First-time Buyer Case Study Series - Episode 1

Real stories from real first-time buyers

Introducing our new first-time buyer case study series, where we will demystify the property purchasing journey for first-time buyers in Scotland. With real stories from real first-time buyers who have purchased homes in Edinburgh, the Lothians, Fife and the Scottish Borders, we will learn all about their experiences and find out what tips and insights they have for navigating your way through the property purchasing process.

In our first episode we welcome insights from Caitlyn Meaney, who along with being a first-time buyer, works for Warners, who are one of our solicitor estate agent member firms.

Key Insights

Making the decision to buy

Caitlyn decided that it was time to buy when the rent cap was lifted earlier this year, and the prospect of increasing rent prices pushed her to make the decision that now was the right time. She saved a few hundred pounds each month over a couple of years for her deposit, but acknowledged that saving while renting can be extremely difficult.

First steps

The first step Caitlyn took was to talk to a mortgage broker for financial advice, and was happy to see that her mortgage payments were predicted to be in line with what she was already paying in rent, and in some scenarios the monthly payments were less than her current rent.

Where to live and property viewings

Caitlyn was quite open to where she wanted to buy but she had made a checklist of non-negotiables. It was important that they were close to a supermarket, outdoor space, the gym and within a commutable distance to the city centre. Her perfect property wasn’t the one in a specific location or with specific features, but one that ticked those boxes.

As a Purchase Negotiator for ESPC solicitor estate agent Warners, Caitlyn is well-versed in the process purchasing process but she was surprised by how fast the it all happened. She was able to find the right property after only viewing around four homes, although that is not usually the case.

Obstacles

In terms of obstacles, Caitlyn found that additional costs were one thing that she forgot to consider. Things like LBTT, which are compulsory, could be over a thousand pounds. You also need to factor in contents insurance, life insurance, building insurance and changing council tax bands. It was important that the cost of living in the property was affordable, not just the initial monthly mortgage payments. She wanted to still be able to afford to go on holiday and socialise without spending all of their income on house costs.

Advice and insights

Caitlyn found that it was so important to read the Home Report and take time to understand what a Home Report is telling us, and how that can affect mortgage eligibility.

One of the lessons Caitlyn learned was that after an offer is accepted, there is not a lot of activity and that first-time buyers can feel like the process goes silence but she wanted to reassure other buyers that this is completely normal.

The current market can be fast paced but Caitlyn said that it is still important to take the time to make the right decision, it’s not worth rushing the process – it’s a huge purchase!

Caitlyn’s advice to other first-time buyers is to enjoy the process. You only buy your first home once, so make sure you have fun with it!