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Questions for you Landlord

Do you qualify under the Right to Buy?
If so, what are the terms?

A clear, easy to read publication by the Council of Mortgage Lenders called How to Buy a Home in Scotland is available free from Scottish Homes and explains in detail the whole mortgage process

How much can you afford?

What can you affor to spend on buying a home depends on your savings (for a down payment if necessary, costs of solicitor and insurance, plus removal costs), your earning (for the mortgage), and expenses like food, clothing, recreation and bills (to determine the size of monthly mortgage payments you will be comfortable with). Remember you will also have to have money for repairs and maintenance once you've bought. This could amount to several pounds in the year.

There are also some one off house buying costs:

stamp duty: 1 percent goverment tax on any property over £60,000 (and higher rates for properties over £250,000)
mortgage arrangements fees: charged by the lender to organise your mortgage
valuation and survey fees: the cost and choice of the type of survey
solicitors' fees: these can include the registration fee for the property and any special work the solicitor has to enter into to get the property for you.

Find out from your adviser or solicitor what these costs will come to and make a rough budget. Don't opt for the biggest mortgage payment you can possibly afford - allow room for costs like building insurance and council tax. Ask your adviser to help you wth this.

Contact Gregor Wightman on 01786 442571