First time Buying a Home in Scotland
Thinking for buying a home in Scotland and don’t have the slightest clue what to do or how much it costs?
Working out a budget
First things first , you’d better have a decent job so you can get a mortgage and ideally have a sizeable deposit and for a starter flat you’ll need to be on at least £30000 a year with £10-20k deposit. Normally you can get a mortgage for 3x your salary or 3.5x if joint mortgage with a couple. If your self employed it’s a lot harder so you will need to find a mortgage ender who is willing to lend as its higher risk. Get all those figures in place with an agreement in principle from the lender and set that as your budget.
Find a conveyancing solicitor
Find a conveyancing solicitor and work out the fees of buying so you can work out how much outlay is needed before you even look, remember in Scotland anything under £145000 has no land tax or old stamp duty.Its called the Land and buidings transaction tax
Ok you’re all set to start looking for somewhere to live once you have found a place you like you need to get the home report and then you can read all to check for any problems, if there are none and all seems ok you can get a valuation for the mortgage company then once thats all in place you can offer a price or wait for the closing date if a number or people are interested and you’ll have to take advice on the offer over budget incase you over stretch finances.
Moving in day, you’ll need a removal company and as a first time buyer you wont have much so ideally a man with a van service so you can give van man removals a call!