First Time Buyers
Buying Your First Home
At Springfield we have helped 1,000s of first time buyers buy their first home. We can make your new home purchase easy, stress free and exciting. We have plenty of homes which are great for first time buyers. You can move straight into one of our ‘Ready Now’ homes or design your new home with Springfield Choices. Whichever you prefer our friendly, experienced staff will be there at every stage.
How are you going to fund your first home?
You will need to know how much money you can borrow and what is affordable for you to pay back each month. Typically a mortgage could be around 4.5 times your annual salary.
The amount you pay back can be affected by the cost of the property, the size of your deposit, the length of the mortgage, interest rates and whether you are using the First Home Fund.
Consider some of the points mentioned below then take the information you gather to an independent financial adviser or mortgage adviser. Our sales executives can recommend someone to you or you can find one using The Financial Services Register.
Information to prepare for your financial / mortgage adviser.
- Your income. An indication of your monthly income will be enough detail for this stage but you will require 3 months’ payslips at a later date to complete your mortgage offer.
- Deposit. Make a note of the deposit you can pay towards your home.
- First Home Fund. Apply for up to £25,000 towards your first mortgage with the Scottish Government's shared equity scheme. This is paid back when you sell your home. Find out more about the First Home Fund here.
Here are some frequently asked questions
How long does it take to move into a new build home?
It takes roughly six months to build a new home from start to finish. The home you are interested in might already be partially built or even completely finished, which can be handy if you’re looking to move sooner. Depending on the legal process you could move into a complete home in as little as four weeks.
How much does it cost to reserve a home?
The reservation cost is £250. This will take the home off the market so that the legal process can get started. There is a further £500 to pay after the legal side of things is complete. Both of these payments are taken off the final cost of the property.
Is the reservation refundable if the sale can’t proceed?
If the sale can’t proceed a refund will be given subject to reasonable deductions for our costs.
What documents do I need to make a reservation?
We don’t require any documents for you to make your reservation.
What is a missive?
The missives are a collection of communications between the solicitors involved in the purchase process. These form the legal contract between you and Springfield Properties.
What is factoring and will I have to pay it?
The factors are the company that takes care of the public areas of the site, such as cutting the grass or pruning trees and bushes. There will be a factors’ fee to pay. Depending on your property, the size of the site and the amount of maintenance required the costs may vary. You will be given this information by the sales executive before you reserve.
What guarantees come with my new home?
All of our homes come with a 10 year NHBC guarantee.
What aftersales care is included?
When you move in there will be a handover session where we show you how everything works. From then on you will be looked after by our friendly aftersales team. Someone will be on call 24hrs a day.
What is Land and Building Transfer Tax (LBTT) and will I have to pay it?
LBTT (formerly stamp duty) is paid to Revenue Scotland on all property sales over £145,000 or £175,000 for first time buyers. Depending on the price of the property you are looking at it will fall into a different band. Visit Revenue Scotland’s LBTT on Property Transactions Calculator for further guidance. We would always recommend that you speak to an independent financial advisor or mortgage adviser.
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