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How much can I afford to spend on a house as a first-time buyer in Scotland?
Manage episode 358602419 series 3431230
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How much can you afford for a house in Scotland? As a first-time buyer, understanding your finances is crucial. Assess affordability by exploring lenders and using their online calculators. Be aware of how lenders evaluate income, such as set salary, overtime, shift work, and bonuses, which can vary between lenders.
Debt-to-income ratio also affects affordability. As a mortgage broker, I check affordability with multiple lenders before running agreement in principles. Online calculators can provide a rough estimate but may not be entirely accurate. After assessing affordability, understand the Scottish housing market, where you may need to pay above the property's worth. Factor in additional costs like deposits and extra payments above the home report.
Consider a lifetime ISA if not buying within 12 months, and consult a mortgage broker for an assessment. Other options include buying from a landlord or family member at a discount or using gifted deposits. By understanding finances, affordability, and the Scottish market, you'll be better prepared to buy a house.
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