Buying a home
Before you buy a home
If you need a loan to buy a home, this is called a mortgage or secured loan. You'll need to work out:
what you can afford to borrow
which mortgage is right for you
You'll need a conveyancing solicitor to help you with the purchase.
Getting a mortgage
The amount you can borrow depends on things like:
your credit score
your income and outgoings
the value of the home you want to buy
Use the mortgage affordability calculator on MoneyHelper to work out how much you could borrow.
If you’re on a low income, there are government schemes that can help you buy a home.
Saving a deposit
Most mortgage lenders do not lend 100% of the value of the property. You’ll need to pay some of the cost yourself with a deposit.
You'll usually need at least 5% to 10% of the value of the home you want to buy. You could get a better interest rate if you have a bigger deposit.
To work out what you can save, use the deposit calculator on Money Saving Expert.
Choosing a mortgage
Mortgages have different terms, including:
the interest rate
how long the interest rate is fixed for
how long you'll take to pay the mortgage back
fees and penalties for things like switching mortgages or paying the mortgage off early
Get advice before choosing a mortgage. A mortgage adviser, broker or registered lender can help you work out what you can afford and which mortgage product is right for you.
Search online for a free independent mortgage advice provider in your area.
Anyone selling mortgages must be registered with the Financial Conduct Authority. Check if a broker or lender is registered by searching on the Financial Services Register.
Finding a solicitor
You’ll need a conveyancing solicitor to buy a home.
They’ll carry out the legal work for you, such as:
communicating with the seller’s solicitor
submitting an offer on your behalf
sorting out contracts and putting the property in your name
Search on Law Society of Scotland for a solicitor
Before choosing a solicitor, ask them:
how much they’ll charge you
when you’ll pay them
if the fee is fixed, or if it depends on how much work they do
what you'll owe if your offer is unsuccessful
If you're buying a home with someone else
Your solicitor can help you decide who'll own the home or if you'll share ownership.
They can also write a legal agreement saying what happens if:
your relationship ends
one of you wants to move out
one of you dies
Getting a mortgage with someone else
This is called a joint mortgage. You do not have to be in a relationship to get a joint mortgage.
You're equally liable for mortgage repayments. This means if one of you cannot pay your share, the other person must pay the full amount.
You both need to agree to any mortgage terms changes.
Last updated: 8 April 2024
Housing laws differ between Scotland and England.
This content applies to Scotland only.