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Latest news and insights

Immigration changes – The impact on rural businesses

Fraser Vandal discusses changes to the UK's work visa rules and how these changes will impact rural businesses.

Long awaited Housing Bill introduced to Scottish Parliament

The long- awaited Housing (Scotland) Bill was introduced to the Scottish Parliament on 26 March 2024.

Land Reform (Scotland) Bill introduced March 2024

An overview of the content in Part 1 & 2 of the Land Reform (Scotland) Bill introduced to Parliament on 13 March 2024.

Latest news and insights

13 May 2024 | Time to read: 5 mins

Immigration changes – The impact on rural businesses

By Fraser Vandal

Fraser Vandal discusses changes to the UK's work visa rules and how these changes will impact rural businesses.

13 May 2024 | Time to read: 5 mins

Long awaited Housing Bill introduced to Scottish Parliament

By Stephen Gamba

The long- awaited Housing (Scotland) Bill was introduced to the Scottish Parliament on 26 March 2024.

05 April 2024 | Time to read: 3 mins

Land Reform (Scotland) Bill introduced March 2024

By Robert Scott-Dempster

An overview of the content in Part 1 & 2 of the Land Reform (Scotland) Bill introduced to Parliament on 13 March 2024.

05 April 2024 | Time to read: 3 mins

Gillespie Macandrew announced as Great Glen 2024 sponsor

By Lois Newton

Gillespie Macandrew is delighted to announce its sponsorship of the RSABI Great Glen Challenge 2024.

Top Tips on Buying your First Home

Published: 04 April 2019
Time to read: 3 mins

Set of Keys With Red House Isolated on White Background.

Currently the Edinburgh market is flooded with first time buyers, and with so many properties going to a closing date, competition is fierce. What can those desperately trying to jump onto the property ladder do to be in with a reasonable chance of success?

1. Take advice from a mortgage broker.

They will be able to tell you how much you can borrow and more importantly what your monthly repayments will be.  If you have a mortgage agreed in principle then this shows any seller that you’re organised and mean business.

2. Try to be as flexible as possible when it comes to entry dates.

Your offer will generally be looked upon more favourably if you can say you can move at any time, as opposed to being tied to a specific date. Bear in mind though that if you’re applying for a mortgage this will take some time to organise.  Suggesting entry in 2 weeks isn’t going to be feasible.

3. Do the maths.

If an agent is marketing a property at offers over £130,000, the chances are it will actually be valued around £140,000 or £150,000. Also if there are a number of parties interested in this property then it could achieve 10% over market value or even more.  If your budget is £130,000  then it’s advisable to start looking at cheaper properties.

4. A little extra help.

So often nowadays first time buyers can’t take the leap from rented accommodation without some assistance from the bank of mum and dad. Be careful though – most mortgage lenders will need an assurance that this is a gift and not a loan and indeed the gifter to sign a declaration to this effect.

5. Open a Help to Buy ISA.

You just need to set up an account with up to £1200, and save up to £200 each month. Not only will you earn a certain amount of tax free interest, the government will add 25% as a bonus to the final figure when you cash this in. It’s a no brainer.

6. Take good advice.

At Gillespie Macandrew we have years of experience and know the local market extremely well. We can discuss the best strategy for you in relation to a particular property, taking into account various factors such as previous prices achieved for similar properties in the area, and the amount of interest in the property.

If you have any questions about buying your first home then call us on 0131 447 4747 so that we can help you get on the property ladder.

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