We understand that buying a property – whether for the first time or otherwise – can be a stressful time but if you recruit the right legal team with the right experience and expertise it needn’t be! Using experience and knowledge, our Solicitors have created a Five Step ‘Buying A Property in Scotland’ guide which you can view below. We hope you find this useful.

1. Planning Your Finances

It is imperative that you understand at the outset all the costs that you are likely to encounter in relation to your transaction to budget efficiently.

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If you are lucky enough to be a ‘cash buyer’ then you will not need a loan to cover the cost of the purchase upfront. The majority of purchasers however will require a mortgage to pay off the purchase price over a longer, affordable period of time.

The mortgage secures the property for the purchaser and the purchaser pays off the mortgage over a set time frame (usually between 25 and 35 years). A mortgage will include interest, which is how the lender makes money from the transaction. The benefit to you – the purchaser – is that a mortgage makes purchasing affordable by paying off the loan each month.

The Mortgage landscape has changed beyond recognition and lending criteria varies from lender to lender. That is why it’s never been so important to take advice.

The market can often change daily and that’s why it makes sense to talk to professionals who have their finger on the pulse with detailed knowledge of a wide range of lending criteria. It is matching this criteria to your personal circumstances which will ultimately determine the lender and product for you.

Deposits

You will also need to save for a deposit for the mortgage. In the current market, you will need a deposit of at least 5% of a property’s value to obtain a mortgage. The lender would then lend you the remaining 95% of a property’s value. 5% is the minimum, but you can save as much as you like for a deposit and the mortgage deal offered to you will depend on how much of a deposit you have.

What makes Neilsons different from many of our competitors is that we have an in-house Mortgage Advisor who is ready to guide you through the process, liaising closely with your in-house Neilsons Solicitor as the transaction progresses. Contact Sheila Batten, our Mortgage Advisor by clicking here.

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