ESPC guide for first time buyers

How to get started

Lisa Venter, our ESPC Paper Editor and Social Media mediator, talks through her top 5 tips for first time buyers.

1. What do you want?

If you are buying a property with a partner or relative, speak about the type of property you both want and decide what you can compromise on to save time later.

You should have a good idea of what you want before you start looking for properties to save disappointment later.

2. Speak with an independent financial adviser

Find out how much you can borrow, what your repayments would be and how to apply by speaking to an independent mortgages expert.

3. Talk to a solicitor

Find out about the legal process in Scotland. A solicitor will make offers on your behalf and handle all the legal aspects of your transaction, including arranging the payment of stamp duty.

4. Find your dream home

Start your search with ESPC then get out and about to view properties. Make sure you cover all the important questions and always read a copy of the Home Report for any property you are seriously interested in.

5. Make the most of free resources!

We have a full ten step guide to buying in Scotland and many more resources in our ESPC Advice section to help you get on to the property ladder. You can also make sure to make time to attend one of our free First Time Buyer events in Edinburgh.

Get your finances sorted

Paul Demarco, IFA (Independent Financial Planning Consultant) for ESPC Mortgages, talks through how to get your finances in order as a first time buyer.

It is very important to seek independent advice in relation to mortgages, especially if you are a first time buyer. An independent adviser will be able to choose and recommend suitable financial products from the whole of the market.

As there are many pitfalls that first time buyers can encounter, such as lack of credit history, it is very important that as a first time buyer you establish what you can borrow.

This can be done by the adviser obtaining an agreement in principle from a lender, as this will give individuals a very good idea of what they can borrow. It is also important to seek advice in relation to ones affordability in relation to the monthly mortgage payments and any relevant insurance’s that may be applicable. This should be a prerequisite to making any offers on the property that you wish to purchase.

The next step would be to get a solicitor to act for you, as they will take care of all the legal aspects of purchasing your new home.

Feel free to give me a call on 07778 066595 if you would like more information on this topic or to talk more about finding the right mortgage for you.

The initial consultation with an adviser is free and there is no obligation on your part. Thereafter, ESPC Mortgages’ charges for mortgage advice are usually£350 (£250 for first time buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE