Independent Advice On Every First Time Buyer Mortgage Deal

Gregor McMeechan

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Edinburgh First Time Buyer Guide

Buying your first property can be an intimidating experience. 

However, as with most things in life, if you adopt a structured, sensible approach to gathering facts and making decisions, it becomes a great deal more straightforward.

In this guide, we’ll consider a few of the things you should take into account when considering buying your first home.

Edinburgh Property Prices

As a premiere Scottish location for business and education alike, house prices in Edinburgh are often high compared to other parts of the country. 

In the first quarter of 2013, the average residential property price in Edinburgh was £204,780 – an increase of 1.1 per cent since the first quarter of 2012.

This shows a relative stability in house prices that compares well with some other parts of Scotland. 

For example, property prices in Inverclyde and West Dunbartonshire dropped by around 15 per cent over the same period.

House prices in Scotland as a whole dropped by 0.4 per cent over the year.

Financial Considerations

The first things to consider is the deposit.

Mortgage lenders will lend a maximum of 90 to 95 per cent of the property’s purchase price, aka 90-95% LTV. The balance you’ll need to raise yourself as a deposit.

So it’s important to look at your finances realistically and consider whether you can afford the outlay, before committing to a property purchase.

It’s all too easy to forget to take something into account when working out what sort of property you can afford in Edinburgh.

The main ancillary expenses involved when buying your first home are 

  • Mortgage arrangement fees – usually charged by the lender at the start of the application process.
  • Solicitor or conveyancing fees – for dealing with the legal side of the house purchase.
  • Valuation fees – both you and the lender need to know that the property is worth the asking price, for which a property valuation or survey will need to be carried out.
  • Land and Buildings Transaction Tax (LBTT) – from 1 April 2015 LBTT replaces the existing Stamp Duty Land Tax for house purchases in Scotland.
  • Moving costs, furniture and decorating and if applicable renovation costs.

Help To Buy In Scotland

There are two Help To Buy schemes available in Scotland.

Forth Bridge At Dusk

These schemes are intended to make it easier for people to buy a home in the UK.  In particular, to make it more affordable for first time buyers to get on the property ladder.

Mortgage Guarantee Scheme

The Mortgage Guarantee scheme was formally launched in January 2014 and is available throughout the UK to anyone buying a new build or older property valued at up to £600,000.

You must have at least a 5 per cent deposit available and be able to afford the repayments on an 80 to 95 per cent mortgage.

The government will then effectively underwrite part of the mortgage loan, to allow the lender to make a higher loan-to-value mortgage available to you.

Help To Buy (Scotland) Scheme

The second scheme, Help To Buy (Scotland) is funded by the Scottish government and is available to both first time buyers and existing property owners.

It's an equity loan scheme but is only available for the purchase of new build properties available from participating larger building companies worth up to £250,000. The mortgage must also be taken out with one of the 8 registered lenders.

In 2015 the Scottish Government expanded Help To Buy (Scotland) with the Small Developers scheme, vastly increasing the amount of properties available to prospective buyers.

Your Next Step...

Gregor McMeechan - EdinburghMortgageBroker.co.uk

Speak with Gregor today.

Call  0131 510 3624 and get access to the very latest first time buyer mortgage deals including Help To Buy.

Or simply enter your details in the request a call back form and Gregor will call you back at a time suitable for you.

We look forward to helping you find the right mortgage deal.

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