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Thinking of buying a property?

  • It may feel like navigating a maze of purchase related paperwork and costs.
  • Our guide can help clarify the property buying process and its associated costs.
  • Our friendly team is here to help you through the whole process from start to finish.
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Buying a property

Our guide to buying a property

Buying a property can be a daunting prospect whether you’re buying your first home, upsizing/downsizing, moving to a new area or buying an investment property. Whatever the occasion, this guide will make the process and the associated costs a little bit clearer.

To make sure you can access all the property-related information you need, we’ve split our guide into easy-to-read sections. Each one contains information on how to take your first steps towards buying a property.

First Time Buyer

First time buyer

A handy guide to starting your property journey

Buying A Home

Buying a home

Useful information for those moving home

Remortgage

Remortgage

Learn about your remortgage options and the related costs

Buy To Let

Buy to Let

Everything you’d like to know about investment mortgages

Property buying process

Buying a new property involves a number of steps that must be taken before your new home is secured. This is a process that can be particularly tricky for first-time buyers. Our guide provides a clear summary of how to go about buying a property.

Preparations

Preparations

  • Review your mortgage options, so you know what you could get.
  • Look for the property you’d like to buy.
  • Appoint a solicitor, so they are ready to proceed once your offer is accepted.
When Your Offer Is Accepted

When your offer is accepted

  • Gather the necessary documents and apply for the mortgage directly or via a broker.
  • Pay for the valuation, if applicable, so the lender can arrange it. You may also wish to have a more detailed survey done. (The HomeReport is used by lenders in most cases instead of a valuation in Scotland.)
  • Pay for the search fees to the solicitor, so they can gather important information in relation to the property.
Getting To The End

Getting to the end

  • Once the lender has assessed the application and they are happy, they issue your mortgage offer.
  • When the solicitors are ready, you’ll “exchange contracts” and “complete” (Date of Entry in Scotland).
  • After completion, the solicitor will pay the Stamp Duty Land Tax (LBTT in Scotland) and the Land Registry (Land Register in Scotland) fee on your behalf.

Costs in relation to buying a property

The cost of buying a property involves more than the purchase price. Application fees, solicitor and broker fees are just some of the expenses you can expect to pay in addition to your new mortgage, which can make budgeting a little complicated. Here is an easy to navigate summary of the expenses, so you know what you pay and whom you pay it to.

Lender costs

  • Application fee
  • Arrangement fee
  • Valuation fee
  • Solicitor fee
  • Money transfer fee

Although these costs are typical for most lenders, your chosen deal may not have all of them.

Broker cost

  • Broker fee – dependent on the chosen broker company, it may be nothing, a fixed fee or a percentage of the mortgage amount

Solicitor costs

  • Search fees
  • Solicitor fee
  • Land Registry fee in England and Wales, Land Register fee in Scotland
  • Stamp Duty Land Tax (SDLT) in England and Wales, Lands and Buildings Transaction Tax (LBTT) in Scotland
  • Money transfer fee, disbursements, indemnity insurance and other third-party admin costs

The solicitor will act on your behalf when liaising with 3rd parties and therefore will collect the search fees, Land Registry fee, SDLT and other 3rd party fees from you before paying them to the appropriate organisations.

Mortgage Calculator Idea Icon

Our mortgage calculators are the perfect tools for those who are unsure how much they can afford to spend on a mortgage. The “How much can I borrow?” calculator, for example, allows you to figure out the approximate mortgage amount you can borrow, an important factor for any buyer. We also have a mortgage payment calculator to work out your monthly mortgage payments, there is a stamp duty calculator, and much more.

How Much Can I Borrow?
How much can I borrow?
Mortgage Payment Calculator
Mortgage payment calculator
Stamp Duty Calculator
Stamp duty calculator
Buy To Let Mortgage Calculator
Buy to Let mortgage calculator
Offset Mortgage Calculator
Offset mortgage calculator
Mortgage Overpayment Calculator
Mortgage overpayment calculator

Property buying schemes

There are many ways of buying a property and choosing the right option can be confusing. If you can’t put down a huge deposit and need a little help, you’ll find lots of property buying schemes.

Some property schemes cater for first time buyers with a small deposit. These are the Help to Buy, Shared Ownership, Rent to Buy and Starter Homes schemes.

Council tenants may be able to purchase their home by applying through the Right to Buy or Right to Acquire schemes.

Also, many lenders aim to help first time buyers by involving their family with equity secured on the parents’ house or with the parents or someone else being a guarantor. These require guarantor mortgage arrangements or a so-called “joint borrower – sole proprietor” solution.

Shared Ownership
Shared Ownership
Help To Buy
Help to Buy
Shared Equity
Shared Equity
Rent To Buy
Rent to Buy
Starter Homes
Starter Homes
Right To Buy
Right to Buy

How long does a mortgage application take?

Generally, it only takes a few weeks, whereas the legal process normally takes a few months. However, this is a classic case of “How long is a piece of string?”. The answer depends on a number of factors:

Gathering the relevant information and documents before submitting the mortgage application may take a weekend for some people, while others will need weeks for it.

Once a mortgage application is submitted, lenders may take a few days to review the case and come back with further questions or document requests at their discretion. They don’t always require additional things.

The ball is then back in the court of the applicant to supply the requested information or document.

As part of the mortgage assessment process, lenders carry out a valuation of the property. The timeline for this depends on how busy the valuers are and how quickly they can arrange property access with the seller. Valuers normally return their report to the lender within a day or two.

After the valuation report and all additionally requested information and documents are back with the lender, the underwriter can make a decision within a few days.

Once a case is approved, the lender may issue the mortgage offer immediately or it may take a few days, dependent on the lender’s procedures.

In other words, the buyer can significantly influence the time it takes to get a mortgage offer by providing all requested information and documents as soon as possible. Other aspects, like how busy the lender and the valuer are, will be outside your or the broker’s control.

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