Potential first time buyer (Scotland) Not sure what to do.

dekaspace1

Going through all my savings I have over the years, partly due to large backdated disability a few years ago, and my disability and part time wage combined being about £1500 a month but rent being about £73 a week I have saved about £45000-£50000 up. I live kinda thriftyish I do have say 2 take aways a week but rest of time live off yellow sticker items, don't go on holidays, don't smoke or drink.

I am currently in social housing but hate it, bar how cheap it is and how easy repairs are to get.

I want a home to own but worried about potential costs, also me being part time getting a mortgage though I want to put the whole amount towards so less risk.

I have about 15 thousand available on credit cards and right now under £200 usage I just use it for everyday items and pay off every 2 weeks or so.

I can get a flat for my price, but more looking at ones around 65-75 as they are houses as I want to live in one.

Being single and a part time worker, zero debt what can I do?

Also Scotland confuses me with its "offers over"

BUFF

have you spoken to any financial institution (bank, building society etc.) about a mortgage? If you have £45k deposit & are looking at spending 75k that should make you a good risk. If you are 18-39 also look at a Lifetime ISA where the govt will give you a bonus for your saving https://www.gov.uk/lifetime-isa.
Btw where do you live that you can get a house for £65-75k & what kind of condition are they in?

The offers over system is essentially a secret auction - he/she who wants it most will pay the highest or lose out. You will only get a mortgage on the survey value though, not on what it might actually cost to secure the building (in some of the real hotspots that could be 25-30% over survey).

Imo you don't want to be running up credit card debt

dekaspace1

Im 39 but 40 in literally a few weeks!

I more meant the credit cards meant I have credit available so that may limit what I can get.

I was thinking just that myself, houses seem cheap there's one or two for that price mostly small 1 bedroom ones, flats vary.

BUFF

& don't forget that you will have legal & survey fees when doing your sums.

user1977

BUFF said:

& don't forget that you will have legal & survey fees when doing your sums.

They probably won't have survey fees. Generally buyers rely on the Home Report.

dekaspace1

A update, literally just got offered better social housing.

I feel guilty taking social housing with my savings which is one of the reasons I wanted out, another was people were telling me the costs of rent would mount up and I would not own anything.

My OG plan was to wait until I was settled down to buy property but I am 40 in a few weeks, no kids or partner.

BUFF

I would still look into a Lifetime ISA for when you do decide to go onto the property ladder but you'll have to be quick (before you are 40). It may work for you, it may not.