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What is a first time buyer?
In the United Kingdom, a first time buyer is a person that hasn’t owned property and has not been named on the deeds. They also would have not been party to a mortgage.
Lenders have different perceptions of what a first time buyer means to them and who may qualify for first time buyer products. For example, some lenders view first time buyers to be people that haven’t had a mortgage within a time frame, for example, 3 years.
The meaning of first time when a lender uses the phrase will be determined by their criteria. The correct meaning is a person that hasn’t been named on the deeds of a property in the past. Whether or not you are a first time buyer may affect how much stamp duty land tax you’ll have to pay when you buy your home.
If you are unsure about your status and what it will mean in terms of stamp duty, we would encourage you to contact a solicitor who can give you the individual advice you need for your situation.
Here is a useful stamp duty calculator to help you calculate how much stamp duty is payable in Scotland.
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When you are looking for a home and choosing a location, it’s important to be well informed about the place. Many people reading this page will already live in Glasgow and are very familiar with the city.
However, for any first time buyers that are considering moving to Glasgow and are not so familiar with the city, the below information will hopefully be useful.
Glasgow is the largest city in Scotland with a population of around 600,000. It is located in the west of the country on the River Clyde.
Glasgow was founded in the 6th century and was one of the largest cities in medieval Scotland. It became a major trading port in the 18th century and was also an important industrial city during the Industrial Revolution.
Today, Glasgow is a major cultural and economic centre. It is home to many museums and art galleries, as well as several universities. The city also has a vibrant nightlife and is known for its live music scene.
Here is a great website for learning about Things To Do In Glasgow.
What are the best areas of Glasgow to buy in?
Stating the best areas for a first time buyer to buy in Glasgow is impossible as each person will have a different view of what these are along with different individual requirements from a place, such as local hobbies, attractions and more.
The best areas of Glasgow vary depending on what you are looking for. Some popular areas include Merchant City, the West End, and Glasgow City Centre. Here is a bit of information about each place.
The Merchant City
The Merchant City is an area of Glasgow, Scotland, east of Glasgow Cathedral and the High Street, bounded by the Saltmarket, Argyle Street and Gallowgate.
It was formally the medieval heart of the city, a trading centre for textiles and tobacco. In the 18th and early 19th centuries, it was the city’s principal marketplace.
By the late 19th century, however, it had become the city’s main red-light district. The area is now a vibrant business and residential quarter, with many bars, restaurants and clubs.
Glasgow West End
The West End of Glasgow is a vibrant and cosmopolitan area with a great selection of shops, restaurants, bars and clubs. There is something for everyone in the West End, whether you are looking for a relaxed evening out or a night on the town.
Several tourist attractions are in the area, including the Glasgow Science Centre, Kelvingrove Art Gallery and Museum and the Glasgow Botanic Gardens.
The West End of Glasgow has several parks and green spaces in the area, including Kelvingrove Park, Glasgow Green, and the River Clyde.
Glasgow City Centre
Glasgow City Centre is the central business district of Glasgow, Scotland. It is located on the River Clyde, in the west-central part of the city. The City Centre is bounded by the Clyde to the south, the M8 motorway to the west and north, Charing Cross to the east and Cowcaddens to the northeast. The core of the Glasgow City Centre is the Glasgow Cross, a business and transport hub which includes Glasgow Central Station, Queen Street Station and Glasgow Royal Concert Hall.
The area around Glasgow Cross is the oldest part of the city, with the medieval Bishop’s Castle, the 15th century Glasgow Cathedral and the Provand’s Lordship, the oldest house in Glasgow, all located nearby.
The City Centre is also home to many of Glasgow’s most popular tourist attractions, including the Glasgow Science Centre, the Glasgow Museum of Modern Art and the Glasgow Riverside Museum.
Is the housing market good in Glasgow?
Over the long period, Glasgow centre has remained a relatively stable place to invest in property. With it being a major city with lots of art, culture and tourists, it remains a popular place for people to want to be located.
With several large employers in Glasgow and good transport links, Glasgow has continued to be in demand with both first time buyers and home movers alike.
There is a variety of housing available, from flats to houses, and there is a good selection of schools and amenities.
Glasgow is packed with exciting pubs, bars, restaurants and cafes so a wonderful city for the foodies or people who enjoy an evening out. These popular attractions help to keep the demand to live in Glasgow high, in turn assisting with keeping property values stable.
What deposit would I need for my first property in Glasgow?
The minimum amount that you would need to put down on your home in Glasgow would be 5% of the sale price. When placing the minimum deposit, the interest rates reflect the higher amount of risk to the lender which then results in a higher interest rate than a mortgage with a bigger deposit.
Your mortgage broker will be able to give you advice on the difference in rates and fees when considering the amount that you want to put down on your home in Glasgow.
I NEED ADVICE can put you in touch with a qualified, experienced mortgage professional that can give you bespoke advice for your first mortgage in Glasgow.
How much can I borrow as a first time buyer in Glasgow?
The amount that a lender will lend you for your first home in Glasgow will depend on several factors.
The lender will take into account your income, your deposit available, your financial dependents (such as children that live with your parents that you care for), your credit file and your commitments such as credit cards, loans, and HP finance payments and car leases.
5 x your income may be possible with some lenders depending on your circumstances. Your mortgage broker will speak with you to get a full understanding before giving you advice on how much you may be able to borrow.
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I have adverse credit. Would I still be able to get a mortgage to buy my first property in Glasgow?
Having bad credit on your file will not prevent you from getting a mortgage. Adverse credit is a complex area and there is much for a mortgage broker to look at when advising on what your options are.
For example, they will need to get a full understanding of what bad credit consists of before knowing how to proceed. They would need to know when it happened, what type of adverse credit it was (for example, was it related to bankruptcies, debt management plans, defaults, IVAs, CCJs and so on) how much money was owed, if the debts have now been paid off and what was the event that made the adverse credit happen in the first place.
Your deposit amount, your level of unsecured debts, and income will also be taken into account when a mortgage adviser is determining what you may be able to borrow, and which lenders will consider you.
Your mortgage advisor will be able to gain a full understanding of the scenario to be able to give you bespoke advice.
To find out more about your credit file, you can visit a website such as Check My File.
What are the best schools to be near to when buying our first home in Glasgow?
If you have or are planning to have a family, being located near leading schools around Glasgow may be a major factor when you’re looking to buy your first property. Many people are willing to pay a premium to live in a higher priced area just to be close to a school that they wish to send their children to.
There are several good schools in Glasgow. It is however very difficult to say which are considered best as different children have different educational needs. Some popular schools in the Glasgow area however are:
How long should the term be for my first mortgage in Glasgow?
How long your mortgage term depends on your preferences but it’s up to you as long as you meet the affordability test. For instance, what is a larger priority, paying the mortgage off quickly or having lower monthly payments?
Many first time buyers choose to take longer terms such as 30 – 35 years to keep the repayments more affordable for them. A lot of mortgage products also allow you to overpay each year (for example, up to 10% per annum with a lot of products) so their strategy is to take a longer term and make overpayments.
Your mortgage adviser would need to confirm that this is possible with the product that you intend to take and whether it is suitable for your situation.
Your expected retirement age should be thought about when picking your mortgage term. If for instance, you are 55 years old and hoping to retire at 70, it’s unlikely that a 20-year term would be appropriate as it would continue until you are 75 years old. There are however mortgages available to those who are in retirement.
Your mortgage broker will be able to tell you the difference in monthly payments for different terms and give you the advice that you need.
We are based in Glasgow, should our mortgage adviser be too?
You do not need to be near your mortgage broker to get the advice that you need to buy your first property in Glasgow.
Many mortgage brokers advise over the phone which can make it easier for people who would otherwise find it hard to attend appointments for reasons such as finding it hard to leave work for appointments.
Although, what would need to be considered is that given the different processes in buying homes in Scotland compared with other parts of the UK, we would suggest talking with a mortgage broker that has experience in arranging mortgages in Scotland.
Your mortgage adviser should be regulated by the FCA.
I NEED ADVICE can arrange for an experienced mortgage adviser to call you to discuss your options and give you the bespoke advice that you need for your purchase in Glasgow.
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What should I be aware of when buying a property in Glasgow?
When buying your home, it’s very important to know what potential issues you may face in a certain location so always do your homework.
There are a few things to bear in mind when buying your home in Glasgow.
There are a few things you should be aware of when buying a property in Glasgow. The first is that the city is located in a floodplain, so there is a risk of flooding.
You should also be aware of the c-The economy, make sure to research the current economic conditions in Glasgow as well as the forecast for future growth.
This will give you a better idea as to whether or not investing in a property in Glasgow is a wise decision.
Be sure to familiarize yourself with the different areas of Glasgow. This will help you choose a property that is located in a desirable neighbourhood.
Would a first time buyer get a buy to let mortgage in Glasgow?
It’s certainly possible to get a buy to let property with a buy to let mortgage as a first time buyer so an investment property in Glasgow to generate a rental income can be done subject to criteria.
Most buy to let lenders require you to own your own home before they consider you for a buy to let mortgage but not all lenders have this condition.
Your income, your deposit, your credit file and the expected rent will all be looked at when a lender is considering whether they can give you a buy to let mortgage. Read more: Buy To Let Mortgage First Time Buyers
If you would like I NEED ADVICE to find you a qualified mortgage broker that can give you individual advice about buying an investment property in Glasgow, please complete the contact form.
Glasgow is a vibrant city packed with culture, exciting cafes, bars and restaurants. It’s popular for both people living there and the visiting tourists making it a great place for first time buyers to live.
House prices on the whole have been relatively stable there too over the long term but you still need to do your research before you buy a place.
If you need a mortgage, look for an FCA-regulated mortgage adviser with experience in Scottish transactions as they are different from other parts of the UK due to the legalities.
If you would like to speak with a qualified mortgage adviser to hear your options, please complete the contact form.