A first time buyers guide to getting on the property ladder

Buying your first home can often seem a daunting process, especially when there is so much to consider including location, home options, legal fees and processes.

Here to help Chapelton first time buyers get their foot onto the property ladder, award-winning fee free mortgage advice organisation First Mortgage has answered the most commonly asked questions.

With branches in Aberdeen, First Mortgage provides prospective home owners with a dedicated mortgage advice team who are with customers every step of the way until they’ve secured their dream home. From calculating exactly how much can be borrowed and the total cost of the move, to talking through everything that’s involved in buying a home, First Mortgage can help anyone find and secure their first home.

What are the steps to buying your first home?

Buying your first property may seem complicated but with a few simple steps it’s much easier than many think.

In the first meetings we ensure that all of our customers have an understanding of how much they can borrow, what their mortgage will cost them every month and what deposit is required.

From there we then look at additional costs such as the cost to move from a rented property, how much money must be budgeted for LBTT and associated monthly costs.

We’ll also talk our customers through the range of purchasing assistance schemes available, recommended solicitors and different mortgage products including those for new build homes to ensure that the buyer has the full picture on what is involved in the house buying process.

What assistance schemes are available?

There are many schemes available for first time buyers such as the Scottish Government’s Help to Buy, shared ownership and LIFT. Our local advisors are able to find the right assistance scheme for you, your circumstances and budget.

How does the Help to Buy scheme operate?

The Scottish Government’s Help to Buy Scotland is a scheme available for first time buyers purchasing a new build property from a participating housebuilder.

The purchase price threshold is £200,000 with a minimum 5% deposit from the buyer and a 15% contribution from the Scottish Government. 

What other considerations need to be taken into account other than salary?

The service we provide at First Mortgage is to not only allow first time buyers to purchase their first property as quickly as possible within budget but also to safeguard their lifestyle.

Factors such as average holiday expenditure, food and drink costs including eating out, entertainment, socialising and other commitments all play a part in the overall manageable budget.

To find out about the homes on offer for first time buyers in Chapelton, visit here.

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