First-Time Buyer Mortgages
First-Time Buyer Mortgage Advice in Scotland
Your first mortgage can bring questions about how much you may be able to borrow, the deposit you will need and which lenders may consider your circumstances.
Anderson Mortgages provides personal mortgage advice for first-time buyers in Uddingston, Lanarkshire and across Scotland. Your adviser will explain the available options, help you prepare your mortgage application and remain your main point of contact as your purchase progresses.
Start with a Clearer Picture
When Should You Speak to a Mortgage Adviser?
It is usually helpful to make contact once you have decided that you want to buy, ideally before arranging viewings or making an offer.
An early conversation can help you understand how lenders may assess your income and commitments, what deposit you have available and the price range that may be affordable. It may also identify matters that need attention before an application, such as a gifted deposit, self-employed income, recent employment changes or entries on your credit file.
Your initial conversation is free and without obligation. You do not need to know how much you can borrow or which mortgage you want before getting in touch.
Advice for Your First Mortgage
How Can We Help?
Understand Affordability
Explore how lenders may assess your income, regular commitments, household costs and proposed mortgage term.
Review Your Deposit
Understand how the amount and source of your deposit could affect the mortgage options available.
Prepare an Agreement in Principle
Find out whether an agreement in principle is appropriate before you begin making offers.
Compare Suitable Mortgages
Your adviser will research suitable available mortgage options based on your circumstances and explain the recommendation clearly.
Prepare Your Application
Understand which documents may be required and what the lender will consider when assessing your application.
Progress Your Mortgage
We will submit the agreed application, communicate with the lender and keep you updated as your purchase progresses.
Your Mortgage Budget
Understanding Affordability and Your Deposit
The amount you may be able to borrow is based on more than a simple multiple of your salary. Lenders can take different approaches to income, regular commitments, household costs, credit history, mortgage terms and the property being purchased.
Your deposit also affects the mortgage. A larger deposit can sometimes widen the range of available options, but the appropriate route will depend on your complete circumstances.
You will also need to allow for costs outside the mortgage deposit. These may include legal work, moving expenses, mortgage or valuation fees and any applicable Land and Buildings Transaction Tax. Your solicitor or tax adviser should confirm the legal and tax position for your purchase.
Before You Make an Offer
What Is a Mortgage Agreement in Principle?
An agreement in principle is an initial indication of what a lender may be prepared to lend. It can help you understand your possible mortgage position before you make an offer on a property.
It is not a mortgage offer or a guarantee that your application will be accepted. The lender will still need to assess a full application, supporting documents, affordability, credit history and the property itself.
Your adviser can explain when an agreement in principle may be useful and help you approach lenders whose criteria appear suitable for your circumstances.
Your First-Time Buyer Journey
From Your First Conversation to Mortgage Completion
01
Discuss Your Plans
We will learn about your income, commitments, deposit, timescale and the type of property you hope to buy.
02
Establish Your Mortgage Position
Your adviser will explain what may be affordable, identify the documents required and discuss suitable next steps.
03
Obtain an Agreement in Principle
Where appropriate, we can help you approach a suitable lender for an initial indication of the borrowing it may consider.
04
Find a Property and Make an Offer
Review the Home Report and discuss the property and proposed offer with your Scottish solicitor before making any legal commitment.
05
Apply for Your Mortgage
Your adviser will research suitable mortgage options, explain the recommendation and submit the agreed application to the lender.
06
Progress Towards Completion
We will communicate with the lender and keep you updated while your solicitor handles the legal work required to complete your purchase.
Different Circumstances
Help with Deposits and Buying Schemes
Buying with a Gifted Deposit
Some first-time buyers receive help with their deposit from family. Lenders will normally need information about the person providing the gift, their relationship to you and where the money has come from.
We regularly help first-time buyers with gifted deposits and can explain the evidence likely to be required.
Shared-Equity Mortgages
Scottish Government support may be available to eligible first-time buyers through current shared-equity schemes. Each scheme has separate requirements relating to the buyer, property, price and application process.
If shared equity may be relevant, we can advise on the mortgage and explain how it fits into the wider arrangement.
First-Time Buyer Questions
Questions About Getting Your First Mortgage
Customer Reviews
What Our Customers Say
Ask Us About Your First Mortgage
Start with a Free, No-Obligation Conversation
You do not need to know how much you can borrow or have found a property before speaking to us.
Tell us briefly about your plans and one of our advisers will contact you personally.
There may be a fee for arranging a mortgage and the precise amount will depend on your circumstances. This will typically be £295.
Any fee and when it becomes payable will be confirmed in your Terms of Business before you proceed. No fee is payable if your mortgage does not complete.
Your home may be repossessed if you do not keep up repayments on your mortgage.