Securing a mortgage and buying a house: timing?

efunc

Hi all, I would be very grateful if one of you could chime in with some basic advice. I'm considering buying my first home but my money is currently in several savings accounts. I have some of it it in a 90 day notice account earning 5% interest.

My question is, at what point do I have to physically have the money in my hands in the whole process of applying for a mortgage or looking for a house. Given that 3 months is a long time to wait for the money to be released is there any point in me even looking at properties? If I do, and I find somewhere I like, how long do I have before I actually need to produce my deposit? I have £140k in instant access accounts, and only £40k in the 90 day notice account, but I'll probably need it all for the final purchase.

Have I just answered my own question? Any advice welcome. Thanks!

Thrugelmir

Offer a £1,000 less for the property. That'll cover any loss of interest.

amnblog

you need to have all funds with your solicitor a few days before you complete your purchase.

efunc

amnblog wrote: »

you need to have all funds with your solicitor a few days before you complete your purchase.

thanks for that. So for someone (like me!) who isn't familiar with the whole process, how long, or soon, could that be after actually having an offer on a house being accepted? ie, if I notify my building society that I want to withdraw the money tomorrow I won't actually get it in my hands until mid January. When, do you think, would it be safe to confidently make an offer on a property?

Yorkie1

It often takes about 12 weeks from offer to completion, and you need to bear in mind you'll lose a couple of weeks over Christmas.

I'd have thought you'd be OK to start putting offers in in the next week or so.

efunc

very helpful, thanks.