New Year, New Home: 5 Mortgage Tips for First-Time Buyers in 2025

As the calendar turns to a new year, many first-time buyers in Scotland are setting their sights on purchasing a home in 2025. In Scotland, the New Year is a time of fresh beginnings, celebrated with traditions like First Footing—where the first visitor of the year brings gifts to ensure good fortune.

Just as First Footing symbolises starting the year on the right foot, buying your first home is a chance to build a prosperous future. At Every Mortgage Matters, we’re here to guide you through the process. Here are five essential tips to help you achieve your goal of homeownership this year.

1. Get Your Finances in Order

Before you start house hunting, take a close look at your financial situation. Here’s how:

Check your credit score: In Scotland, your credit score is key to determining your mortgage options. Aim for a good score with agencies like Experian or Checkmyfile.
Reduce debt: Paying down credit card balances and avoiding new loans can improve your affordability.
Build savings: Beyond a deposit, you’ll need to cover additional costs like legal fees. Set a realistic savings target.

2. Understand Your Budget

Knowing how much you can afford before you start shopping is crucial. Use a mortgage calculator to estimate monthly payments based on different property prices, interest rates, and deposit amounts. Don’t forget to include costs like:

LBTT (Land and Buildings Transaction Tax): This applies to properties above £145,000 in Scotland.
Home insurance and maintenance: Essential for protecting your investment.

3. Get Pre-Approved for a Mortgage

A mortgage Agreement in Principle (AIP) is a critical step in the homebuying process. It shows sellers that you’re a serious buyer and gives you a clear idea of how much you can borrow. Work with a trusted mortgage advisor to:

Review your income and financial history.
Explore options like the Help to Buy (Scotland) scheme or shared equity programs.
Obtain an AIP to strengthen your offers.

4. Work with Trusted Professionals

Purchasing a home is a team effort, and having the right professionals by your side can make all the difference. Consider:

A knowledgeable mortgage advisor: to guide you through the financing process and ensure you’re prepared at every step (We know a good one!)
A solicitor experienced in Scottish property law: They’ll handle the legal aspects of your purchase, including the missives and LBTT.

5. Start the Year Strong with Every Mortgage Matters

The journey to homeownership begins with the right plan. At Every Mortgage Matters, we’re committed to helping first-time buyers in Scotland achieve their dreams in 2025. Whether you’re just starting to explore your options or you’re ready to get pre-approved, our team is here to help.

Let’s make 2025 the year you step into your first home in Scotland.

‘Your home may be repossessed if you do not keep up repayments on your mortgage.’