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First Time Buyer Mortgage in Scotland
Getting a mortgage for the first time is one of the most challenging, but important things you will ever do. As a first time buyer, it is very easy to simply focus on the most familiar lenders and the banks that are seen in the high street. However, what you need to know is that there are many more lenders that are not as well known but may have better mortgage deals, and offer more suitable mortgage rates for your needs. Ultimately, these could save you money a significant sum of money or get you a mortgage far more appropriate for your personal circumstances.
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Based on your income and outgoing expenses, a mortgage in principle is the maximum amount a lender is willing to let you borrow. Interest rates can affect this as it is not a binding agreement, so use it as a guide only.
Bringing these documents to your broker when you come to fill out your application will ensure the process proceeds smoothly.
- Proof of income for the last 3 months – payslips or income tax accounts
- Proof of identity – passport or driving licence
- Proof of current address – recent bill or other official document with your address on it
- Bank statements for the last 3 months
Deposits for first time buyers is, on average, about 15% of the full home’s cost.The minimum deposit for a first time buyer in Scotland will depend entirely on the deal you get and also the help needed for you to buy your home.
A mortgage lender will use all sorts of calculations to decide how much you’ll be able to borrow from them. As a rule of thumb, you’ll usually be able to borrow up to 4.5 times your annual salary, though to get an exact figure, the best thing to do is have a talk with us. After a short chat we’ll tell you exactly how much you’ll be able to borrow.
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Request a call backThe Mortgage Process
It may seem overwhelming at first, but the mortgage process is simple. As long as you get expert guidance throughout, you will have peace of mind in knowing that you will find the most cost-effective solution.

Eligibility Check
First thing you need to is check the affordability for the mortgage applicants.
Decision in Principle
Your adviser will find the best lender for your circumstance and get an agreement in principle.
Property Search
You can now search for the right property knowing you are mortgage ready. You may already have a property in mind.
Make an Offer
If you have the property, and mortage ready. You can pay an offer which typically includes a deposit.
Full Mortgage Application
You now need to subit a formal mortgage application with all documentation and evidence of income and expenditure.
Valuation and Survey
The lender will assess the property to ensure it is mortgageable and at the value that has been suggested.
Mortgage Offer
Once the lender is happy with all the above, they will issue a formal mortgage offer detailing all the terms and conditions of the loan.
Conveyancing
This is the stage where the legal ownership of the property changes from the seller to the buyer.
Exchange Contracts
Once the contracts are exchanged, you are committed to purchasing the property at the price that has been agreed.
Completion
Once this date is agreed, the remaining balance of the purchase is transferred to the seller from your solicitor.

Your Key to Homeownership: Best Mortgages for First-Time Buyers in Scotland
Can’t wait to get onto the property ladder? We know how you feel; owning your own home is the dream of many but all too often, getting your foot in the door is a struggle. This frustration, shared by many would-be homeowners, is one we’re happy to help remove.
Finding the property of your dreams is only the beginning, and the start of a journey with homeownership at its end. There are many things to consider before the deal is done; one of the most important parts of the process is getting the best mortgage deal.
Searching for that deal is exhausting, why not have us take the weight off your shoulders? We’ll compare thousands of mortgages to find the ideal one for you. We scour through all the well-known lenders, as well as those that aren’t on the radar, to ensure you’ll be confident that you’ve got the right mortgage, and we’ll support you every step of the way.
The 6 essential steps to a first time buyer mortgage in Scotland
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Breaking down mortgages for first time buyers in Scotland
How do mortgages work? For the average first time buyer, navigating through the options and financial implications of a mortgage can feel daunting. It’s important to remember, even as a first time buyer, your mortgage works exactly the same as any other mortgage.
Below are the steps to getting your first mortgage:
Based on your income and outgoing expenses, a mortgage in principle is the maximum amount a lender is willing to let you borrow. Interest rates can affect this as it is not a binding agreement, so use it as a guide only.
Lenders want to make sure you’re as low-risk a person as possible to lend the money to. They will search your credit history, consider your deposit amount, employment status and the value of your property. All of this is to make sure that you’ll be able to pay back the money owed.
There is also the option of having a ‘soft footprint’ search; this search is a lot quicker and doesn’t impact your credit file.
First time buyers are in the best position to buy a property. You don’t have a property chain and with a mortgage in principle, show that you’re ready and able to buy.
This can also be known as the agreement in principle or decision in principle.
Once you’ve found your property, we submit a full application to the lender; we’ll work with you to finish your application, giving you the best chance of success. Mortgage providers need assurances that the property you are intending to buy is worth the amount they are able to lend to you. As such, a full valuation of the property is needed before the agreement is approved.
When your first time buyer mortgage in Scotland is approved and you’ve bought the property (congratulations), you start repayments to chip away at loan. You make regular repayments every month, interest included, until the loan is repaid.
As a first time buyer, you’ll usually get better interest rates for the first term of your mortgage.The initial period will be 2,3 or 5 years and within that time interest rates remain fixed. When the term ends, it’s time to remortgage. This is when you begin to look around once more (or let us do the hard work for you) to find the best rates for your next term.
What do I need for a first time buyer mortgage application?
Bringing these documents to your broker when you come to fill out your application will ensure the process proceeds smoothly.
- Proof of income for the last 3 months – payslips or income tax accounts
- Proof of identity – passport or driving licence
- Proof of current address – recent bill or other official document with your address on it
- Bank statements for the last 3 months

What are the best ways to make sure you qualify for your first time buyer mortgage in Scotland?
Tips for first time home buyers
Good credit
Experian and Equifax are the most commonly used credit reference agencies. Use these to access your credit score and credit report.
You will need to register with them, which is free to do for the first 30 days.There is a monthly subscription charge set up automatically once you register to access the information you need. Pro tip: gather the financial information after you register and then simply cancel your account.
If your score is poor, there are a few things you can do to improve it:
- Make sure that you’re registered on the electoral roll at your current address.
- Having no, or very little, credit history actually makes it harder to get a good credit score.
- Show that you can borrow and repay money reliably.
All of this is to show your lender that there is little risk involved in giving you the substantial sum needed to purchase your new property.
Simple ways to improve your credit score:
- Use a credit card for food or fuel
- Buy small products or services with your credit card, things that are easy to pay off
- Make full repayments monthly
Saving up for your deposit
A large deposit as a first time buyer shows you have financial discipline and are serious about buying a property.
The more you can save, the better your first time buyer mortgage in Scotland is likely to be. The deposit removes a huge chunk of the mortgage’s total sum and reduces your monthly repayments. If you aren’t able to save a substantial amount for a deposit, don’t worry there are many options still available to you. There are even a number of government schemes for first time buyers in Scotland for those that need them.
Get advice
Using a mortgage broker will give you the best advantage. We specialise in offering the support first time buyers need. At the Mortgage Broker we offer a no obligation quote and are more than happy to discuss your personal circumstances in-depth and your expectations for your first home. We’ll show you how much you can borrow and give you a great insight when looking for a property in the area you’re going to move to.
Deposits – how they work, how much you’ll need
Deposits for first time buyers is, on average, about 15% of the full home’s cost.The minimum deposit for a first time buyer in Scotland will depend entirely on the deal you get and also the help needed for you to buy your home.
A mortgage lender will use all sorts of calculations to decide how much you’ll be able to borrow from them. As a rule of thumb, you’ll usually be able to borrow up to 4.5 times your annual salary, though to get an exact figure, the best thing to do is have a talk with us. After a short chat we’ll tell you exactly how much you’ll be able to borrow.
Is there any help for first time buyers?
Luckily, there’s a lot of help for first time home buyers in Scotland.
The First Homes Scheme has been specifically set up to help first time buyers with their home purchase. The scheme gives you a 30% discount on the value of new build homes and is only available for the first time buyer.
The 95% mortgage scheme is another useful programme. This allows people who only have a deposit of 5% saved up to get on the property ladder. Especially useful for first time buyers who tend to not be able to save up a large deposit. The government underwrites a part of the loan and there is a cap on the value of the property you can use this scheme with. Only homes up to a value of £600,000 are eligible.
There is an option that requires no deposit for first time buyers; a recent initiative that promises a 100% mortgage.This scheme is only open to those who have rented for at least twelve months with a spotless track record of paying rent regularly. You also need a reference from your landlord. There are a few more criteria you must reach but this scheme is especially helpful if you’re struggling to save for a deposit.
Guarantor mortgages for first time buyers work a lot like a Joint Borrower Sole Proprietor mortgage in that a relative helps you out with buying a property. To use a The Joint Borrower Sole Proprietor mortgage a relative joins you on the mortgage, this is most commonly a parent helping out a child. This boosts your borrowing power, giving you the edge to get the property you want.Guarantor mortgages focus more on help toward a deposit than with the affordability of the property.To get more information on a joint borrowing mortgage, it’s best to speak to an advisor to see if it’s the right fit for you.
The Shared Ownership Scheme lets you buy 50% of a property while the remaining 50% is owned by the developer. The scheme works by having you make monthly repayments on the half of the house you own and then paying rent on the other half.
Types of mortgages for first time home buyers in Scotland
The most common type of mortgage; by choosing a fixed rate mortgage your repayments remain stable for a fixed amount of time. This ensures you can budget effectively and make repayments easily. By going for this mortgage you will be protected from fluctuations or volatility in interest rates. Typical terms for a fixed rate mortgage are 2, 3 or 5 years.
A variable rate mortgage is usually something you will only consider after your initial fixed term has ended. You could go on to this type of mortgage straight away, though many decide to go for the approach offering the most stability to begin with. The main difference between this and a fixed rate is that the rate of interest for your monthly repayments will fluctuate with the interest rates.
A tracker mortgage is similar to a variable rate mortgage, the main difference is that the interest rates follow those set by the Bank of England, rather than by the lender itself. As with a variable rate mortgage, a tracker mortgage has the same pros and cons, with potential savings as well as the possibility of increased repayments.
The type of mortgage you decide to choose depends on your personal circumstances and financial situation. For your first mortgage, the best choice is a fixed term mortgage, staying aware of the constant changes in interest rates takes time and effort that is better spent on your house move! All of these options are open to you so if you feel the need, don’t hesitate to discuss it with your mortgage advisor.
Before applying for a mortgage
To give yourself the best chance at success you need as much knowledge and guidance as you can get. We want to make the mortgage process as enjoyable and simple as possible. We aren’t looking to wow you with jargon and reams of convoluted buzzwords. What we want is to work together with you to get you into the home you deserve.
As well as speaking directly with us, which we are always happy to do, use our app to give you an extra advantage during the mortgage process.
Reasons to use The Mortgage Broker app
Why let getting a mortgage feel like a chore? The app is designed to give mortgage help for first time buyers

The app is designed to give mortgage help for first time buyers; it tells you everything you’ll need to know about getting a mortgage, no matter what phase of the process you are in. It helps you save toward your deposit, and with the calculators, you can review how much you can afford in seconds. And when you’re ready, it’ll put you in touch with one of our advisors for a one to one consultation.
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Additional fees
There’s no easy way to say it; buying a home is expensive. And we aren’t just talking about the substantial amount of money to actually buy your property, there are a number of other fees to also consider.
Mortgage Fee
Mortgage fees average at about £1,000 and are charged by the lender.
Solicitors Fee
When you engage in the conveyance process you’ll need to hire the services of a solicitor to carry out the legal work involved.
Survey
Even with a Home Report you may want to hire a surveyor to do an independent survey. This can be advantageous as they’re far more in-depth. You can choose either a home buyers report, which costs around £600 and covers the structural viability of the building, or a full structural survey which will cover every aspect of the property, inside and out. These are a bit more pricey, usually being £1,000 and above.
Broker Fees
Using a mortgage broker helps find the best mortgage rates in Scotland.Even though we offer a free, no obligation quote, once you engage our services, there will be broker fees to pay, something we are completely upfront about in our initial discussions. This will range from £295 to £695 on average and is determined by the complexity of your case and the amount of time and support you’ll need.
Van Hire
Don’t overlook the cost of renting transport for the move itself. If you are able, absolutely move home by yourself, using your own vehicle, but if not, hiring professionals to move for you or even just a van to drive yourself will be an added expense.
Can you get a first time buyer mortgage if you’re self-employed?
Yes, there are just a few extra steps to consider. The main issue you’ll come across when getting a first time buyer mortgage in Scotland if you’re self-employed is needing to prove your income. The rules are a little more strict in this instance, you’ll need to show two years’ worth of tax statements or accounts data, and these must be undersigned by an accountant.
Although this may seem like an annoying roadblock, it does make sense from the lender’s point of view. All they care about is mitigating as much risk as possible, so showing that you have a constant, stable income stream is extremely important.
It is best to obtain all of this documentation before starting the mortgage process, having the documents beforehand will make it much easier to proceed swiftly.


