1. Decide how much you can afford - Apply now
You can find out how much you can borrow by using one of our mortgage calculators or you can call us on 0800 007 5786 and talk to one of our brokers.
Once you know what you can spend, you can start thinking about finding a property.
2. Check out your mortgage options - Apply now
There are various types of mortgage and repayment methods available. Make an appointment with one of our brokers to explore your options or phone us on 0800 007 5786.
3. Make an offer - Apply now
You need to complete a mortgage application and obtain a valuation or survey report before making an offer on a property in Scotland because you are committed to a binding contract as soon as your offer is accepted.
Offers are normally made in writing by a solicitor or licensed conveyancer acting on your behalf - so you will need to appoint one before, or as soon as, you find a house you wish to buy.
4. Appoint a solicitor or licensed conveyancer - Apply now
If you haven't already got a solicitor or licensed conveyancer, we can help you find one .They'll make sure everything is done efficiently for you. Speak to one of our brokers for more information on this service. If you appoint a different solicitor don't forget to ask for a breakdown of proposed costs.
5. Your offer is accepted - Apply now
If your offer is accepted, the home you want to buy is said to be 'sold subject to contract'. You may be asked to pay a small deposit as a gesture of good faith but at this stage the agreement is not legally binding.
6. Sort out your mortgage - Apply now
Once your offer has been accepted, you need to let us know and, if you
haven’t done it yet we will work with you to find a suitable mortgage and to
complete your mortgage application.
7. Property survey and valuation - Apply now
A 'Valuation for Mortgage Purposes' will be carried out by your mortgage lender. You may also want to have a more detailed Home buyer survey carried out for your own peace of mind, especially if the property is old or run down.
8. Exchange of contracts - Apply now
When your solicitor or licensed conveyancer has completed all the necessary checks you'll be asked to sign a contract legally committing you to the purchase. At this stage you'll also pay a deposit and agree a completion date. The deposit is usually a minimum of 5% of your property's purchase price. You will have between 2 and 4 weeks before you can move in so now is the time to tell friends and colleagues, arrange insurance and inform the various authorities (water, gas, telephone, etc). 9. Payment of the loan cheque - Apply now
Your solicitor or licensed conveyancer will obtain the loan cheque or telegraphic transfer in time to pay the seller. It's at this point that you pay your solicitor or licensed conveyancer for the work done and for such things as Stamp Duty a and Land Registry Fee b. You should ensure that you have buildings insurance in place for the date of completion.
10.Completion - Apply now
At last the day arrives when you become the owner of your new home. Your solicitor or licensed conveyancer will complete the purchase, you collect the keys - and move in.
a. Stamp duty is payable on all properties purchased for more than £120,000. Please ask your solicitor or licensed conveyancer for details.
b. The Land Registry Fee covers the cost of recording the change of property ownership at the Land Registry (or the Registers of Scotland). These costs vary according to the price of the property. |
