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Market Research Group

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Benjamin Taylor
Benjamin Taylor

First Time Buyer Scheme Edinburgh


Over the past six months, one-bedroom flats in Gorgie had an average selling price of 141,752, well under the LBTT threshold, making this a great area for first-time buyers in Edinburgh. These properties .




first time buyer scheme edinburgh


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Leith is one of the best areas in Edinburgh for first-time buyers, with a high volume of properties on the market. Leith Walk is packed with shops and bars, while The Shore boasts glamorous restaurants, independent businesses and local markets galore. The area is very popular, and once the Edinburgh Trams extension is complete in 2023, properties here may become even more sought-after, making it a good investment.


YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Subject to status and available on selected developments and plots in England only up to the value of 330,000. Funding for the scheme is limited and will be allocated on a first come first served basis.


Last week we reported that there were more and more properties lining up to go on the market and a range of mortgage deals (some lenders are still offering 95% mortgages) available to first time buyers.


Each mortgage lender offers a different range of suitable products and at the start of lockdown, many restricted their product offering to reduce the Loan-to-Value (LTV) (the percentage of the Home Report Valuation they are willing to lend) due to staff shortages, operational demands and processing mortgage holidays but in the last few weeks high street lenders are starting to bring back more options which is excellent news for first time buyers.


The First Home Fund was launched on 18th December 2019 and is set to run until 31 March 2021 or until the fund runs out. 150million has been made available and it is anticipated that this fund will assist around 6,000 first time buyers.


This fund aims to provide first time buyers with a shared equity loan of up to 25,000 to assist them in their purchase of a new home. This is open to all first time buyers whether you are purchasing on your own or as a couple.


The LIFT scheme, as it is known, assists first time buyers without them having to fund the entire cost. This scheme has run much longer than the First Home Fund but restricts the price you could pay for a home. There are set limits on what you can pay for a property and you are unable to pay over valuation. You can find out more about the thresholds here: -market-shared-equity-thresholds/.


With the LIFT scheme the buyer will pay the largest share, usually between 60% and 90% with the Scottish Government contributing the remaining share. The buyer will take complete title to the property and own 100% of their home.


A Lifetime ISA is an individual savings account which can be used to buy your first home or save for later in life. You can save up to 4,000 per year and the government will add a 25% bonus to your savings, up to a maximum of 1,000 per year. Find out more about a Lifetime ISA here: -isa


The minimum age for a First Time Buyer mortgage is age 18 but many lenders have set a minimum age limit of 21 years before they will accept an applicant whether they are a first time buyer or a home mover.


A first time buyer could be purchasing a property for his or her main residential home or they could even be buying the property on a buy to let basis to generate rental income. It is, however, very difficult to obtain a first time buyer mortgage to purchase a property to let-out as when you do not already own a property as your main residence you will classified as a first time buyer.


If you are an existing home owner it is relatively easy to qualify for a Buy To Let mortgage and as a first time landlord as there is a wide range of Buy to Let lenders who welcome first time landlords (who already are homeowners themselves).


A first time buyer could even be someone who has previously owned a property with a mortgage where they have sold the property and redeemed the mortgage and there is a gap where they rent or live with family before purchasing again. This time gap needs to be at least 12 months before you are re-classified as a First Time Buyer and applicable for a First Time Buyer mortgage again although most lenders look for at least a 24 month gap.


When looking at mortgage products available to First Time Buyers there are some incentives. This could be a reduction in the lenders arrangement fee for setting up the mortgage. A lenders arrangement fee is now typically 999 and a lender may offer a first time buyer a reduction in this fee to around 499. The lender may also offer a free valuation although this is usually not taken up with Scottish mortgage applications as the Home Report provided and prepared by the Seller includes a Single Survey that has been carried out by a Chartered Survey and it is this survey that is used by lenders providing mortgages for Scottish Property Purchases. Generally speaking, you may receive a small decrease in fees when applying for a First Time Buyer Mortgage but any savings would be minimal when measured against the same mortgage product for a Home Mover.


First Time Buyers seeking mortgages may also be given preference on certain property types available for sale from various Organisations, New builders and special social projects. This would include Shared-equity purchases from New Build companies and from certain Housing Associations and Shared-ownership also from Housing Associations. There is also the government sponsored schemes including LIFT and New Buy or Mi New Home and Golden Share that is attractive to but not exclusively for first time buyers applying for their first mortgage. The New Buy/Mi New Home scheme can allow buyers to purchase a new build property up to 95% Loan To Value which can make it easier for a first time buyer to purchase a new home as they only need a 5% deposit.


Later this year the Scottish Government will release 150m to support first-time house buyers with their deposits. Once buyers have saved 5% of the value of their new home, the Scottish Government will offer loans of up to 25,000 to fund or top up their deposit.


The Help to Buy equity loans scheme is open to both first-time buyers and home movers on new-build homes in England with a purchase price up to 600,000. The Help to Buy equity loans provide a low-interest loan towards the deposit. The loan is interest free for the first 5 years. New home buyers need a 5% deposit, and the government lends up to 20% of the value of the home (up to 40% for London).


Whether you are seeking a mortgage as a first-time buyer, moving home, looking for a buy-to-let mortgage or simply remortgaging to get a better deal, we would be happy to assist you in any way we can.


52.8% of families in the UK own their own home according to latest statistics; 28.2% own properties outright and 24.6% own with a mortgage. This figure is lower than the EU average but higher than European countries such as Germany, France, and Switzerland. Homeownership in the UK rose in the late 20th century due to the Right-to-buy scheme introduced in the 1980s, where council tenants were given the chance to buy their homes as a discounted rate. The average age of first-time buyers has risen in recent years, mainly due to increased house prices. According to the Institute for Fiscal Studies, homeownership among young adults has more than halved over the last 20 years.


When you find a property you are interested in you should arrange to look round it to make sure it meets your requirements. You will need to get some idea of whether or not you will have to spend any additional money on the property, for example, on repairs or decoration. It is common for a potential buyer to visit a property two or three times before deciding to make an offer.


If you are buying a property which has a Home Report you will get the single survey as part of the Home Report. The surveyor who produces the single survey has a legal responsibility to provide accurate information to both the seller and the buyer. The single survey is broadly the same as a scheme 2 survey.


The Darien scheme was an unsuccessful attempt, backed largely by investors of the Kingdom of Scotland, to gain wealth and influence by establishing New Caledonia, a colony in the Darién Gap on the Isthmus of Panama, in the late 1690s. The plan was for the colony, located on the Gulf of Darién, to establish and manage an overland route to connect the Pacific and Atlantic oceans. The backers knew that the first sighting of the Pacific Ocean by Balboa was after crossing the isthmus through Darién.


A 100 Percent Mortgage is where a buyer will receive a loan for 100 percent of the property's value without a down payment. This mortgage type always carries a high-interest rate, and they are usually offered to first-time home buyers with little to no cash in hand. The lender may also ask for collateral from the person buying the loan. This collateral can be in the form of stocks or bonds. If you default, the lender can liquidate the collateral to cover the cost of the loan.


The first type of popular mortgage available is a Cashback Mortgage. This mortgage is typically used by first-time homebuyers who are looking to break into the market and purchase their first home. These work by the person who is seeking to buy the loan chooses this package. Once they have successfully purchased a house, they will get a lump sum of cash back. This lump sum is usually provided to the person as a 5 percent allowance for the total loan.


The first fee that will get added on to your existing balance is a late fee for each time you're late on a payment. These fees can quickly add up to hundreds or thousands of extra dollars added on to your mortgage cost.


This article has gone over several popular UK mortgages, as well as qualifications and LTV ratios. We also talked about government assistance programs and areas of affordable markets. We touched on hot real estate areas and trends, as well the steps once you default on your mortgage. Finally, we talked about possible default recovery and what that means for the home buyer. If you do your research and use this article as a guide, you should have an easier time choosing the correct mortgage to suit your needs and situation. 041b061a72