First Time Buyer Mortgage Advice

At Galloway Jennings, we specialise in providing expert mortgage advice to first-time buyers and clients in Dumfries, Carlisle, and the surrounding areas.

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Let's Begin

We have access to thousands of First Time Buyer Mortgage Deals

How does it Work?

You’re only 3-steps away from getting approved…

Our first chat

Let’s grab a drink and find out a bit more about you, your goals and your circumstances. You talk, we take notes.

Find the deal

We’ll find a mortgage plan that’s perfectly tailored to your needs, offering all the most suitable options for you and your family.

Leave it to us

Once we have all the information we need, we will begin to apply, keeping you informed every step of the way.

How much can I Borrow?

First Time Buyer Tips & Tricks

First Time Buyer Stamp Duty

Special Deals

Cashback

Saving for a deposit

Credit Score

First Time Buyer Stamp Duty

Special Deals

Cashback

Saving for a deposit

Credit Score

Your Home (or property) may be repossessed if you do not keep up repayments on your mortgage or any other debts secured on it.

First Time Buyer Mortgage Calculator

The figures provided by this calculator are for illustration purposes only. To obtain an accurate figure based on your personal situation and circumstances please obtain a personalised mortgage illustration.

Frequently asked questions

See what our first-time buyers are asking us daily…

What is a first time buyer?

A first time buyer is a person who is purchasing a home for the first time. Many lenders offer special programs and incentives for first time homebuyers, such as a smaller deposit, fee incentives and better mortgage rates.

In addition to this as a first time buyer you may be eligible to use your help 2 buy ISA’s as part of your deposit.

For first time buyers, the threshold for paying stamp duty is much higher.

There are exclusions from being a first time buyer to be mindful off, typically for instance if you are buying with a partner who has owned a home before then you would normally not qualify for these benefits.

What is a first time buyer in Scotland?

We offer a wide range of services to help first-time buyers across Scotland, including those in Glasgow, Edinburgh, Carlisle, Dumfries as well as other areas, to secure a mortgage. Our highly experienced mortgage brokers will work closely with you to understand your unique circumstances and help you navigate the complex mortgage application process. We can advise you on the most suitable mortgage product to fit your needs, provide you with expert guidance on how to improve your credit score, and help you understand how much you can borrow. Additionally, we offer support with the paperwork involved in the mortgage application process. Our goal is to make the process as stress-free as possible while ensuring that you secure the right mortgage product at the right rate for you. We understand that buying your first home can feel daunting, which is why our approach is focused on providing personalised guidance and support throughout the process. With our expert knowledge of the Scottish property market and close relationships with lenders, we are ideally placed to help you secure the right mortgage for your needs. We are committed to providing transparent advice and excellent customer service, and we work hard to ensure that our clients come away feeling confident and ready to take the next steps in their homeownership journey.

Do first time buyers pay stamp duty?

Do first time buyers pay stamp duty? Yes and no. Stamp duty is a tax paid on residential property purchases over a certain value in England and Northern Ireland. At present you can buy your first home up to a value of £425,000 without paying any stamp duty on this. As the rates of stamp duty can change before proceeding we would always recommend you visit the governent site to calculate your own stamp duty on potential properties to avoid incurring large unexpected bills later down the house buying process you can borrow. Additionally, we offer support with the paperwork involved in the mortgage application process. Our goal is to make the process as stress-free as possible while ensuring that you secure the right mortgage product at the right rate for you. We understand that buying your first home can feel daunting, which is why our approach is focused on providing personalised guidance and support throughout the process. With our expert knowledge of the Scottish property market and close relationships with lenders, we are ideally placed to help you secure the right mortgage for your needs. We are committed to providing transparent advice and excellent customer service, and we work hard to ensure that our clients come away feeling confident and ready to take the next steps in their homeownership journey.

Does a mortgage decision in principle guarantee a mortgage?

No, a mortgage decision in principle is not a guarantee that a mortgage will be approved by the lender. A decision in principle, also known as a mortgage promise or agreement in principle, is a preliminary assessment of whether someone is likely to be approved for a mortgage, based on their income, credit score, and other financial factors. The assessment is typically based on a soft credit check, which does not leave a footprint on the person’s credit report. While a decision in principle can be useful for indicating a person’s borrowing power and giving them an idea of what they can afford, it is not a formal offer of a loan. A full mortgage application would still need to be made and assessed by the mortgage lender, who would consider additional information such as the property being purchased, the deposit amount, and the borrower’s employment status. It’s important to note that the decision in principle is not a guarantee of the interest rate, as this will depend on the lender’s assessment of the full mortgage application. Additionally, a decision in principle is typically valid for a limited period of time, and if too much time has passed between the decision in principle and the full application, the lender may need to reassess the borrower’s financial situation.

Do First Time Buyers Pay Stamp Duty in Scotland?

In Scotland, first time buyers are exempt from paying the Land and Buildings Transaction Tax (LBTT) on properties up to £175,000. However, if the property is over £175,000, first time buyers will be required to pay LBTT on the portion of the property price that exceeds £175,000. We can help first time buyers understand their stamp duty obligations and guide you through the process of purchasing their first home in Scotland. We will provide personalised advice and support to ensure that first time buyers have a smooth and stress-free home buying experience.