We strive to make the entire process comfortable and stress-free for you. As professionals in the mortgage industry, we understand the importance of trust and reliability.
We are committed to providing the highest level of customer service and care throughout the process, from beginning to end. We invite you to schedule an appointment with us to discuss your situation and how we can assist you.
Check Your Credit Report
A checkmyfile subscription offers a free trial period of 30 days and thereafter is £14.99 a month unless cancelled, which can be done at any time.
We will receive a small fee from the company if you use their services.
You will depart from the regulated site of Argyll Drummond Financial Services. We are not responsible for the accuracy or the content within the non-regulated site.
A mortgage is money borrowed from a lender such as a Bank or Building Society to put towards the purchase of a property. You usually pay back the loan every month with interest over an agreed period of time. A Lender will require you to put down a deposit of typically between 5% -25% of the purchase price with the remainder of the purchase price made from the mortgage.
Because the money you are borrowing is secured against the property you’re purchasing, you may lose your home if you do not keep up the agreed payments on your mortgage.
The amount you are able to borrow varies from lender to lender, some will lend far more than others. It depends on a wide variety of factors such as term of mortgage, level of outstanding debt, how employed income is made up (basic salary, allowance, overtime, commission & bonuses), if self-employed, whether as sole trader or director of a limited company.
There is no one size fits all solution, we would always recommend speaking to an adviser rather than using an income multiple as the lender’s calculations are much more complex than that.
Lenders usually offer mortgage products with fixed terms of 2, 3, 5, or 10 years, but there is no definitive answer as to which duration is the best choice. Each individual’s circumstances are unique, so what may be suitable for one person may not be ideal for another.
Some lenders also provide mortgage options that do not impose any specific term or lock-in period. However, these products are less common and typically come with higher interest rates compared to the ones with fixed terms.
Remortgaging refers to the process of applying for a new mortgage with a different lender while remaining in your current home. There are various reasons why individuals may choose to remortgage. One common scenario is when people reach the end of the initial benefit period of their current mortgage product and seek a new lender offering a more favourable interest rate.
Alternatively, some individuals may opt to remortgage to access additional funds by leveraging the equity in their home. This extra money can be used to finance home improvements or consolidate existing debts.
Conveyancing is the legal procedure that facilitates the transfer of property ownership from the seller to the buyer.
Most solicitors have dedicated conveyancing departments that handle the intricacies of property transactions. Whether it’s a property purchase or a remortgage, the involvement of a conveyancer is necessary to carry out all the essential legal tasks involved in the process. Their role ensures that the transfer of ownership is legally sound and all relevant documentation is properly handled.
As part of the mortgage application process, an underwriter is responsible for verifying the disclosed income. The specific documentation required for income verification varies depending on the applicant’s employment status, whether they are employed, self-employed, or receive income from benefits.
For employed applicants, the bank typically requests the last three months’ payslips as well as their most recent P60 (a summary of their annual earnings and tax). If the applicant has recently started a new job, the lender may also require a signed copy of their employment contract.
Self-employed applicants are usually required to provide a minimum of their last two years’ tax calculations and corresponding tax year overviews. Additionally, the lender may request the last two years’ full audited accounts to gain a comprehensive understanding of the applicant’s financial situation.
In the case of applicants receiving income from benefits, lenders typically require the award letters issued by the Department of Work & Pensions or HMRC (Her Majesty’s Revenue and Customs) to verify the benefit income being received. These letters serve as official documentation of the awarded benefits.
Mortgage Frequently Asked Questions
If you have further questions, simply book an appointment to speak with one of our mortgage advisers.