Buying a home can feel complicated, especially if it’s your first time. But when you understand the mortgage process step by step and get the right support early on it becomes far more straightforward.
Below, we break down the full mortgage journey, from finding a broker to completing on your new home.
Step 1: Find a Mortgage Broker (Before You Hit Rightmove)
It’s tempting to jump straight onto Rightmove and start viewing properties, but speaking to a mortgage broker firstcan save you time, stress, and disappointment.
A broker will:
- Assess how much you can realistically borrow
- Check your credit profile
- Explain your mortgage options
- Help you avoid falling in love with a property that isn’t affordable
By starting with a broker, you’ll know your budget upfront and be ready to move quickly when the right property comes along.
Step 2: Send in Your Documents
Once you’ve spoken to your broker, you’ll be asked to provide documents so they can assess your situation accurately. These usually include:
Proof of Identity
A valid passport or driving licence is the easiest option. Very rarely do we ask for a shotgun licence these days!
Proof of Residency
Typically a recent bank statement or utility bill to confirm your address.
National Insurance Number
This can be found on a payslip or through your Government Gateway account.
Proof of Income
Usually your latest three months’ payslips, plus evidence of any additional income such as:
- Overtime
- Bonuses
- Benefits
- Gifts
If You’re Self-Employed
You’ll normally need:
- The latest two years HMRC Tax Calculations and Tax Year Overviews
- Your most recent set of finalised accounts
Your accountant can usually help pull these together.
Proof of Deposit
Evidence showing where your deposit has come from savings, property sale, or a gifted deposit.
All Current Debts
Credit cards, loans, finance agreements, you should be keeping a list anyway, you little rascals.
Government Income Awards
Such as child benefit or universal credit award notices.
Bank Statements
Typically the most recent three months, matching the period of your payslips.
Step 3: Agreement in Principle (AIP)
An Agreement in Principle is a statement from a lender showing how much they may be willing to lend you, based on initial checks.
Why you need it:
- Estate agents usually ask for one before accepting an offer
- It shows sellers you’re a serious buyer
- It gives you confidence when viewing properties
It’s not a guarantee, but it’s a crucial step before making an offer.
Step 4: Find a Property & Put in an Offer
With your AIP in place, you can confidently start viewing properties and make an offer when you find the right one.
Once your offer is accepted, things move quickly so being prepared really helps.
Step 5: After Your Offer Is Accepted
Once the seller accepts your offer, let your broker know straight away so they can begin finalising your mortgage.
At this stage, you’ll:
- Choose the mortgage product that suits you
- Decide on the mortgage term
Your broker will guide you through this, explaining the pros and cons of each option.
Remember:
- Shorter mortgage term = higher monthly payments, less interest overall
- Longer mortgage term = lower monthly payments, more interest paid overall
Step 6: Appoint a Solicitor
You’ll also need to appoint a solicitor to handle the legal side of the purchase.
They’ll:
- Carry out property searches
- Raise and resolve legal queries
- Manage the exchange and completion process
We’ve covered this in more detail in a separate video, which we’ll link below if you’d like a deeper dive.
Step 7: Your Broker Submits the Formal Mortgage Application
Your broker will now submit your full mortgage application to the lender, starting the underwriting process.
What is underwriting?
Underwriting is how banks and building societies assess risk. The lender checks:
- Your income and affordability
- Your credit history
- The property itself
This ensures both you and the property are suitable. Application times vary depending on the lender and complexity of the case.
Step 8: Surveys and Searches
Surveys
Surveys aren’t mandatory, but they are strongly recommended. They assess the condition of the property and can highlight issues before you commit.
Searches
Searches are required and are handled by your solicitor. These include checks on:
- Local authority issues
- Environmental risks
- Water and drainage
They help ensure there are no hidden surprises.
Step 9: Exchange of Contracts
Exchange is the point where the purchase becomes legally binding this is when you officially become the legal owners.
Can exchange and completion happen on the same day?
Yes, in some cases it can, but it’s more common for completion to happen days or weeks later.
Step 10: Completion
Completion day is when:
- The money is transferred
- You get the keys
- You move into your new home
Congratulations… you’re officially a homeowner!
Before wrapping up, our top tip throughout this entire process is simple:
Stay one step ahead by getting your documents ready early.
It keeps everything moving smoothly and helps avoid unnecessary delays.
Want to know more? Speak to our friendly team of mortgage advisors today!
We’ll do everything we can to make applying for a mortgage and becoming a homeowner as simple as possible for you.
Pick up the phone: 01925 573328
Pop an email to: hello@ukmc.co.uk
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages.
The Financial Conduct Authority does not regulate will writing and taxation and trust advice.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
Registered company number: 15825320
