Making the decision to buy your first home can be as daunting as it is exciting. It’s the biggest purchase most of us will ever make so understanding the ins and outs of the first time buyer market is essential.
Here’s our first time buyer checklist to help you navigate your way to home ownership. Click on each tip for a more detailed guide.
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:
Copy of contract of employment
Recent payslips or self-assessment form SA302/accounts for self employed
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
Please check first that you are eligible to apply:
You are aged 18 or over
You have had an active Glasgow Credit Union membership for at least 3 months
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Privacy Notice
It is important that you read the Privacy Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.