Page 45 - ESPC Magazine Jan 2021

CASE STUDIES

BUYING YOUR FIRST HOME DURING They acted quickly once restrictions were
THE CORONAVIRUS PANDEMIC eased, securing viewings for a couple of
properties in their preferred area of Leith, and
made an offer on one which was accepted.
Find out about the experiences of three first time buyers who recently bought a home
in Edinburgh.
While 5% mortgage deposits were
We spoke to three first time buyers process more complicated. But I spoke commonplace before the pandemic, most
who successfully purchased a property to Murray Souter at ESPC Mortgages, and UK lenders now have a minimum deposit
in Edinburgh after the property market he helped me realise that it was definitely of around 15%. This can make it more
restrictions were eased in June 2020 to find possible to get a mortgage and buy the challenging for a first time buyer to make it
out about their experience. property we had seen.” onto the ladder.

All three of the first time buyers we spoke Graeme’s move from Cambridge to All the first time buyers we spoke to were
to were intending to buy a property before Edinburgh had been in the works for three able to pull together at least a 15% deposit
COVID-19 but Michael and his partner didn’t years. He said: “Since 2019 I have been from savings or family support, without
think that 2020 was going to be their year. He actively viewing and bidding on properties. I relying on schemes such as the First Home All of the buyers we spoke to made use of
said: “We liked to look at houses on the ESPC was actually viewing properties in Edinburgh Fund which have helped many first time virtual viewings initially to get a feel for the
website to get an idea of the market, but we right up until the full lockdown began. buyers boost their deposit in recent months. property. Once they were sure they were
didn’t feel like we had saved enough to buy However, when the property market started seriously interested in the property, they
in 2020.” to pick up again, I just watched the market Michael, who received independent progressed to a physical viewing before
to see what was happening. I didn’t think I mortgage advice from Murray Souter at purchasing the property and they all felt
comfortable with the new viewing process.
However, as they were living in a first floor would get a home so soon because property ESPC Mortgages, said: “We had enough for a
flat during lockdown, they realised how was selling so fast.” 10% deposit, but we managed to scrape 15%
much they wanted a garden space. He said: together which allowed us to access much Graeme said: “The sellers/agents were very
“We found a house in Currie with a lovely However, Graeme doesn’t feel the pandemic better mortgage rates. This was definitely a informative about the viewing process and
garden for sale at a fixed price and we started particularly encouraged or discouraged his challenge to get the extra money together, ensured it was done safely.”
dreaming of being able to sit outside during buying plans. He just managed to find a but it allowed us to get a great mortgage
lockdown. property he liked in Canonmills. deal, all facilitated by Murray.” Along with the services of ESPC Mortgages,
Graeme said he made use of the articles
on ESPC and our regular property market
“I still didn’t think it would be possible to buy Claire and her partner were set on buying a Graeme, who received independent
a property, especially as I was a contractor home in 2020. Claire said: “We were already mortgage advice from David Lauder at ESPC webinars, which he found useful.
which I thought might make the mortgage planning to buy our first property in 2020 Mortgages, said: “I talked with David Lauder
before lockdown and had begun looking at before I started bidding again after the Claire and Johnny made use of the free
properties online. COVID-19 meant we had restrictions were eased to get an idea of what property advice phone service from ESPC
to put our plans on hold for a while, but this properties I could go for and how much I – this put them in touch with a solicitor at
allowed us to get our finances organised could bid over the Home Report value based Balfour + Manson who they then used to
and we were raring to go once the property on my savings, to ensure I could still put do their conveyancing. Claire said: “We were
market started to open up again. down a 15% deposit. Once I had those figures happy with our choice of solicitor and leaned
in front of me, I knew what I could afford and heavily on her for advice, which proved
“Lockdown restrictions actually encouraged based my searches on those figures.” invaluable.”
us to buy a property more, as myself and my
fiancé both began working from home, and Claire said: “The changed mortgage process Head to espc.com to search for your first
we needed more space to accommodate this. did not deter us as we were lucky to be able to home, find out about our free advice service
Also, as we were now going to be spending an draw on personal savings and have help from and webinars, and read some of our useful
increased amount of time in our flat, we wanted our families. We were able to take advantage first time buyer articles.
to be able to make our home our own.” of the LBTT reduction which also helped.”

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