r/Glasgow Tools

Title
Author	imtriing
Comment	I think you need to clarify what you mean here, because you've said you've inherited money and have a budget of around £50-70,000.. Is that the liquid cash assets you've got knocking around? Or is that the upper limit value you can work to? The best advice I can give you is to speak to a Mortgage Advisor. I know a very good one, if you'd like his contact details then PM me and I can put you in touch with him. The process in Scotland, having just been through it myself, is about as so.. Initially, you contact a mortgage advisor. They will send you some kind of "data capture" form where you fill in your details - age, occupation, employer, income, deposit amount etc etc. Then, using that information, your advisor will start shopping around all the providers to find you the best deal available from all the people willing to lend to you. After this part, you will receive a Mortgage Agreement In Principle. This is effectively something you need to be able to start putting in offers on property - it's effectively a 6 month agreement of terms with the mortgage broker that says "We will lend you up to £XXXXXX at an interest rate of Y%" - but that agreement lasts for 6 months before you'd need to re-submit for it. So, with your agreement in principle you can start seriously looking at property you want to buy and putting in offers. In Scotland, sellers are required to provide a Home Report. The Home Report is an inspection carried out by an independent surveyors company, who then produce a document at the end that details lots of different aspects of the building. It's important to read all the information - typically, things get graded by 1, 2 or 3. 1 is in good condition, 2 is okay condition but will need attention soon-ihs and 3 is in need of attention. They will detail the condition of the windows, whether they're double glazed etc, the boiler, the walls, the paint, the doors... basically everything. But, the really important part comes towards the end - the "Home Report Value". Once they've gone through the whole property, taking into consideration the area, the aspect and the condition, they give it a final Home Report valuation figure. This is important for you to know, because in Scotland any mortgage lender will not give you more than the Home Report value.. You might be eligible to borrow up to £200,000.. but if you buy a house valued at £120,000 that's all they'll give you... and if you buy that house valued at £120,000 for £130,000.. well, you need to drum up that additional £10,000 by yourself. They will not include it in your mortgage. At the moment, Nationwide are still accepting a lot of mortgages with a 5% deposit. This probably won't last much longer, but if you can put down a bigger % of the overall cost of the property in the first instance then it's strongly recommended. A larger % of the mortgage for a deposit will result in lower interest rates and thus, less of a payment per month to pay off the principle. If you are interested in advice or more information, feel free to PM me - as I said before, it would be super helpful to know whether you have £50-70,000 you want to invest into a property or whether that is the upper limits of what you think you would be able to get a mortgage for..
Reddit Link	https://www.reddit.com/r/glasgow/comments/b96qvt/buying_a_1_or_2_bed_flat_in_glasgow/ek4542b/
Created	Thu 4th Apr 2019 6:18pm
Status	()

I think you need to clarify what you mean here, because you've said you've inherited money and have a budget of around £50-70,000..

Is that the liquid cash assets you've got knocking around? Or is that the upper limit value you can work to?

The best advice I can give you is to speak to a Mortgage Advisor. I know a very good one, if you'd like his contact details then PM me and I can put you in touch with him.

The process in Scotland, having just been through it myself, is about as so..

Initially, you contact a mortgage advisor. They will send you some kind of "data capture" form where you fill in your details - age, occupation, employer, income, deposit amount etc etc. Then, using that information, your advisor will start shopping around all the providers to find you the best deal available from all the people willing to lend to you.

After this part, you will receive a Mortgage Agreement In Principle. This is effectively something you *need* to be able to start putting in offers on property - it's effectively a 6 month agreement of terms with the mortgage broker that says "We will lend you up to £XXXXXX at an interest rate of Y%" - but that agreement lasts for 6 months before you'd need to re-submit for it.

So, with your agreement in principle you can start seriously looking at property you want to buy and putting in offers.

In Scotland, sellers are required to provide a Home Report. The Home Report is an inspection carried out by an independent surveyors company, who then produce a document at the end that details lots of different aspects of the building. It's important to read all the information - typically, things get graded by 1, 2 or 3. 1 is in good condition, 2 is okay condition but will need attention soon-ihs and 3 is in need of attention. They will detail the condition of the windows, whether they're double glazed etc, the boiler, the walls, the paint, the doors... basically everything. But, the really important part comes towards the end - the "Home Report Value".

Once they've gone through the whole property, taking into consideration the area, the aspect and the condition, they give it a final Home Report valuation figure. This is important for you to know, because in Scotland any mortgage lender will not give you *more* than the Home Report value..

You might be eligible to borrow up to £200,000.. but if you buy a house valued at £120,000 that's all they'll give you... and if you buy that house valued at £120,000 for £130,000.. well, you need to drum up that additional £10,000 by yourself. They will not include it in your mortgage.

At the moment, Nationwide are still accepting a lot of mortgages with a 5% deposit. This probably won't last much longer, but if you *can* put down a bigger % of the overall cost of the property in the first instance then it's strongly recommended. A larger % of the mortgage for a deposit will result in lower interest rates and thus, less of a payment per month to pay off the principle.

If you are interested in advice or more information, feel free to PM me - as I said before, it would be super helpful to know whether you *have* £50-70,000 you want to invest into a property or whether that is the upper limits of what you think you would be able to get a mortgage for..