Yes…we’ve said it. The C word. Christmas! In most circumstances, Monday the 3rd of October would be WAY to early to start talking about Christmas however when it comes to mortgages and property you can never be too early. Christmas is 83 days away or just under 12 weeks! With the average house purchase taking on average 6 to 12 weeks to complete, now is a great time to buy if you fancy a change of scenery this holiday season.
Why Move House This Christmas?
Tired of getting new socks and gift vouchers for X-mas because your family didn’t know what to get you? Treat yourself this year to a present that trumps all other presents, a new home! Perhaps your family is growing and that one bedroom flat isn’t enough room for the partner, the kids, the in-laws, the grandparents, the nieces and nephews, the pets, and the ginormous turkey that you’ve spent a fortune on. Or, perhaps you have always dreamed of a toasty roaring fireplace adorned with stockings and a big spacious living room for all your presents on Christmas morning. Whatever your reason is, the dream of a new home before December 25th could be a reality.
Despite people’s expectations, mortgage applications are still going through very quickly and as long as all the right stars align, so will your whole house purchase. By speaking to and arranging your mortgage through an experienced residential mortgage advisor who knows the process inside and out, you’ll be in your home putting up decorations before you know it.
How Long Does It Take To Buy A House?
Unfortunately there is no magic crystal ball that you can gaze into to see when your purchase will go through and there may be unexpected delays that crop up along the way. Either on your side of the purchase or on the seller’s side of the purchase, which you have no control over. But, generally, from start to finish, a property purchase will take between 6 to 12 weeks. If you are extremely lucky, your property purchase could go through even sooner than that and if you are unlucky, it could take a little longer than 12 weeks. That’s why we want new buyers hoping to move in before X-mas to start seriously considering beginning the process of purchasing right now.
Once your mortgage application has been completed and submitted by your advisor, depending on the complexity of the case, how well the application has been completed and packaged (your advisor’s responsibility), and the lender’s workload, your application will normally take anywhere from a couple of days to a couple of weeks to be approved. If your application is not completed properly and causes the lender to ask lots of questions or request more documents than they normally require, your application could be delayed.
However, if you use the right experienced mortgage advisor with a dedicated administration team, this shouldn’t be an issue. Unfortunately sometimes your chosen mortgage lender may be extremely busy with new mortgage enquiries and there might be a longer than usual wait time for your application to be assed. But don’t worry, this just means that the lender has a lot of people wanting to use their services and your application will be assessed when they get to you.
What Happens After The Mortgage Is Offered?
Once your mortgage has been assessed and offered by the lender, it is the solicitor’s responsibility to make sure all the legal paperwork for the purchase is completed and everyone who needs the money from the sale of the property receives it. Your solicitor will liaise with the seller’s solicitors to make sure ownership is all transferred above board, deposits are paid on time and so are mortgage funds.
If you have an inexperienced solicitor or there is a breakdown in communication between your solicitor and the seller’s solicitor then there could be delays. When all the legalities have been completed, and the mortgage offer is approved and in place your solicitor will arrange an exchange of contracts and a purchase completion.
When the purchase completes then you will be able to move into your new home ready for Christmas!
If having a new home by Christmas is something that appeals to you, there is still time to make that dream a reality. Give our advisors a call today to see how you can make the most of expert and experienced mortgage advice from Oportfolio. We are here to help. Merry Christmas…..Oh wait, too early!