Mortgage Advice Lockerbie
Mortgage advice for first time buyers, home movers and those looking to remortgage in Lockerbie
Mortgages in Lockerbie
With a population of 4300, and an average house price of £173,500 it is fair to say Lockerbie's housing market has continued to be bouyant throughout the last few years.
Known for its agricultural past, Lockerbie can lay claim to the fact it was once home to Scotlands largest lamb market.
With it's own ice rink, Lockerbie hosts top class curling events.
Whether you are a first time buyer, home mover or are looking to remortgage your current property, with access to the whole of the market I can help you secure a mortgage that meets your needs and circumstances.
Scottish First Home Fund in Lockerbie
Scottish LIFT Scheme in Lockerbie
Scottish Help to Buy in Lockerbie
FIRST HOME FUND
Open to first time buyers anywhere in Scotland this government backed scheme offers up to £25,000 to help you buy a house.
The house can be new build or existing housing already built.
You will need at least 5% deposit of your own, though you can add more if available.
Not all mortgage lenders support the first home fund.
Before applying for the first home fund you will need to have your mortgage agreed in principle and have had a verbal offer accepted on your new home.
Low cost initiative for first time buyers (LIFT) offers two varities of the scheme;
OMSE - Open market shared equity. A scheme designed to help people buy their first home in Scotland, subject to certain price thresholds
Under the OMSE you'll pay for the biggest share, typically between 60% and 90% of the houses overall cost. The Scottish Government will hold the remaining share under a shared equity agreement.
NSSE - New Supply Shared Equity, which helps people buy a new-build home from a council or housing association.
Under the NSSE you'll pay for the biggest share, typically between 60% and 80% of the houses overall cost. The Scottish Government will then hold the remaining share under a shared equity agreement.
HELP TO BUY SCOTLAND
The Scottish Help to Buy Scheme is available and aimed to help the housing market and small developers.
The scheme is called ;
Smaller Developer scheme
You can apply for help up to 15% of the houses price whether you are a first time buyer or an existing homeowner.
You will be expected to provide a minimum of 85% of your houses purchase price through a combination of mortgage and your own deposit.
The purchase price of your new home cannot exceed the scheme threshold price, which for the financial year 2020/2021 has been set at £200,000