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Buying process in Scotland
AceCobra1
Posts: 620 Forumite
Hi guys, looking to buy my first property. I went to my bank the other day but didn't get a chance to speak to the mortgage bank adviser as I was only "enquiring" at the moment. Anyway, they put me to speak to this guy who isn't a mortgage adviser and I am not sure if he knows what he is talking about.
Basically, the first thing he told me is that the in Scotland, we do not do agreement in principle?
Then he mentioned the buying process is as follows.
Get a solicitor first, find a house, make an offer, then go back to the bank to apply for a mortgage?? I would have thought that the bank would need to give you an agreement in principle before I even go out to look at properties? I mean there is no point for me to go looking for properties if the bank isn't going to lend me the value of the flat?
Finally, how long roughly does the process from applying a mortgage to actually getting the keys to the property take? About 6 - 8 weeks?
Basically, the first thing he told me is that the in Scotland, we do not do agreement in principle?
Then he mentioned the buying process is as follows.
Get a solicitor first, find a house, make an offer, then go back to the bank to apply for a mortgage?? I would have thought that the bank would need to give you an agreement in principle before I even go out to look at properties? I mean there is no point for me to go looking for properties if the bank isn't going to lend me the value of the flat?
Finally, how long roughly does the process from applying a mortgage to actually getting the keys to the property take? About 6 - 8 weeks?
0
Comments
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You need an idea of how much you will be able to borrow so you can work out your budget. Find an independent mortgage broker either through a recommendation or https://www.unbiased.co.uk
You will need a solicitor if you are going to be putting in offers and notes of interest. If you have a good idea who your mortgage will be with then you could select a solicitor from their panel of lenders to help keep costs down.
MAS have produced this money timeline for buying property in Scotland, perhaps whoever you spoke with at the bank should read it!
https://www.moneyadviceservice.org.uk/en/articles/cost-timeline-for-buying-a-property-in-scotland0 -
Banks will give you a letter stating how much they'll loan you, subject to a full financial check. You can even get this online. You generally don't need a mortgage offer value to make an offer either.
I would suggest the process is:
Get an outline mortgage loan amount.
View houses.
If you want to make an offer, ask the estate agent if there is other interest and if there is a closing date.
Call a conveyancer, agree to hire one and give them the property details to either make an offer or note of interest for you.
If the offer is accepted, then book a mortgage application meeting/phone call.
Hand everything else over to your conveyancer.0
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