Working out your finances

If you are planning to buy your own home, you will have to work out how you are going to pay for it. Buying a home isn't just about getting a mortgage, there are other costs involved in the buying process. You also need to be sure you'll be able to afford the running expenses of your new home.

Few people can afford to buy a house or flat outright, so you'll probably need to get a mortgage. The bank, building society or other financial institution may offer to lend you a large sum of money, but check that you can afford to meet the monthly repayments along with the other costs of running a home before you proceed. It always pays to shop around to find out the best deal for you. Remember, with variable interest rates your mortgage payments can go up as well as down!

There are several costs involved in the buying process that you will need to budget for, including legal fees, stamp duty and moving costs. Ask your solicitor to give you an estimate of the legal fees and outlays at the outset.

Speak to a Shelter Scotland adviser

Call Shelter Scotland's free housing advice helpline

0808 800 4444
9am-5pm, Monday to Friday

Email an adviser

You can also email a housing adviser. We aim to respond within three working days.

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