Scottish housing guide for people leaving the Armed Forces and ex-service personnel

1.2 Buying a property

There are lots of things to consider if you are going to buy a property. The first thing you should do is decide how much money you will be able to put down as a deposit and how much you will be able to afford for monthly mortgage payments. You will also have to plan for on-going costs such as repairs and maintenance. You should also seek independent financial advice on securing a mortgage. And you will have to get a solicitor to undertake the conveyancing for buying a home.

There are a number of different financial institutions which offer loans to people buying a property, for example, building societies and banks. You should find out if you are able to borrow money to buy a home and if so, how much.

You will also need to ensure you will have enough money to pay for all the additional costs at the end of the house buying process such as fees charged by the mortgage lender, solicitor's fees, removal expenses and Land and Buildings Transaction Tax, if applicable.

You will find more information about this at www.revenue.scot/land-buildings-transaction-tax/

You can find more information about buying a home at www.mygov.scot/buying-a-home/overview/

Scottish Government incentives schemes

There are some initiatives run by the Scottish Government to assist with purchasing a property. The Low-cost Initiative for First Time Buyers ( LIFT) brings together several ways to help households
access home ownership. These include:

• The Open Market Shared Equity scheme which is available to help first time buyers and priority access groups, such as members of the Armed Forces and veterans who have left the Armed Forces within the past two years, to buy a home that is for sale on the open market. More information can be found at: www.mygov.scot/open-market-shared-equity-scheme
• The New Supply Shared Equity scheme which is available to help first time buyers and priority access groups, such as members of the Armed Forces and veterans who have left the Armed Forces within the past two years to buy a new build home from a Registered Social Landlord. More information can be found at: www.mygov.scot/new-supply-shared-equity-scheme

The LIFT Scheme is a Scottish Government scheme to assist first time buyers and priority access groups achieve affordable home ownership. Applicants are assessed based on their financial circumstances and this determines the level of support that can be obtained.

In addition to LIFT there is also the Help to Buy (Scotland) Affordable New Build Scheme which is designed specifically to help first time buyers and existing homeowners to buy a new build home from a participating home builder. Under the Help to Buy (Scotland) scheme the Scottish Government provide an equity stake of up to 15% of the property value with the remaining amount made up of deposit and mortgage. More information on the scheme, including a list of the participating builders, can be found at: www.mygov.scot/help-to-buy/overview