How Long Does it Take to Buy Your First House or Flat?
02 June 2021
David Lauder, an Independent Mortgage Adviser tells us how long different stages of buying your first home or flat takes in Scotland.
In terms of length of time, no case is the same when purchasing a house or flat. Also, due to the impact the Covid-19 Pandemic has had on the property market, timescales are not exact and may take longer than usual.
Agreement in Principle
Once you have decided you would definitely like to buy a house or flat, the first step should be speaking to a mortgage adviser. They will be able to discuss your circumstances and eligibility for a mortgage. They will take into account your income, debt commitments, deposit size, among other factors.
After giving your mortgage adviser this information, they will advise you about different potential options, types of mortgage and repayments you may consider. After you have agreed, they will then transfer this information onto a chosen mortgage lender to apply for an agreement in principle.
This can typically be done within a week of collecting your personal details. An agreement in principle can last from anything up to 90 days, depending on your chosen mortgage lender.
Making an Offer
After receiving your agreement in principle, and have a nominated solicitor you have everything you require to make an offer on your preferred properties. This will be based on the agreed budget with your mortgage adviser.
Once you have an offer accepted, contact your mortgage adviser, they will gather the purchase details, advise you about documents to prepare, and take you to a meeting to apply for the full mortgage.
The period of time taken from this application to an official mortgage offer being accepted can vary. It can take up to three weeks, all being well, to get your mortgage approved officially.
Getting the House Keys
Taking into account the length of time it takes to get the mortgage approved, along with the fact your chosen solicitor will still need to take care of the legal side of things, the realistic timescale from a verbal offer acceptance to actually receiving the house keys is typically five to 6 weeks.
However, it could be sooner, should circumstances require, but each case is different and based on individual circumstances and factors.
Independent Mortgage Advisers
Using an independent mortgage adviser can be of great benefit for these turnaround times due to the relationships they have developed with mortgage lenders, as well as having knowledge and understanding of the best possible solution for their clients.