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Our free and impartial information service aims to provide you with the answers that are important to you whether you are buying or selling property in Scotland.

 

Information on buying:  When should I get my mortgage approved?

 

Pretty much as soon as you think about buying your next property the first thing to do is to establish how best you can finance the purchase.  The most obvious choice being a mortgage - but what type? If you sort out your finances BEFORE you purchase it will make for a much less stressful time for all parties concerned.

Although initial approval for a mortgage may only take a matter of minutes - getting the paper shuffled between Banks/Solicitors/ IFA's etc can seem daunting and minor glitches can sometimes cause a week or two's delay - which, if left un-noticed until a week before your entry date, isn't a good thing!

If you are buying a property it is likely that your solicitor will advise you not to conclude missives on the transaction until your finance is firmly in place.  WHY? well, until the missives are concluded, you are not likely to be liable for withdrawing from the transaction.  However, I am sure you can imagine that for a seller, when this happens it is extremely stressful and costly - especially if they have purchased their next home.  In one foul swoop, with your finances not being in place it is quite possible that a chain of several transactions will fail and will cost the individuals involved hundreds, perhaps even thousands of pounds to sort out their bridging requirements.

So please, get your borrowings approved and in place BEFORE you submit an offer for a property. Look through our mortgage comparison guide to help you. It's very informative and easy to follow:

                  Information on buying your next home

 

                                                           

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