Scotland: Buying with less than 5% - can it be done?

AmberLowrie1990

Hello!

So, firstly I have read the sticky and a ton of additional information.

I am trying to turn my life around and I am looking to buy me own place. I have researched mortgages as much as I can (including reading the PDF material supplied by MSE), however I still feel I am reading a lot of contradicting information and some information is even out of date... (e.g. the first time buyer scheme recommended in a lot of publications is no longer available in Scotland).

Here are some facts about me:
* I currently have two jobs
* I will unlikely be able to secure a guarantor for any property I am buying due to my personal circumstances
* I live in Scotland
* In terms of life savings I only have 5k
* I intend to stay in Scotland for the foreseeable future so do not mind a long mortgage

From what I have read I need at least 10%, I have missed the first time buyer scheme which is now abandoned and I dont want to rent as I feel this would be throwing away all my hard earned money on something that will never be mine.

Is there anyway I can get a place of my own? Am I missing something, are there any schemes that might help me?

It is pretty urgent I move out asap, not even just due to my personal situation but also due to work reasons. At the moment it takes me 1.5hours to commute to work and another 1.5hours to commute back and this with everything else in m life is really taking a toll on my health.

I would really appreciate any help on this matter, I feel really out of my depth and do not have a safety net should anything go wrong, so I need to get this right.

What do you think?

Thank you!

AmberLowrie1990

Any thoughts?

wifey24

From what i have read, a 95% mortgage is the lowest banks seem to go now. Even if its not ideal, wait and save a bit more money so you have a bigger deposit. it will work out cheaper for you in the long run plus renting is not wasting money because you are paying for a place to live.

Needanewhouse

Hi Amber

There is a scheme in Scotland that I purchased a property with in 2009 with zero deposit. It was called the LIFT scheme ('low cost initiative for first time buyers'), however there was restrictions regarding wages, house price, no of bedrooms etc..

not too sure if its still running or has been amended but worth a try. I cant post a link but if you google "LIFT scheme" it'll give you contact details for your area's offices.

Cheers

fdavidson

Hi there,


We have just had an offer accepted on a flat (and a formal mortgage offer) from Nationwide with a 5% deposit. They have a scheme where you open a 'save to buy' account with them. You need to save at least £50 a month for 6 months, after which they are able to offer you a 95% mortgage. Their rates are very competitive too, I would recommend. Especially as it took us 3 days from our mortgage apt to full mortgage offer!


Good luck.