First Time Buyers In Edinburgh
It is still hard for First Time Buyers to find the deposit needed now in order to get a mortgage
, but for those people fortunate enough to have saved their deposit, there are plenty of properties in and around Edinburgh for the First Time Buyer.
Recently we have noticed the trend that the First Time Buyer is more likely to be a young couple buying together for the first time rather than single people. The advantages are of course that the amount of the deposit remains the same whether it is one or two people applying for the mortgage.
The trend also is that the typical first time buyer property is moving away from the one-bedroom flats and more towards the two-bedroom flat. Again, this is in part due to the fact that the First Time Buyer is more likely to be a couple but also because with the fall in asking prices, two-bedroom flats are much more affordable. A fact which has been met by developers (read more later) who are now meeting this demand with smaller developments geared towards the couple scenario.
Edinburgh, whilst quite a pricey starting place for the First Time buyer has a number of important benefits: being a major city it has a lot of business and employment potential for people looking to get on the property ladder what better place to start than Scotlands capital. Secondly, the diversity in properties around Edinburgh means that you are not always faced with an expensive first time purchase, outlying areas and districts can be quite affordable and still within easy reach of the city centre.
There are many two bedroom flats in and around Edinburgh for sale with an asking price of below 125,000 so even now that the First Time Buyer Relief for Stamp Duty Land Tax has come to an end, there are still plenty of two-bedroom properties to interest the First Time Buyer without having to pay Stamp Duty Land Tax.
Another option is to explore the suburban wealth of properties which lie in the Lothians, with new small developments popping up in East, Mid and West Lothian, we have access to property developments which may also be a starting point for the first time buyer. House builders are also becoming attuned to the prospect that there are fewer mortgages out there for first time buyers and have developed properties around Edinburgh which may suit a young professional couple seeking to embark on a property purchase.
First Time buyers in Edinburgh are also advised to get the best possible advice with a reputable and genuine Mortgage Adviser, particularly given that there are fewer highs street banks now offering flexible mortgages to First Time buyers. 1234 Property have access to independent mortgage advisers who can give appropriate options and advice which is something we ourselves advise when it comes to choosing which mortgage will suit you.
by: Jamesvere
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