One of the daunting things about purchasing property in the UK is the mortgage process. However, understanding the mortgage application timeline and knowing what is required will help manage your expectations and relieve stress as you look forward to buying a property.

Let’s find out more about the mortgage application process…

1. Initial research and preparation

Your first step is to talk to a mortgage advisor. They will help you gather documents, assess your financial situation and check your credit score to see what you might afford to borrow. They can then help you choose the mortgage product you’d like to apply for.

2. Mortgage in principle

Next, you will apply for a mortgage in principle (also known as a decision in principle or agreement in principle) with your chosen lender, letting you know what you can borrow. They should be able to give you this within 20-30 minutes.

3. Property hunt

Now it’s time to find your dream home. Your mortgage in principle gives you a good idea of what you can afford and shows sellers you are serious about buying. Finding the right property can take a while: often a few months.

4. Apply for a mortgage

Once you’ve found the property you’d like to buy, it’s time to submit your full mortgage application. You’ll need certain documents including:

Proof of your deposit
Proof of income
Bank statements
Proof of identity e.g. driving license or passport
Proof of address e.g. a utility bill

Your mortgage advisor can help you find the best deal, negotiate terms and assist with the full mortgage application process.

It takes approximately 1-2 hours to submit the application once you’ve gathered all the necessary documents. It is likely to take 2-4 weeks to receive a formal mortgage offer but will sometimes take longer.

5. Choose a conveyancer

A conveyancer is a legal professional who specialises in property transactions. As you wait for mortgage approval, look around and get some quotes before selecting a conveyancer to handle your purchase.

6. The final steps

With your formal mortgage offer you can go ahead and purchase the property. The final steps are:

Conveyancing: 6-12 weeks
Exchanging contracts: 1 month
Completion and release of funds. After the offer is accepted, solicitors handle the legal work, including contracts and property transfer. Once completed, the mortgage funds are released to the seller. Completion itself is the final step and happens in one day. It is when ownership transfers from seller to buyer.

FAQs about the mortgage timeline

How long does a mortgage offer last?

Once you’ve received a mortgage offer it will usually last 3-6 months. However, make sure you check the contract carefully as this will detail for how long the offer is valid.

Is it possible to speed up the mortgage application process?

There are no shortcuts in the mortgage application process but there are definitely steps you can take to speed things up:

Use a trusted, approachable mortgage advisor.
Gather all necessary documents ahead of time.
Find out if there is anything unusual about the property you want to buy and tell your advisor. They will be able to guide you to appropriate lenders.
Fill in forms carefully and thoroughly. Don’t forget to sign them!
Take time choosing a reputable conveyancer.

Get in touch

Hopefully you now understand a little more about the mortgage process and feel confident as you approach the property market. At Flagstone, we have years of experience as mortgage advisors helping our clients to successfully choose and secure mortgage deals. We are your ally when buying a property: confidently guiding you through the process, chasing lenders and conveyancers on your behalf, supporting you all the way through to completion.

If you have any questions or would like to discuss how we could help, please get in touch with our approachable mortgage service centre team.