Buying a House in Scotland?
How Much to Offer on a House in Scotland
Offers over, fixed price or a closing date, and your lender only lends against the Home Report value. We will help you work out what you can actually afford to offer, before you fall for a house and before your solicitor puts the offer in.
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There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed.
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Know Your Numbers
The Home Report Value Matters More Than You Think
In Scotland most homes are marketed as offers over, and plenty sell above the asking price. The catch is that your lender will usually lend against the Home Report valuation, not the price you agree. Anything you offer above that comes out of your own pocket.
- ✓Offers over: the asking price is a starting point, not the selling price
- ✓Home Report value: what most lenders base your mortgage on
- ✓Offering over value: the gap is usually covered by your deposit or savings
- ✓Closing dates: you get one shot, so your offer has to be your real limit
- ✓We work out your real maximum before your solicitor submits anything
How We Help
From Viewing to Keys Without the Guesswork
Five steps, and you will know your number before you make an offer.
Work Out Your Budget
We look at your income, deposit and outgoings and give you a borrowing figure you can trust, not a guess.
Get a Mortgage in Principle
Agents and sellers take you more seriously, and you can move fast when the right house comes up.
Go Through the Home Report
We look at the valuation and how it fits your deposit, so you know how far over you can safely go.
Set Your Offer Limit
Before your solicitor submits anything, you will know your top figure and what it means for your monthly payments.
Offer Accepted, Mortgage Sorted
We submit the full application, deal with the lender valuation and keep things moving through to missives and the keys.
Working It Out
How to Decide What to Offer
There is no magic percentage over the asking price. These are the things that set the right figure for the house you want.
Check what has actually sold nearby
Rightmove, Zoopla and the Registers of Scotland show sold prices. Compare like for like: same area, same size of house, and sales from the last few months.
Compare the asking price with the Home Report value
Offers over prices are often set below the valuation to draw interest. The Home Report figure is usually a better guide to where the house will end up.
Read the demand
Lots of viewings, a quick closing date or a popular street mean you will likely need to go over. Weeks on the market with no closing date gives you room to offer nearer the asking price.
Factor in the condition
The Home Report survey flags repairs. Take the cost of any big jobs off what the house is worth to you.
Know your walk-away figure
Pick the most you can afford and would pay without regret. If it sells for more than that, you can let it go knowing you did not miss out on a deal you could have done.
Avoid round numbers
At a closing date, an offer like £205,250 can edge out someone who stopped at £205,000.
Offer Calculator: How Much Will You Need to Put In?
For houses on the open market. Pop in the Home Report value, what you are thinking of offering and your deposit, and it will show you which of the three situations you are in.
| Price you pay | |
| Home Report valuation | |
| Lender bases your mortgage on | |
| Mortgage | |
| Money you need to put in |
Illustration only. Most lenders lend against the lower of the price and the valuation, but criteria vary and the lender's own valuation can come in different from the Home Report. Does not include solicitor fees, LBTT or moving costs.
Book a Chat →Buying in Scotland
How Houses Are Sold Here
The Scottish system works differently from England. This is what you will come across.
Offers Over
The most common way homes are sold here. In busy areas, expect to offer above the asking price.
Check My Budget →Fixed Price
The seller will usually accept the first offer at that price, so being ready to move counts.
Get My Mortgage in Principle →Closing Date
When several people are interested, the agent sets a deadline and everyone puts in one offer.
Talk Through My Offer →Note of Interest
Your solicitor registers your interest so you are told if a closing date is set. It is not an offer.
Ask a Question →New Builds
Usually a fixed price with incentives. Check what is included and arrange a survey.
Check My Budget →Missives
Letters between solicitors that make the deal legally binding. Have your mortgage offer sorted before they conclude.
Talk Through My Offer →Common Questions
Making an Offer in Scotland, Answered
The things buyers ask us before they put an offer in.
How much over the asking price should I offer?
It depends on the area, the property and how many people are interested. Look at what similar homes nearby sold for, and only offer what you can afford if it ends up going for more.
What is a Home Report?
A pack the seller has to provide in Scotland. It includes a valuation, a survey of the condition of the property and an energy report.
Will my lender lend on the price I offer?
Usually they lend against the lower of the price you pay and the valuation. If you pay over the Home Report value, the difference normally comes from your deposit.
What happens at a closing date?
Everyone interested submits one offer by a set time. The seller does not have to take the highest, and there is usually no second chance, so offer your real limit.
What is a note of interest?
Your solicitor tells the selling agent you are interested so you are kept in the loop if a closing date is set. It does not commit you to anything.
Should I get a mortgage in principle before I offer?
Yes. It shows you are serious and tells you what you can borrow, so you can offer with confidence.
What are missives?
Formal letters between the solicitors setting out the terms of the sale. Once they are concluded, the deal is legally binding.
How do I set my budget?
Add up your deposit, what you can borrow and the extra costs like LBTT, solicitor fees and moving. We will help you land on a figure that still leaves you breathing room.
Related guides
- How much can I borrow for a mortgage?
- The mortgage process step by step
- New build vs existing homes: are they worth the higher price?
- First time buyer mortgages in Lanarkshire
- Mortgage advice in Lanarkshire
Written by Tony Flynn, mortgage broker at Tony Flynn Mortgages, helping homebuyers across Lanarkshire and Scotland. This page is general information, not personal advice. Speak to Tony about your own circumstances.
Get in Touch
Book a Chat Before You Offer
Fill in the form and we will be in touch within one working day. If you have a house in mind, send us the link or the Home Report and we will help you work out your figure.