Edinburgh · Scotland · UK-wide
Buying your first home in Edinburgh works differently from the rest of the UK. You will need a mortgage agreement in principle before you can offer, offers are usually made over a fixed asking price, the seller supplies a Home Report rather than you commissioning a survey, and Land and Buildings Transaction Tax replaces stamp duty — with first-time buyer relief lifting the nil-rate band to £175,000. Prime Mortgages is an FCA-regulated broker in Edinburgh that guides first-time buyers through all of it, from working out a realistic budget to getting the keys.
Common questions
Five per cent of the purchase price is enough for many lenders, so around £11,000 on a £220,000 flat. In practice most Edinburgh buyers need more, because properties are marketed at 'offers over' and lenders will only lend against the Home Report valuation — any amount you pay above that valuation has to come from your own funds on top of the deposit.
Effectively, yes. Edinburgh estate agents frequently set a closing date within days of listing, and offers are made through a solicitor. Without an agreement in principle you will not be in a position to offer in time. It usually takes 24 to 48 hours to arrange and does not commit you to that lender.
The seller provides the Home Report, which includes a single survey with a valuation, an energy report and a property questionnaire. Your lender will normally accept the valuation in it, so a separate survey is not usually required. If the Home Report flags significant repairs you may still want your own specialist inspection.
Yes. Most lenders want two years of accounts or SA302s and will average or use the most recent year, but several will consider one full year of trading. Being self-employed does not push you into a specialist rate on its own — it just narrows which lenders will look at you, which is exactly what a broker is for.
Scotland charges LBTT rather than stamp duty. First-time buyer relief raises the nil-rate band from £145,000 to £175,000, saving up to £600. It applies where every buyer is a first-time buyer and the property will be your only or main residence.
From accepted offer to keys is commonly six to ten weeks. The mortgage offer itself often arrives within two to three weeks once a full application is submitted with complete documents; the rest of the time is your solicitor concluding missives and agreeing a date of entry.
A twenty-minute conversation will tell you what you can realistically borrow, what it will cost and whether it is worth doing. It is free, and we will tell you honestly if the answer is no.