House buying in Scotland

c4shc0w

I live in Scotland, renting in Edinburgh, and am at the point where I've enough money in the bank to finally get on the housing ladder and, with a mortgage guarantee scheme mortgage, can afford somewhere decent. However, the vote whether to become independent in September is concerning me: I have read a few articles that interest rates will rise, stamp duty may increase (a previous pledge of the SNP for higher value homes) and land ownership rights may diminish. If I agree a mortgage pre-independence and Scotland leaves the UK I'll potentially have my terms significantly altered. Should I buy? I would like to do something with my money so it's either going into bricks and mortar or I'll have to learn about other forms of investment. Also, just to add a spanner to the works, I'm expecting a child in a few months and am not sure whether my employer will move me out of the UK at the start of 2016. Decisions, decisions! Any advice welcome... thanks.

PS - please do not hijack this post with opinions on whether Scotland should become independent.

innovate

You might get an answer on the mortgages board (this board here is about current accounts) but nobody will have any crystal ball and you are the only one who can determine what seems right for you at this time in your life.

xylophone

I'm expecting a child in a few months and am not sure whether my employer will move me out of the UK at the start of 2016.

Perhaps not the best time to be making major decisions?

System

I have heard the sky will fall down on the 19th September 2014

• Interest rates will rise in the future - they are currently 0.5%
• The Scottish Stamp duty changes are here.
• Scotland already has full control of land ownership legislation. I've not seen any major changes afoot.
• Your mortgage would be secured on a property in Scotland under Scottish law. What terms will be 'significantly altered'?

I would suggest (as others have) that factors other than the Independence referendum are probably more important!

Aquamania

c4shc0w wrote: »

I live in Scotland, renting in Edinburgh, and am at the point where I've enough money in the bank to finally get on the housing ladder and, with a mortgage guarantee scheme mortgage, can afford somewhere decent. However, the vote whether to become independent in September is concerning me: I have read a few articles that interest rates will rise, stamp duty may increase (a previous pledge of the SNP for higher value homes) and land ownership rights may diminish. If I agree a mortgage pre-independence and Scotland leaves the UK I'll potentially have my terms significantly altered. Should I buy? I would like to do something with my money so it's either going into bricks and mortar or I'll have to learn about other forms of investment. Also, just to add a spanner to the works, I'm expecting a child in a few months and am not sure whether my employer will move me out of the UK at the start of 2016. Decisions, decisions! Any advice welcome... thanks.

PS - please do not hijack this post with opinions on whether Scotland should become independent.

I can guarantee interest rates will go up whatever the outcome of the independence vote.

The vote is not even until September, and even if it gets the go ahead, any independence will be later still, so plenty of time to complete a purchase and pay any necessary Stamp Duty.

missile

Property prices are rising in Edinburgh and house purchase is a sound investment, independent Scotland will have very little (if any) impact. A baby on the way and uncertain job prospects should be more important concerns for you.