Page 29 - ESPC Magazine Nov 2020

FIRST TIME BUYERS

BUYING YOUR FIRST HOME

AND COVID-19

In this article, we break down the key changes to the process of buying your first home
due to COVID-19.

IS IT A GOOD TIME TO BUY MY FIRST
HOUSE OR FLAT?
This is likely a question you will be asking
yourself and, unfortunately, there is no HOW HAS THE CORONAVIRUS PANDEMIC viewings work in the current situation. Viewing
straightforward answer. Owning a home AFFECTED MORTGAGE DEPOSITS? a property now is different to before COVID-19.
comes with lots of benefits but it is also
a big financial commitment, particularly A key thing to be aware of if you’re buying
with higher mortgage deposits required your first house or flat right now is that the The Scottish Government has advised that
at present and a competitive market pandemic has changed the policies of many UK buyers should view properties virtually initially
meaning homes are selling well. You lenders, particularly when it comes to mortgage and only progress to a physical viewing if they
should do your research and make deposits. Before the pandemic 5% deposit have a keen interest in buying.
sure you are in the right position to take mortgages were commonplace, but now most
this on. lenders require at least a 15% deposit. If there are no virtual viewings available for
the property you’re interested in, you should
You should seek independent mortgage make use of the description, photographs and
One thing to note is that there has been
a surge in properties coming to market, advice to find out what mortgage options are Home Report to decide if you would like to
with homes listed on ESPC in Edinburgh, available to you and about ways to boost your view it in person.
the Lothians, Fife and the Borders from deposit. Contact ESPC Mortgages on
August to October up 44% year-on-year. 0131 253 2920 or fsenquiries@espc.com Open viewings are not currently permitted,
This is good news for first time buyers as so you must book an appointment with the
it means a greater choice of properties. HOW HAS COVID-19 CHANGED LAND AND selling agent.
BUILDINGS TRANSACTION TAX?
HOW HAS CORONAVIRUS AFFECTED In order to encourage property market activity The agent can advise you on the process
HOUSE PRICES? following the lockdown restrictions, in July of viewing a property in the current
the Scottish Government temporarily raised circumstances.
As a first time buyer, you are likely
wondering how the pandemic has the zero-tax threshold for Land and Buildings
affected house prices. Our October House Transaction Tax (LBTT) to £250,000. To get free advice from property experts on
Price Report showed that the average buying your first home, head to espc.com/
selling price in Edinburgh, the Lothians, First time buyers already benefited from tax freeadvice
Fife and the Borders is up 7.9% relief up to £175,000 but this change means
year-on-year. Prices are also up compared you could save an additional £1,500 if you The initial consultation with an ESPC Mortgages adviser is free
st
to the first quarter of 2020. purchase by 31 March 2021. and without obligation. Thereafter, ESPC Mortgages charges
for mortgage advice are usually £350 (£295 for first-time
buyers). YOUR HOME MAY BE REPOSSESSED IF YOU DO
Your ESPC solicitor estate agent can HAS CORONAVIRUS AFFECTED HOUSE NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER
LOANS SECURED AGAINST IT. ESPC (UK) Ltd is an Appointed
advise you on average selling prices for VIEWINGS? Representative of Lyncombe Consultants Ltd which is
the areas you’re interested in. You might be wondering how house or flat authorised and regulated by the Financial Conduct Authority.

28 ESPC.COM ESPC.COM 29