Next Steps | Mortgage Application

What to expect

The following outlines the next steps when buying a property

Step 1. Start your application

You can either give us a call or apply online using our find the mortgage for you tool. If you apply online you’ll need to fill in some details, then we’ll call you back. If you apply on the phone we’ll get this information there and then and should be able to give you an Agreement in Principle straightaway.

Step 2. Agreement in Principle

We’ll run through an eligibility and affordability assessment with you during our first phone call. We should then be able to give you an Agreement in Principle (AIP) instantly.

The AIP process considers your income and outgoings, so have these details to hand. And make sure you’re somewhere you feel comfortable sharing this information over the phone. It could include:

income
credit, store or charge card balances
loans (both sole and joint applicants)
car leases
pensions
school fees
childcare
divorce settlement payments

We’ll tell you which documents you need to send us to support your application

Step 3. Agreeing your rate

After we’ve received the documents, UWS (underwriting service) will send a text to you once the documents have been assessed. You can either call us or you can book an appointment via the link sent in the text message.

They’ll review your mortgage details and secure your rate. With some mortgages you may need to pay a booking fee to do this. These are non-refundable but you can transfer booking fees to a new deal if needed.

Step 4. Property valuation

We’ll arrange for an online or standard valuation to be carried out. We use this to confirm the property is suitable as security but it may be worth you considering having a more in depth one, for example a Homebuyers Report or Building Survey for extra peace of mind.

The valuation company will contact the seller to arrange a suitable time for the valuation. It’s normally done within two weeks.

Step 5. Your mortgage documents

Step 6: The legal bits

You’ll need to get a solicitor or licensed conveyancer to help with all your legal stuff.

When we give you your Mortgage Offer, your legal team will get in touch to ask you for any extra information they need. They’ll then deal with the legal side of your sale, including researching the property and dealing with the seller’s legal team on your behalf.

This usually takes between two and six weeks, but in some cases it can be longer.

When you and your solicitor are both happy to proceed, you’ll sign contracts and the solicitors will exchange them. The deposit your solicitor holds for you will be transferred to the seller’s solicitor, ready for completion.

If you’d like an update, it’s always best to contact your solicitor or licensed conveyancer, as we’ll also be waiting to hear from them in order to complete your mortgage application.

Step 7. Your mortgage completion date

Step 8. Pick up the keys

Before you apply

Useful documents

Get in touch

Are you in the market for a new mortgage? Do you have a question about your recent application? Or perhaps you’re ready to pay off your mortgage? Whatever your query, we can help you find the right team who can answer it.

Next steps: Buying a property