Written by Jonathan Clements, Director1. The first appointment
We talk through what you earn, what you owe, what you have saved and what you want to buy. It takes about an hour, by phone, video or in the office. Bring, or have to hand: photo ID, proof of address, your last three months' payslips, three months of bank statements, and proof of your deposit.
If you are self-employed, add two years of SA302 tax calculations and tax year overviews, or your company accounts. If you have a P60, bring that too.
2. Agreement in principle
A lender's indication of what it would lend, based on a credit check and the figures you give. It usually takes minutes to a day. Estate agents will ask for one before taking an offer seriously. It is not a guarantee, and it is worth getting from a lender we expect to use rather than whichever is quickest.
3. Offer accepted, full application
Once your offer on a property is accepted, we submit the full application with your documents. The lender checks everything, sometimes asks for more, and books a valuation. This is where gaps in paperwork cost days.
4. Valuation and underwriting
The lender's valuer confirms the property is worth what you are paying. Underwriters review the whole case. Together these typically take one to three weeks, longer for unusual properties or complicated income.
5. Mortgage offer
The formal offer, usually valid for around six months. Your solicitor receives a copy. From here the pace is set by the legal work: searches, enquiries and the chain.
6. Exchange and completion
At exchange the purchase becomes legally binding and you pay your deposit. At completion the lender releases the money and you get the keys. The gap between them can be the same day or a few weeks.
Mortgage applications, answered
How long does a mortgage application take?
Usually two to six weeks from full application to offer. The whole purchase, from offer accepted to completion, is typically two to four months, mostly driven by the legal work and the chain.
What should I take to a mortgage appointment?
Photo ID, proof of address, three months' payslips, three months' bank statements and proof of your deposit. Self-employed applicants also need two years of tax calculations or accounts.
Does an agreement in principle affect my credit score?
Some lenders use a soft search that other lenders cannot see, others a hard search that they can. We tell you which before we apply.
What can slow a mortgage application down?
Missing documents, unexplained transactions on bank statements, a down-valuation, or a change in your job or income during the application. Tell us early about anything like that.