What is the full mortgage process?
While every purchase is different, most first time buyers will follow the same general steps.
1. Get an Agreement in Principle (AIP)
An Agreement in Principle (AIP) is a statement from a lender confirming how much they may be willing to lend you, based on the information you provide.
This usually includes a credit check and an initial affordability assessment.
It’s a good idea to obtain an AIP before viewing properties, as it:
- Helps you understand your budget.
- Shows estate agents that you are a serious buyer.
- Can strengthen your offer.
An AIP is not a mortgage guarantee — the lender will still carry out full checks later.
2. Find a property
Once you know how much you can borrow, you can begin viewing properties and making offers.
There may be negotiation involved, especially if there are multiple interested buyers.
3. Make a full mortgage application
After your offer is accepted, a full mortgage application is submitted to the lender.
You’ll need to provide supporting documents such as:
- Proof of income (payslips or accounts).
- Proof of ID and address.
- Recent bank statements.
If everything checks out, the application moves to “approved subject to valuation”.
4. Property valuation and survey
All lenders require a valuation to confirm the property is suitable security for the loan.
This is not a full survey. You may wish to upgrade to a HomeBuyer Report or full Building Survey for your own peace of mind.
5. Mortgage offer
Once the valuation is approved, the lender issues a formal mortgage offer.
One copy is sent to you and another to your solicitor.
6. Instruct your solicitor
Your solicitor carries out legal checks such as ownership verification, local searches, and contract review.
They’ll also liaise with the seller’s solicitor and your lender.
7. Exchange contracts
Once all checks are complete, you’ll sign contracts and agree a completion date.
At this point, the purchase becomes legally binding.
8. Completion
On completion day, funds are transferred, ownership changes hands, and you receive the keys to your new home.
Congratulations — you’re officially a homeowner.
Still unsure where to start?
Every first time buyer’s situation is different. The right mortgage, deposit level, and scheme will depend on your circumstances.
Speak to one of our mortgage brokers today for free, no-obligation advice and a clear plan tailored to you.