2013- Lucky for some

Paul Demarco, Mortgage Adviser at ESPC, talks us through this topic.

Advice for a New Year can often be easily given and not so easily followed. Here is some mortgage advice for those in Edinburgh or beyond when it comes to borrowing...

Money advice

If you are thinking of buying a property now or in 2013, then it is a very good time to buy, especially if you are a first time buyer.

Property prices in Edinburgh and the Lothian are currently selling on average at 5% below their valuation, in some instances even 10% below.  This trend is likely to continue over the coming months as market conditions continue to favour buyers. Our monthly House Price Reports can give you invaluable market information.

The absolute minimum deposit required is in some cases, depending on what kind of property that you want to purchase can be as low as 5%.  This will limit your choice, however with a 10% deposit most lenders will have 90% mortgage product available.

Mortgage rates, especially fixed rates, are lower than they were a year or two years ago making it more affordable to undertake this loan.

As a New Year resolution, if you are thinking of purchasing a new home in 2013, my advice is to save up any spare disposable income that you have to enable you to raise your deposit and secure a property in this favourable market for first time buyers.

In the mean time I would like to wish you all a merry time over the festive period and hope to hear from you in 2013 to help you achieve your New Year's resolution of buying that new property!

first time buyers on sofa

Want to know more?

Paul D 100Paul Demarco is a Financial and Mortgage adviser who helps clients with all their mortgage needs and requirements, identifying any other gaps that they may have and advising on a solution to any potential gaps. You can call him on 07778 066595 for more information.

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The initial consultation with an adviser is free and without obligation. Thereafter, ESPC Mortgages charges for mortgage advice are usually £350 (£295 for first-time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED AGAINST IT.