How Long Does it Take to Buy a House

How Long Does it Take to Buy A House

Mortgage Chain

First Time Buyer Mortgages

Alex Kerr: Mortgage Broker for First Time Buyers

Mortgage Chain specialise in First Time Buyer Mortgages and have successfully helped many first time buyers onto the property ladder, for the first time.

Today we look at: How long does it take to buy a house ?

 

How Long Does it Take to Buy a House ?

Are you looking to buy your first home,  but are wondering how long the process takes ?

In this post I discuss the time scales of each step of buying your first home.

Mortgage Application

When submitting your mortgage application, your documents go into the lender, and a valuation is instructed.

This process is straight forwards and the aim from this point is to obtain a mortgage offer.

Mortgage Offer

How long is a mortgage offer going to take ? Generally you, should be getting a mortgage offer within two to three weeks from the day of submitting your mortgage application.

This can vary dependant on the lender, typically the High Street lenders do tend to be quicker but if you’re using a building society or a secondary lender, they may be a bit slower as sometimes they require paper based applications in where you may need to add on another couple of weeks onto that process.

Once your mortgage applications has gone in to the lender,  you want to instruct your solicitor to conduct the searches.

The Solicitor Process

A solicitor will typically ask for around 300 pounds upfront to start the process and carry out “searches”.

The time scales for the solicitor process can vary dependant on the area and the type of property you’re buying.

I would allow a couple of months for the whole process to be safe.

The Whole Process

So your mortgage application is in, your solicitor is instructed and the searches are underway. We have the mortgage offer in our hands.

The next step is to exchange contracts. This is where you sign contracts and everything becomes legal and binding.

At this point, we are now around 6 to 8 weeks down the line from the day the mortgage application was submitted. Once you’ve exchanged contracts there is normally 7 to 14 days in between exchange and completing, where you are handed your new keys!

Time scales for the whole process can vary, but the average transaction time is between two and three months. I would allow yourself three months and anything quicker is a bonus.

Todays Question: Are you thinking of buying your first home ? LMK!

 

Alex Kerr
Mortgage Broker for First Time Buyers

 

If you would like to speak to a Mortgage Broker for First Time Buyers please get in touch or comment below, or if you prefer book a free, no obligation Analysis Call below.

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Speak soon

Alex Kerr
Mortgage Broker for First Time Buyers

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