Catching up with the winner of our latest prize draw
Craig Yeats from Milton Bridge near Penicuik is the lucky winner of our latest first time buyer prize draw, and will receive £3,000 towards his first home deposit. Congratulations Craig!
Craig will also receive free conveyancing from one of our participating agents and ESPC Mortgages will waive their usual advice fee to help him on his journey to home ownership.
Having discovered the prize draw on Facebook, Craig said he was surprised when he found out he won, but also delighted as he felt like it was “really good timing”.
Choosing his career over home ownership
Craig has been an industrial abseiler for seven years and two years ago he set up a limited company in order to progress in his career. He said this held him back from buying a house as he had to have two years of financial records before he could get a mortgage. His second financial year has just come to an end, meaning he’s ready to start looking at buying a house again.
Three years ago, Craig had a mortgage in principal and was placing bids on properties, which were unsuccessful. He said: “As it came towards the end of that year, I refocused my attention onto my career and spent the money I’d saved on courses to go down a different avenue. When I started a limited company, that was the deposit gone and me back to square one in terms of having to wait two years before I could buy.”
Challenges of buying a home as the owner of a limited company
Craig said having to choose his career over buying a home has been the biggest challenge in his home buying journey to date. He also said there’s many different challenges due to the nature of his work: “I work contract to contract so you’re constantly hoping you’ve got another one afterwards. It’s not guaranteed constant money. It varies month to month, which makes it difficult to save.”
Where Craig would like to buy
With two financial years completed, buying a home is at the forefront of Craig’s mind again. In terms of areas he would like to buy in, he changes his mind frequently: “Midlothian is where I’m from so most of my friends and family are there. I also have friends in South Queensferry, which is a nice area. I’ve been looking in Fife as well because you get more for your money there.”
When Craig would like to buy
Whichever area he decides on, Craig is hoping to buy before the end of this year: “It’d be great if it was before the end of the summer but sensibly it’s more likely to be autumn or winter once I know where I stand financially because there’s still a bit of saving to be done.”
Advice for other first time buyers
In terms of advice he would offer to other first time buyers, Craig simply said: “Enter prize draws!”
Find out more
Are you self-employed and unsure about whether you can get a mortgage? ESPC Mortgages offer some expert advice about mortgages for the self-employed.