As a first time buyer in Scotland, you must be aware that there are additional costs to account for, aside from the mortgage itself. These costs include:
Deposit: Typically, you need a minimum deposit of 5-10% of the property’s purchase price.
Solicitor Fees: Legal services are required for conveyancing, which involves handling the legal aspects of your property purchase.
Valuation Fees: Your lender may charge for valuing the property to ensure it is worth the mortgage amount.
Survey Costs: A home survey is recommended to check the property’s condition and identify any potential issues.
Mortgage Arrangement Fees: Some lenders charge a fee for setting up your mortgage, which can sometimes be added to the loan.
Removal Costs: Hiring a removal company or renting a van for moving your belongings can add to your expenses.
First time buyers in Scotland are typically exempt from paying stamp duty. Nonetheless, it’s always recommended to double-check this as it could be an extra expense.