First time buyer advice (Scotland)

jayd67_88

Hi folks, I'm starting to look to buy a flat in Scotland and looking for a bit of information and people's experience.

First time buyer.


My gross wages are £17.5k, I'm permanent and a full-time worker for a local authority
I have £5k cash towards a deposit and I'll have more for fees.


I've read up on the First Home Fund and Open Market Shared Equity Scheme but struggling to decide just what I should go for.
I can afford about £330 a month for the mortgage so a property of £75,000 (or above with a sum from the UK or Scottish government).
I see the UK government have talked about help to buy with the 5% mortgage deposit guarantee also but there's not much information on that so far.

Any help would be much appreciated I'd especially like to hear from people who've used any of the government schemes in Scotland and the time scales.

And has anyone actually seen a 5% first time buyer mortgage lately?

MovingForwards

First home fund closed for new applications a few days after it opened.

OMSE you may not qualify for 
https://www.mygov.scot/open-market-shared-equity-scheme/

There's the LIFT scheme.

Have you priced up any properties to see what's within your budget, without using any scheme?

jayd67_88

Thanks for the reply

I see the FHF has ended that's unfortunate but I suppose it makes it less complicated!

I was hoping to be eligible for the OMSE part of LIFT as I rent from the council at the moment (I've emailed them today)

I'm not that keen on the New Supply Shared Equity scheme (NSSE) as there's nothing new really anywhere near I live in a budget of £110,000 and certainly not £75,000.

Looking at Martin's Best Buys above Barclays do pop up for a mortgage but I'd need to move a distance to find something for £75,000 which I will have to consider doing.

I think OMSE is my only hope or the UK 5% guaranteed deposit scheme perhaps if I stick to around the £75,000 property and I can't find a 5% mortgage.