Buying a Home in Exeter: What Does the Process Involve?

Whether you’re buying your first home in Exeter, or moving to your next one, it’s an exciting milestone! But with mortgages, solicitors, surveys and contracts to consider, it can be difficult to know exactly what happens and when.

So, what does the home-buying process look like, and how long does it take?

How long does it take to buy a home?

According to GOV.UK, buying a home takes around five months on average, although the timescale can vary depending on your circumstances. If you’re part of a chain, for example, the process can take longer.

For buyers in Exeter and across Devon, understanding the stages involved can help you plan ahead and know what to expect.

1. Work out your budget

Before you start viewing properties, it’s useful to understand how much you could potentially borrow and what your monthly mortgage payments might look like.

A mortgage broker can help you explore your mortgage options and understand how different lenders may assess your circumstances. This can be particularly useful for first-time buyers, as well as home movers whose financial circumstances may have changed since their last mortgage.

Remember to consider other costs of buying a home too, including your deposit, legal fees, surveys, mortgage fees and any Stamp Duty that may apply.

2. Find your new home

Once you have an idea of your budget, the exciting part begins: finding a property.

Whether you’re looking for your first home in Exeter, moving to a larger property for a growing family or downsizing, having a clear idea of what you can afford can help you focus your search.

When you find the right property, you can make an offer through the estate agent.

3. Get your mortgage application underway

Once your offer has been accepted, you can progress with your full mortgage application.

Your lender will assess your application and arrange a valuation of the property. At the same time, your solicitor or conveyancer will begin the legal work, including property searches and enquiries.

This is where having the right professionals around you can make the process much easier to manage.

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4. Exchange contracts and complete

Once the legal work and mortgage arrangements are in place, you’ll reach two important milestones, exchange and completion.

Exchange of contracts makes the purchase legally binding. Completion is the day the money is transferred, ownership changes hands and you get the keys to your new home.

For many buyers, this is the moment the months of planning finally become a reality.

Planning your move?

Whether you’re a first-time buyer or an existing homeowner looking to move, getting your mortgage options explored early can help you feel prepared when the right property comes along.

If you’re looking for mortgage advice in Exeter, a whole-of-market mortgage broker like Exe Mortgages can help you understand the options available based on your individual circumstances.

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