In this brief guide, we are going to answer the question “ how long after valuation to mortgage offer at Bank of Scotland”.
How long after valuation to mortgage offer at Bank of Scotland?
With Bank of Scotland it can take as little as 72 hours from when your mortgage valuation was carried out to when you receive a mortgage offer. This is, however, dependent on the outcome of your mortgage valuation.
If the mortgage valuation carried out by Bank of Scotland had issues that need further clarification or checking, then this could increase how long it could take for you to get a mortgage offer, from when the mortgage valuation was done.
A mortgage valuation will usually be carried out within 2 weeks from when it was ordered by Bank of Scotland and Bank of Scotland will usually receive the results of the mortgage valuation within 5 days but in most cases within 48 hours if it was an in-person valuation.
Use a mortgage broker for your mortgage in principle
You may want to use an independent mortgage broker to help you get a mortgage on your new home.
Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.
This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.
A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.
After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle.
This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application.
Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.
This will come with a key facts illustration document that details out the features of your mortgage including how much you will pay per month.
It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.
If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.
Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.
They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer, and set a completion date with the seller or their conveyancer.
In this brief guide, we answered the question “ how long after valuation to mortgage offer with Bank of Scotland”.
If you have any questions or comments please let us know.