馃攳
How Long Does It Take to Buy a House UK // First Time Buyer Secrets - YouTube
Channel: alexkerrmortgage
[0]
Are you looking to buy your first home
but wondering how long the process
[3]
takes in this video i discuss the time
scales
[6]
of each step to buying your first home
let's get to it what's up guys my name
[16]
is Alex Kerr I'm a qualified mortgage
advisor and on this channel we provide
[20]
the best tools and tips to first time
buyers
[22]
if we're meeting for the first time
please consider subscribing
[26]
let's get into the video what we're
going to look at today is we're going to
[29]
look at the time it takes from the
moment you put your mortgage application
[32]
in
to the moment you get the keys to your
[35]
property before the mortgage application
goes in there are a couple of things
[38]
that you need to do
have a chat with a mortgage advisor find
[41]
out your affordability
get your documents checked out get a
[45]
mortgage quote
if the figures work for you get an
[48]
agreement in principle once you've
established the property you want to buy
[51]
and then obviously submit the mortgage
application
[57]
the mortgage application goes in your
documents go in
[60]
such as your id address bank statements
pay slips
[64]
proof of deposit and it goes to the
lender writing mortgage offer
[68]
the mortgage lender is going to
undertake underwriting of your process
[72]
where they check all your documents your
application make sure everything you
[75]
told them
in the early stages as long as all the
[78]
documents are okay
and your valuation is okay you will
[82]
receive a mortgage offer the mortgage is
subject
[84]
to the valuation the valuation the
property
[88]
is the security to what the lender lends
the money on so mortgage application in
[92]
documents checked which is called
underwriting valuation instructed
[97]
now normally a lot of lenders will
instruct the valuation straight away as
[101]
soon as the application's gone in or
after a few days once they've had a few
[104]
documents
other lenders sometimes they work the
[107]
other way around they instruct the
valuation
[110]
last so they do that last now normally
you'll find that estate agents or your
[114]
seller want to see a valuation
quite quickly so they feel they know
[118]
that the mortgage application is
progressing if you're with a lender that
[121]
does the survey or valuation last it's
important to
[125]
let your sellers or agent know that
there is an option where you can
[129]
force the valuation where you confirm to
the lender that
[132]
you're aware that the valuation will be
non-refundable
[135]
if you get the valuation forced and
instructed
[138]
early on that's only if it's a lender
that instructs the valuation towards the
[142]
end so how long is this going to take
[146]
generally you should be getting a
mortgage offer within two to three weeks
[150]
from the day
of submitting your mortgage application
[153]
now that can vary dependent on lenders
typically the high street lenders do
[157]
tend to be quite quick if you're using a
building society or a secondary lender
[161]
they may be a bit slower they may be
paper based and then you may need to add
[164]
on another couple of weeks onto that
process
[166]
now once your mortgage application has
gone in you want to instruct
[170]
your solicitor to conduct the searches
early on they will typically ask for
[175]
around 300 pounds up front to do this
what I advise my clients is submit the
[179]
mortgage application wait a couple of
days until you know it's submitted and
[182]
the ball is rolling everything looks
okay
[185]
then pay your solicitor you don't want
to leave it a matter of weeks down the
[188]
line to pay your solicitor for the
searches because that could slow the
[191]
whole process down
solicitor work can vary dependent on the
[195]
area the property you're buying I'd
allow a couple of months for the whole
[198]
process
so your mortgage application's in your
[201]
solicitor is instructed and the searches
are underway and we've got the mortgage
[205]
offer in our hands
a copy sent to yourselves your advisor
[209]
your mortgage advisor
and the solicitor once your solicitors
[213]
in receipt of the mortgage offer
the searches are back any questions
[217]
raised during the process are answered
the next step is to exchange contracts
[221]
this is where you sign contracts
and everything becomes legal and binding
[226]
once you've exchanged we're now six to
eight weeks down the line from the day
[229]
the mortgage application was submitted
once you've exchanged contracts there's
[233]
normally
seven to fourteen days in between
[235]
exchanging completing where you're
handed your keys
[238]
majority of the time this is seven days
it can sometimes happen simultaneously
[242]
exchange and complete at the same time
if everyone's in a rush
[245]
but lenders do normally require around a
week to send your solice to the funds
[250]
from the moment you've exchanged so
that's it you go to your estate agents
[253]
or the seller pick up your keys
and the solicitor will confirm on that
[256]
day when you've completed and the
property
[258]
is yours you move in i would allow
around
[262]
three months for the whole process from
the day you submit your mortgage
[266]
application to the day you pick up your
keys
[269]
i have known it happen in four to six
weeks i've also known it to happen in
[273]
six to 12 months
majority of the time it's to do with the
[276]
solicitor searches
what will they throw up will you get any
[280]
issues along the way
hopefully not majority of time the
[284]
transaction time is between two and
three months
[286]
so allow yourself three months anything
quick as a bonus
[289]
today's question are you thinking about
buying your first home let me know in
[292]
the comments
so how do you get in touch with us to
[294]
have a chat about your mortgage options
we've left a link to our calendar in the
[298]
comments below
you've got two options now you can
[301]
choose an analysis call or a priority
call if you're at the very
[304]
very early stages you just want to know
your options choose analysis call
[309]
if time is not of the essence however if
time is more pressing you want to get
[313]
out
look for properties or you're already
[315]
looking for properties or maybe you've
even got an offer accepted on a property
[319]
choose priority call and that will get
you in our diary within a matter of days
[323]
if you find that priority calls are
quite booked up don't worry we will be
[327]
in touch
to try and get you in earlier if that's
[329]
what you want there are some questions
you ask when you're booking the
[332]
appointment
if you want to be seen earlier if it's a
[334]
possibility just say yes to that and
we'll be in touch
[337]
please remember if you're at the early
stages and you want to start looking for
[340]
properties soon get your documents
checked and get your credit
[343]
file checked you don't know if there's
any errors on there it could slow you
[347]
down
use check my file we've put the link in
[349]
the description they will provide you
with three credit reports on one
[353]
experian equifax and transunion they're
the three credit file agencies that the
[357]
lenders will use
to assess your application and check my
[362]
file provide all three reports on one
file it's much simpler rather than
[366]
getting an equifax or an experian one
you've got it all there please note we
[370]
are obliged to tell you that your home
may be repossessed if you do not keep up
[375]
repayments
on your mortgage
[382]
so thanks for checking out today's video
please do check out the show notes for a
[385]
recap on today's content
if you're new to the channel consider
[388]
subscribing or ringing the bell until
next time have a beautiful day
[391]
we'll see you in the next video
Most Recent Videos:
You can go back to the homepage right here: Homepage