I want to buy a property, what do I do first?

Aberdein Considine Property Team takes us through the first steps to buying property in Scotland.

It’s a hugely exciting time, and possibly you’ve been thinking about it for some months or years, but the time has now arrived when you want to buy a home, may be even your first home. But where do you start?

Work out your budget

A good place to begin is to work out your budget. Whether you are buying by yourself or with someone else, you need to know both your budget, and indeed, like many, whether you need a mortgage.

There are normally two elements to your budget, which are how much you might be able to borrow, and what of deposit or contribution you can make. You will also need to establish what the potential repayments might be, and whether you can afford them, taking into account the rest of your bills. Ideally you’d get all of this information together before you starting your search for property.

Seek independent mortgage advice

Independent mortgage brokers can help you calculate what might be affordable, and investigate a range of mortgages from lenders across the whole market to try and find one that meets your particular needs.

You’ll need to provide some basic information on your current circumstances and typically you will then receive a decision in principle. This is an initial promise from a lender that they will lend you a certain amount, subject to a number of other factors. This gives you an indication as to how much you might be able to offer for a property.

You should also seek advice and conveyancing quotes from a solicitor, ideally one that is from the local area.

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