Trying to get a first mortgage can be a challenging experience. The process of securing a mortgage can feel long-winded and daunting, but with these simplified steps, we can guarantee you will begin your property ladder journey this spring.

Step 1: Save, save, and save!
When preparing to get your first mortgage and home, there can be a lot of costs you may forget to consider. This is why it’s always important to plan and budget. In Scotland, it is a lot cheaper than buying a home in England. The average home price in Scotland is 37% lower than in England, ensuring you don’t need to save as much.*

Step 2: Budget well
An important step when it comes to securing a mortgage is to work out how much you can afford per month compared to your income. On average, your housing expenses each month should be between 28 and 35% of your monthly income. When budgeting, you need to be realistic and not stretch out your income to the max.

Step 3: Credit score checks
Your overall credit score plays a large part in being able to secure a mortgage. Your credit score is a small portion of your financial history and shows the lender how reliable you are with repayments. It ranges from 300 to 850, with 300 being the lowest score. If your credit score is below 620, it’s uncommon that the lender will accept you into a mortgage programme, so get in touch with your bank for advice on how to bump up your score.

Step 4: Prepare your documentation
When applying for a mortgage, the lender will need certain documentation from you. This documentation is used as proof, so it allows the lender to place trust in you to make the monthly repayments. These include:

• Photo ID
• Proof of income
• Payslips
• Bank statements
• Monthly expense bills

Each lender may vary in what documentation they need you to provide.

Step 5: Solicitor estate agent
When purchasing a home in Scotland, it is a legal requirement to have a solicitor estate agent to represent you throughout your buying journey. Throughout your buying process in Scotland, you only need one singular solicitor estate agent to purchase a home and support you.

Step 6: Pre-approved mortgage
Before choosing your first home, it is important to ensure you can get the mortgage you desire pre-approved. This will allow you to have a clear view of how much you can afford. A pre-approval mortgage guides you to the maximum amount the lender is willing to offer you. This doesn’t guarantee your mortgage from the lender, but it allows you to know what homes to look for.

Step 7: Discover your dream home
This is the fun step of securing a mortgage, where you get to go out and find the dream home you have always wanted. With your budget and pre-approved mortgage price, you know exactly what you can afford from the market and what type of home you desire. Get home hunting today!

Step 8: Choose the correct mortgage and property
Finally, you have found the home for you, and you are ready to make an offer. You just need to get your mortgage organised, by comparing and deciding which mortgage is best for your property and lifestyle. For example, there are fixed-rate mortgages, adjustable-rate mortgages, guarantor mortgages, and many more, as they all suit different people and financial situations.

Step 9: Make an offer and secure the mortgage
The time has come for you to finally make an offer on your dream property and secure your mortgage. It is a lot easier to secure a mortgage in Scotland than in England because the whole property-system is better structured. When applying for a mortgage, the process is quite quick in Scotland; it takes up to two to six weeks and is valid for up to six months, ensuring you don’t have to rush into making an offer.

Step 10: Enjoy your new home, stress-free!
In Scotland, you are given confirmation of your home purchase six to eight weeks before you move, giving you lots of time to prepare, unlike in England, which only gives you one to two weeks to prepare ahead of the move. Enjoy your new home in Scotland and relax because you did it, you got your first mortgage!