FIRST TIME BUYER CHECKLIST

1. Finding your first home

Online – Research sold prices in the area and set up alerts for when new properties go on the market

Traditional estate agents – Good if you like to deal with people rather than computers

Walking the area – Lets you know what the area has to offer and what the local residents are like

2. The mortgage nitty-gritty

Shop around for a mortgage that suits your needs and remember, not all mortgage providers appear on comparison sites so it’s worth looking at individual web sites.
All lenders will have slightly different criteria, but typically these are the documents you’ll need to bring to your mortgage appointment:

• Photo ID
• Copy of contract of employment
• Recent payslips or self-assessment form SA302/accounts for self employed
• Recent bank statements
• Most recent P60
• Details of any current loans/credit cards etc.

3. Time to make an offer?

What else will you have to pay for?

• Lenders valuation – the cost will vary depending on the value of the property
• Mortgage set-up and arrangement fees – charged by some lenders, but not with a Glasgow Credit Union mortgage
• Solicitor’s fees – online conveyancers can be cheaper, but it might be worth paying a bit more for a local one as they’ll understand the local market better and you can call in to see them if there are any issues.
• Land and Buildings Transaction Tax (LBTT) – charged as a tiered rate on properties worth £145,000 and above

4. Moving day

• Make good use of friends and family – there’s always more boxes to move than you think so rope in everyone you can with the promise of an invite to your house warming!
• Packing your boxes – have an ‘essentials’ box with things like the kettle, cups, cleaning products, toilet paper and remote controls so you don’t have to unpack everything on the first night!
• Meter readings – take a note and send to your utilities suppliers ASAP
• Kettle on – feet up!