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First-Time Buyers Mortgage
Buying your first home is both an exciting and daunting time. At Your Expert Mortgages we fully understand you may need additional support to help you secure your new home.
We will guide you through the process which includes:
1
Calculating out how much you can realistically afford. We will assist you to complete a monthly income and expenditure budget and stress test this to give you an idea of an affordable mortgage payment amount.
2
Calculate how much you will require to put down as a deposit. This is typically between 5% to 10% of the value of your new home. The higher the deposit you have the less you will borrow, reducing the amount of interest you pay over the lifetime of the mortgage.
3
Calculating how much you can borrow. This is lender dependent. Some will offer you 3 x income and others will offer up to 5x income.
Additional Costs to Consider:
SOLICITORS FEES
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​It is a good to get quotes from several solicitors to give an idea of costs.
ARRANGEMENT FEES
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These can usually be added to your mortgage with most lenders.
VALUATION/SURVEY
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In Scotland the sellers pay for a Home Report so you may not have this cost.
LAND PROPERTY TAX
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Please see https://www.revenue.scot/land-buildings-transaction-tax for more information
BUILDINGS & CONTENTS INSURANCE
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Building insurance will be a requirement of your mortgage and the cost will depend on cover required.
PROTECTING YOUR FAMILY AND YOUR HOME
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​Personal Protection for you and your family is essential to avoid you losing your home in the event of illness, injury or unemployment.