More likely you'll have to rent it out as once you move in you then realise that you can't afford the mortgage payment and everything else that goes with it like council tax, utility bills, insurance etc etc... But of course when you change to a buy to let mortgage( you can only get these if you have very good credit history and financial collateral)the interest rate shoots up and you end up screwing the tenants for everything just to keep your head above water until they get so p'd off and move on. You're then left with a house that no one can afford and no one wants, then the inevitable happens and you get taken to court . Or you can pay the mortgage but live in darkness and without insurance but then again you need insurance to have the mortgage in the first place.Malcolm wrote:Choperscot,
Yes, your poster is good - as far as it goes. However, it misses out a few steps in the housebuying process.
1. You decide you would like to buy your own dream house = Referendum
2. You make an offer to buy the house and agree the selling price = Negotiations
3, You further discuss what fixtures and fittings you would like (carpets, lights, Typhoons) = Negotiations
4a, You arrange a Mortgage to borrow the money = Government Gilts = what interest rate are you going to pay?
4b. Or you borrow from the Bank of mum and dad = That would be the rest of the UK then
4c. Or you spend your savings = Fat chance, UK piggy bank is empty.
5. You give the money to the seller (the UK), and in exchange You get the keys = Independence
6. You redecorate = Scottish Public/MP's decide which wall they're going to pi55 any remaining money up.
7a. You pay the Mortgage = You Tax your people and pay off whoever you borrowed from.
7b. You default. Unlikely you'll be repossessed, but no-one will want to lend to you ever again.
Now I know the Scottish house buying process is different to the rest of the UK, but is it really as simple as your process makes it look north of the border?
Cheers
Malcolm
Yes it is just like buying a house