Page 24 - November 2023

EXPERT ADVICE AREA SPOTLIGHT

How long does the house-buying
process take? Property hotspots

David Lauder, independent mortgage adviser with ESPC Mortgages,
talks us through the process and timelines of a property purchase.

question often asked by clients is: how The mortgage application in the Borders
long does the whole process of buying From making the application to getting
A a house take? The short answer is that your mortgage accepted, the time can vary
no case is the same, but this is the ideal order depending on your chosen lender, and how
of events. well-prepared you are. It can take two to three Jedburgh
weeks, however, at ESPC Mortgages, we pride
Speak to a mortgage adviser ourselves on aiming closer to one to two weeks,
if circumstances allow.
This is when you discuss your circumstances,
your income, debt commitments and deposit
size. Your mortgage adviser will then advise The conveyancing process
on potential options to consider and apply for Factoring in the time to get the mortgage
a decision in principle with your chosen lender. approved, alongside the conveyancing side
that your solicitor will take care of, the ideal
timescale – from a verbal offer acceptance to
Get a decision in principle actually receiving the keys – is typically six to
This can typically be done within less eight weeks. However, it’s possible to do this
than a week of gathering all your personal sooner should circumstances require, but each
information. The decision in principle can last case is down to individual factors. Dreaming of a new home in the tranquil Scottish Borders? Here are the most
for up to 90 days, depending on the chosen
lender. popular areas in the region for buying and selling so far in 2023.
The importance of an independent mortgage
adviser can be crucial for these turnaround
Start making offers and apply for periods, due to the relationships they have with Kelso Galashiels
your mortgage the mortgage lenders and also the knowledge The most popular place in the Borders The former textile town of Galashiels has a rich
Once you have appointed a solicitor, you can and understanding of what the most suitable to call home, Kelso, is a busy market town history, with everything from Iron Age forts to tweed
start offering on properties, based on the budget solution for each client will be. They will also and agricultural centre in the lower Tweed factories charting its past. This picturesque town is still
agreed with your mortgage adviser. When an be able to guide you on all the documents you Valley. Known for its elegant main square, home to Heriot-Watt University’s School of Textiles
offer is accepted, your mortgage adviser will need to prepare in advance which means you surrounded by Georgian architecture, Kelso and Design, and it boasts excellent rail access north
arrange a meeting where you complete a full are well prepared, allowing the process to be as is also filled with independent shops, bars, to Edinburgh and south to Tweedbank, thanks to
mortgage application. smooth as possible.
cafes and restaurants, and boasts a very the reintroduction of the Borders Railway. Galashiels
strong community spirit. is a great place for family living, with museums, golf
courses, a cinema, cycle routes, parks, gardens and
The initial consultation with an ESPC Mortgages adviser is free responsibility is accepted for any errors which, despite our If you’d like to own a home in Kelso, you independent cafes, shops and restaurants too.
and without obligation. Thereafter, ESPC Mortgages charges for precautions, it may contain. could expect to pay £224,126 on average,
mortgage advice are usually £395 (£345 for first-time buyers).
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP The Financial Ombudsman Service is available to sort out individual and bid around 103% of the Home Report A home in Galashiels costs £159,108 on average,
REPAYMENTS ON A MORTGAGE OR OTHER LOANS SECURED complaints that clients and financial services businesses aren’t valuation to secure it. Properties in this and is on the market for 27 days before going
AGAINST IT. able to resolve themselves. To contact the Financial Ombudsman popular town take a median time of 16 days under offer. Buyers can bag a bargain here, as the
Service, please visit www.financial-ombudsman.org.uk.
The information contained within this article is subject to the to go under offer (five days quicker than the average amount of Home Report valuation paid sits
UK regulatory regime and therefore restricted to consumers ESPC (UK) Ltd is an Appointed Representative of Lyncombe overall figure for the Borders). at 99.3%.
based in the UK. It has been provided in good faith. Whilst every Consultants Ltd which is authorised and regulated by the Financial
care has been taken in the preparation of the information, no Conduct Authority.
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