Mortgage application process and timeline

The mortgage process can typically take between 2 and 4 weeks*. Factors, including your request, how busy the lender is, and how quickly you respond to requests, can all affect how long the process can take.

Buying a home can take around 6 months from start to finish, but this can vary**. Below sets out what a rough timeline would look like for buying a home.

An Agreement in Principle (AIP), also known as a Decision in Principle, gives you an idea of how much you could borrow for your home.

You can typically get one on the day you apply.

If you apply for an AIP with first direct, we may be able to provide this over the phone once we have discussed your income and expenditure.

Ideally, do this before starting your property search, so you know you’re looking at properties you can afford.

Days, weeks, months – the time it takes to find a home can vary.

Take your time. Deciding where to live is an important step you want to get right. Research the area, the schools, and the local amenities to find a place that’s right for you and your budget.

When you’ve found the one, the next step in England, Northern Ireland, and Wales is to make an offer, which you typically do through the estate agent. The agent should let you know when you can expect to hear back.

In Scotland, you instruct a solicitor who will help you prepare a bid for the property. You can become legally committed to buying the property when your bid is accepted, so make sure you have an AIP and are ready to proceed with a mortgage application.

When your offer has been formally accepted, you can apply for your AIP to be turned into a potential mortgage offer.

It can take a couple of weeks to get your mortgage offer through. In some cases, it can take longer. The process includes a detailed check of your finances, and the lender will do a mortgage valuation of the property you want to buy.

Help speed up the process by having all the relevant documents ready.

You need a solicitor or licensed conveyancer to handle the legal aspects of the property purchase.

The conveyancing process can take around 6 weeks – if there are no issues or hold-ups. But it could take a few months, particularly if you end up in a ‘chain’.

A property chain is when there are a number of transactions that need to happen at the same time. For example, if you buy a home from someone, and they’re buying from someone else – it can create a chain of buyers and sellers that need to move like synchronised swimmers.

To spot any potential problems, you might want to get a property survey done. A survey is not the same as a mortgage valuation (that only the lender uses).

The survey should only take a few hours, and most surveyors will produce and send you a report within a couple of weeks.

In Scotland, sellers must provide a Home Report containing an energy performance certificate, a property questionnaire, and a survey. Once it has been checked by you (or your solicitor), you can decide whether to make a bid.

If your bid is accepted, contract details will be worked out. Your solicitor or licensed conveyancer will exchange letters (known as ‘conclusion of missives’) with the seller’s solicitor. Once done, the deal is legally binding.

In England, Wales, and Northern Ireland, this isn’t the case until contracts are exchanged.

Once you’ve got your mortgage offer and your solicitor or licensed conveyancer is happy with the results of searches, their enquiries of the seller, and the legal title to the property, you’re ready to exchange contracts. Please note – the process is different in Scotland.

Everyone in the chain (if you’re in one) needs to be ready too. If not, there may be a delay.

Your solicitor or licensed conveyancer will exchange contracts with the seller’s conveyancer. You’ll also need to pay the deposit for the house.

From the moment the contracts are exchanged, the agreement is legally binding. You’ll need buildings insurance in place at this point.

As part of exchanging contracts, a completion date will be agreed between you and the seller. Completion dates are often 2 weeks after the exchange, but it could be as little as 1 day. There may, however, be hold-ups if you're in a chain.

On the day of completion, you should be able to pick up the keys to your new home. Maybe do a little dance to celebrate.

Think carefully before securing other debts against your home. Your home may be repossessed if you don't keep up repayments on your mortgage.