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.

2021

2020

Tayside housing market back with a bang 2020-12-10 Digital Guide 2020-05-27

2019

The property market across Scotland - Quarter Two 2019 by SPC Scotland 2019-10-16 LORD PROVOST OPENS NEW-LOOK CENTRE 2019-09-17 The Dundee property market 2019-06-24 A 427 MILLION BOOST FOR THE HOMES MARKET 2019-01-21

2018

Budget Proposals to the ADS Rate 2018-12-18 BUYING OR SELLING GET THE FACTS 2018-08-24 BUYING INTO LIFE ON THE WATERFRONT 2018-08-23 As moving day looms dont panic just prep 2018-05-17 THE BEST OF BOTH WORLDS FOR HOMEBUYERS 2018-04-03 HOME COMFORTS FEND OFF BEAST FROM THE EAST 2018-03-07 V&A DATE MILESTONE FOR THE WATERFRONT 2018-03-02 FLAT SALES EDGE TOWARDS £100 MILLION 2018-01-23 PROPERTY SALES PUSH TOWARDS THE £440 MILLION MARK 2018-01-08

2017

FESTIVE GREETINGS FROM ALL AT THE TSPC 2017-12-19 PUTTING DUNDEE ON THE MAP 2017-11-15 TIME TO BRING YOUR HOME TO THE MARKET 2017-11-01 AUTUMN IS A GOOD SEASON FOR SELLING 2017-10-17 HIGH PROFILE OPTION FOR TOP PROPERTIES 2017-10-09 MARKETING YOUR PROPERTY TO THE MAX 2017-08-21 DO YOU LIKE TO BE BESIDE THE SEA? 2017-06-15 TIME LOOMING FOR A RE-MORTGAGE 2017-06-09 HAS THERE BEEN A BETTER TIME FOR A HOUSE SALE 2017-05-26 TIME TO PUT YOUR FLAT ON THE MARKET 2017-05-04

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