Peter Ryder, Managing Director of Thorntons Property Services, discusses the dos and don’ts of buying a home in the current climate.

Buying a home at any time can be daunting however due to recent economic events it is more important than ever to make the right decisions.

Decide where you want to live and research the area to ensure you will be happy there. If you have children, what school catchment areas do they fall into and do the schools have a good reputation. Are there good bus and train links, is it a quiet or lively area, are there shops nearby? Write down a list of what is important to you and rate each house you view accordingly.

Then decide what type of property you want to stay in, flat, apartment, house, new build, period property etc. Then register with a local ESPC firm or the ESPC to ensure you are notified of all relevant newly listed properties.  

Speak to an independent mortgage broker and find out how much you can borrow and what deposit you will need. In the current market it is vital that you know you have a mortgage in principal and the amount of mortgage you can get based on your income and outgoings. You will then need to decide whether you would like a tracker mortgage that is linked to the Bank of England base rate or a fixed mortgage which remains static for a specific number of years.

A solicitor will have an in-depth knowledge of the local property market and will be happy to give you advice on what to offer for the property. Once the offer is accepted and you have found your dream home your solicitor will then take care of all the necessary legal procedures ensuring your move goes through as smoothly as possible.  

If you have any questions about the process of buying a home in Scotland, get in touch with Thorntons on 03330 430090, thorntons-property.co.uk or pop into one of our local offices for help finding your next move.

Peter Ryder

Managing Director

Thorntons Property