Time line for buying a house

willywee1234

Hello i was wondering if someone could give me a simple timeline from putting an offer in to completion.

When i put an offer in for a house, I then have to wait for my mortgage company to accept me and say they are happy to lend. What money do i have to part with before/during this. 

Im just a bit new to this and need some help

Thanks

tigsly

Have you put your figures in online to see a rough idea of what they will lend you - an Agreement In Principle (AIP).

Madders99

My experience is for a new build but this is what we had to do. 

We found the house and offered full price along with P/X for our house which was accepted. 

We then went to our broker to say we had made an offer and instructed them to find us a suitable mortgage. After taking a record of suitability from us they confirmed we could afford the house. They then went to work. Due to Covid and my variable income, we found it difficult for a mainstream lender to accept us and so we went with a more niche company. 

They applied for an Agreement in Principle which we received confirming that ‘in principle’ and based on the information we provided, they would be willing to consider us. 

The day after we applied for the full mortgage and provided all our supporting documents. P60’s, 3 months wage slips, ID etc. 

The day after full application we got notification of a hard search done on us and We paid £500 for the valuation. 5 days later a list of 8 requests arrived with the broker. Most of which they could answer on our behalf, the others we just had to show info. The main thing was that they wanted proof of deposit and where it was coming from as well as 3 months mortgage payments already in our account. Within 3/4 days this was marked as ‘approved’. 

A week after this we were told they would be instructing valuation. It took about 10 days for the valuation to be completed and we received the offer the day after. 

Thrugelmir

willywee1234 said:

Hello i was wondering if someone could give me a simple timeline from putting an offer in to completion.

If all goes well expect a time frame of 8-12 weeks.  Alternatively answer the question how long is a piece of string?  So many variables. Who else is in the chain above you and what's their position?