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First Time Buyer Mortgage Advice in Scotland

Discover your borrowing potential and everything you need to know about getting a mortgage as a first time buyer.

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Getting First Time Buyer Mortgage Advice in Scotland

Are you looking at buying a property for the first time in Scotland? There are many steps you will need to take before being able to take out your first mortgage, the entire process can start to get a bit complicated if you don’t know what you’re doing!

As a trusted mortgage broker in Scotland, we aim to simplify the mortgage process and support you through every stage.

Our team of experienced advisors are here to offer tailored advice, ensuring you understand each step and feel confident in your decisions.

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How much can I borrow as a first time buyer in Scotland?

Assuming you have a good credit score, you may be eligible to place a 5% deposit on your mortgage. This amount represents 5% of the property’s purchase price.

If you aim to access more favourable interest rates, we recommend putting down a 10% deposit. A higher deposit not only increases your chances of better rates but also reduces your monthly mortgage repayments, making your finances more manageable each month.

Understanding how much you can borrow as a first time buyer in Scotland involves assessing various factors such as your income, outgoings, and credit history. Our team of mortgage advisors in Scotland are here to help you navigate these aspects, providing you with personalised advice to maximise your borrowing potential.

Free Mortgage Appointment for First Time Buyers in Scotland

Are you planning to purchase your first home in Scotland? The first step is to get a figure of how much you can afford to borrow, determine your mortgage affordability, and get an idea of what deals you may be able to access.

Our team of expert mortgage advisors in Scotland will be able to go through all of this with you during your free mortgage appointment. During your free appointment, you will also get the opportunity to answer any questions that you have about the first time buyer mortgage process.

Getting first time buyer mortgage advice in Scotland tailored to your individual circumstances allows you to make informed decisions, ensuring you secure the best possible mortgage deal for your unique needs and financial situation.

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Common First Time Buyer FAQs in Scotland

How much deposit do you need for a first time buyer mortgage in Scotland?

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One of the most frequent questions we receive from first time buyers in Scotland is “how much deposit do I need for a first time buyer mortgage?”. And, the answer changes most of the time because it can depend on many different things!

As a first time buyer in Scotland, you will typically be required to put down a deposit of 5%. This amount can be accumulated from your personal savings, a deposit gifted deposit from family members or a mix of both.

As a mortgage broker in Scotland, we usually recommend putting down a larger down payment, ideally 10% of the property’s value. A larger deposit paves the way for a wider range of mortgage options and more favourable deals compared to those available with smaller deposits.

If you have an adverse credit history in Scotland, you may have to put down a higher deposit, this could be around the 10-15% mark.

Your mortgage advisor in Scotland will look at a variety of factors to work out how much deposit you need to put down. This includes your income, outgoings, and credit history.

What are the costs of buying my first home in Scotland?

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As a first time buyer in Scotland, you must be aware that there are additional costs to account for, aside from the mortgage itself. These costs include:

  • Deposit: Typically, you need a minimum deposit of 5-10% of the property’s purchase price.
  • Solicitor Fees: Legal services are required for conveyancing, which involves handling the legal aspects of your property purchase.
  • Valuation Fees: Your lender may charge for valuing the property to ensure it is worth the mortgage amount.
  • Survey Costs: A home survey is recommended to check the property’s condition and identify any potential issues.
  • Mortgage Arrangement Fees: Some lenders charge a fee for setting up your mortgage, which can sometimes be added to the loan.
  • Removal Costs: Hiring a removal company or renting a van for moving your belongings can add to your expenses.

First time buyers in Scotland are typically exempt from paying stamp duty. Nonetheless, it’s always recommended to double-check this as it could be an extra expense.

Is it better to get a mortgage from a bank or a mortgage broker in Scotland?

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Opting for a mortgage broker in Scotland can provide a wider range of benefits. Mortgage brokers have access to a variety of mortgage products from multiple lenders, giving you more options to find a deal that suits your needs. Banks can only access their in-house products, meaning that your options are limited.

As a first time buyer in Scotland, you want to be sure that you are on the best deal available to your personal and financial situation. This deal could also save you money in the long run.

A mortgage broker in Scotland will also help you save time on your mortgage application by handling all of the paperwork and negotiations on your behalf. This is something that the banks may not offer help with.

I need an agreement in principle, how can I get one?

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As a first time buyer in Scotland, we recommend securing an agreement in principle (AIP) as early on in the process as possible.

An AIP is a document containing written confirmation from the mortgage lender outlining the maximum mortgage amount you qualify for. This document can bolster any offers you make on a property in Scotland, enhancing your chances of securing your first home.

When getting a first time buyer mortgage in Scotland, you want to make sure that you are as prepared as you can be. This document ensures that you are prepared and ready to make offers on any properties that stand out to you.

Our team of mortgage advisors in Scotland can sort an agreement in principle for you within 24 hours of your free mortgage appointment. Simply get in touch with our team and we can arrange your AIP for you.

Reasons to Choose Us in Scotland

Mortgage advice in Scotland, 7 days a week

Getting first time buyer mortgage advice in Scotland has never been easier.

Don't hesitate to speak with our experienced team for any questions or concerns you might have about first time buyer mortgages.

Free mortgage appointment in Scotland

Every customer can benefit from a free mortgage appointment.

Simply book online and select a date and time that best suits you and your weekly schedule.

Dedicated case managers

Our dedication to exceptional customer service means that we aim to keep you fully informed throughout the entire process.

We're available 7 days a week to address any questions or concerns you might have.

We're on your side, we work for you!

Being open and honest is at the heart of our service, we will never recommend a product that does not match your situation.

We only want the best for you!

Protecting you and your family

Your mortgage advisor in Scotland will also suggest insurances to make sure that you're able to stay in your home if you become ill or unable to work.

We want to make sure that you and your family are protected.

We search 1000s of mortgages in Scotland

We're committed to finding you the most appropriate mortgage for your needs.

We will search through 1000s of first time buyer mortgages in Scotland to find you the perfect deal.

20+ experience in the mortgage industry

We know exactly what we are looking for when it comes to finding you the perfect mortgage.

Using our knowledge and experience, we will look at your situation and match you with a mortgage product.

By your side through your entire mortgage journey

We will guide you through the whole journey of securing your first time buyer mortgage in Scotland.

Don't hesitate to reach out to our mortgage advisors in Scotland today.

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First Time Buyer Mortgage Scenarios in Scotland

I want to make an offer on a property in Scotland, what do I do now?

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As a first time buyer in Scotland, before you place an offer on your desired property, it’s essential to have an Agreement in Principle (AIP) ready. This document shows the amount a lender is prepared to loan you.

Once you have your AIP, the next step is to make an offer on the property. You can either do this on your own, or your mortgage advisor in Scotland can help you make the offer.

The seller may accept your offer, reject it, or propose a counter-offer. If your offer is accepted, the next step is to conclude the missives. This involves a series of letters exchanged between your solicitor and the seller’s solicitor, forming a binding contract for the sale of the property.

At this stage, it’s wise to arrange a home survey to assess the property’s condition and identify any potential issues. This ensures you’re making a sound investment. With the missives concluded, you can now finalise your mortgage application with your mortgage advisor in Scotland.

What types of first time buyer mortgages in Scotland can I get?

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As a first time buyer in Scotland, there are several types of first time buyer mortgages available to suit your individual circumstances. Understanding the options can help you choose the best mortgage for your needs.

Fixed-Rate Mortgages

A fixed-rate mortgage offers a set interest rate for an agreed period, typically ranging from two to five years.

This means your monthly repayments remain consistent during this period, providing stability and making it easier to budget.

Variable-Rate Mortgages

With a variable-rate mortgage, the interest rate can fluctuate based on changes in the lender’s standard variable rate (SVR) or the Bank of England base rate.

This means your monthly repayments can go up or down. There are two main types of variable-rate mortgages:

  1. Tracker Mortgages: These track the Bank of England base rate, plus a set percentage. If the base rate changes, your mortgage rate will adjust accordingly.
  2. Discounted Variable-Rate Mortgages: These offer a discount on the lender’s SVR for a specified period. Your rate will still vary, but it will be lower than the standard variable rate during the discount period.

Shared Ownership Mortgages

Shared ownership involves buying a share of a property (usually between 25% and 75%) and paying rent on the remaining share. This can lower the initial cost of home ownership and allow you to buy additional shares over time.

Each type of mortgage has its own benefits and considerations. Our team of mortgage advisors in Scotland are here to help you explore these options, offering expert advice tailored to your circumstances and guiding you towards the best choice for your first home in Scotland.

How do I start my mortgage process in Scotland?

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Starting the mortgage process in Scotland involves a few essential steps to ensure you are well-prepared and can secure the best mortgage for your needs.

Assess Your Financial Situation

Begin by evaluating your financial health. Check your credit score, calculate your savings for a deposit, and determine your budget for monthly mortgage repayments.

This assessment helps you understand how much you can afford to borrow and your eligibility for various mortgage products.

Get an Agreement in Principle (AIP)

An Agreement in Principle (AIP) is a document from a lender stating how much they are willing to lend you based on your financial situation.

Having an AIP demonstrates to sellers that you are a serious buyer and provides a clear idea of your borrowing capacity.

We can arrange an AIP for you within 24-hours. Reach out to our team and we can get one sorted for you.

Speak with a Mortgage Advisor in Scotland

Consider speaking to a mortgage broker or advisor. A mortgage broker in Scotland and advisors will have access to a wide range of mortgage products from various lenders and can offer expert advice tailored to your circumstances.

I have been declined by my bank, can I get a mortgage in Scotland?

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Don’t worry if your bank has turned down your application for a first time buyer mortgage in Scotland!

We’ve been able to help many clients secure a mortgage despite being rejected by their bank. Certain mortgage products have strict lending criteria that you may not have fulfilled.

As a mortgage broker in Scotland, we search through 1000s of mortgage products to identify one that aligns with your personal and financial circumstances. Rest assured, we will never put your mortgage application forward for a product you do you not match.

We can offer you personalised first time buyer mortgage advice in Scotland, specifically tailored to suit your individual situation and requirements.

We Search 1000s of First Time Buyer Mortgages in Scotland

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Registered Address: 10 Consort Court, Hull, HU9 1PU.

Authorised and Regulated by the Financial Conduct Authority.

We are entered on the Financial Services Register No. 627742 at www.register.fca.org.uk

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