Moving house - when to apply for mortgage

Stufrog

Cornucopia wrote: »

Amended timeline as follows:-

- (Now - 4-10 weeks) - market your existing home, and get an idea of how the figures (sale price - o/s mortgage) will work with respect to your intended new purchase.

- Now - Get agreement in principle for the new mortgage for your anticipated new home. (In the case of a home move, you may want to do this earlier to firm-up the figures and make sure the transaction works financially).

- Next 2 weeks - Find your new home

- Then - Complete the Mortgage Application to get the funds approved against the property concerned.

- 3-4 weeks from now - Survey

- 5-6 weeks from now - Exchange of Contracts - entire transaction is now committed.

- 6-8 weeks from now - Legal completion, moving day. Old mortgage is redeemed and ERC is payable.

These are aggressive dates, and various factors can cause the process to go much more slowly than this. In a good market, you can leave marketing your own property a little later in the process.

We sold our old house and rented for a few years. We're chain free and our broker has said we'll be in the house in 6-8 weeks. If you secure you're mortgage, know which property you want to buy, and yours is up for sale competitively, you'll be in your new home before christmas, in most cases anyway. THE ABOVE TIMELINE is a very rough estimate.