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Mortgage Application Process

While this is a very structured process, please be aware that there are things that can delay progress that are outside of our control (e.g. property not valuing to the levels expected, further proof of income required by lenders).

Buying a New Property

Borrowing check – amount, affordability, how much, deposit, fees and costs budgeted for, applied for credit file, seek a decision in principle
Offer accepted
Mortgage recommended and application sent
Mortgage underwritten – validation checks on property, income & expenditure. More information may be required as a result to satisfy lending requirements
Valuation instructed – mortgage or structural?
Mortgage offer obtained
Exchange of legal contracts – check that your required protection provisions are in place
Completion of legal contracts – funds drawn down from lender

Scottish buying process

Buying a property in Scotland is different to England and Wales, in the way you make and agree your offer, as well as gain entry to your new home.

Fixed price v offers over

There are two ways of buying a property – ‘fixed price’ (where the person selling the home dictates the exact price they are willing to accept) and ‘offers over’ (where the person selling receives offers over a given price).

Fixed price is effectively a ‘first to offer the price wins’ race. Offers over is more like ‘blind bidding’ as a deadline is usually set, offers made and the person selling the house can choose their preferred buyer (usually on price).

Concluding missives

This happens normally around two weeks after the offer has been accepted, and searches have been done. It is similar to ‘exchange’ in England and Wales, in that the contract is binding afterwards.

Date of entry (settlement)

Similar to ‘completion’ in England and Wales, this is when funds have been drawn down from the lender and keys to the new property are made available.

Get the keys!
Borrowing to Buy Download
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