When it comes to getting a mortgage, it can feel like there is a fair bit of waiting involved. The mortgage application timeline show below will give you a typical idea of what you to expect ...

1. Get a mortgage in principle

   Duration:   typically 1-2 hours

   For most serious house buyers, prior to actually viewing any houses, the first step is to obtain a mortgage offer in principle.

   Also known as a decision in principle, or an agreement in principle, this is a document given by a mortgage lender which confirms that, on the basis of your initial information provided, what they would be willing to lend to you. You can view houses before getting an offer in principle, but having one prior to house hunting is helpful for a number of reasons, such as:

   • Provides you with confidence: Avoid the disappointment of finding your dream home, only to then get rejected for your mortgage. Having an agreement in principle in place prior to finding your property will give you the confidence to search for your new home comfortable in the knowledge that you will likely be approved for the mortgage you require.
   • Aid to budgeting: An agreement in principle gives you a firm idea of how much you can borrow on a mortgage. This will help you make sure you’re not ultimately wasting time viewing houses you likely can’t afford.
   • Shows you’re a serious buyer: Most estate agents and vendors simply won’t accept an offer on a property unless you gave a mortgage agreement in principle to evidence that you are a serious and able buyer. In some locations, where the property market is very competitive they may not let you view properties is you don’t have one.

   We can provide you with a mortgage agreement in principle quickly in a matter of hours. We have access to all the very latest deals from the whole of the UK mortgage market place, and can find the best deal for your circumstances. You will need to provide some basic information which we can help you with. To obtain a mortgage agreement in principle will cost you nothing, and you are not under any obligation to proceed. Should you however wish to proceed to a full application our advisers will be happy to assist with your application.

   Before getting your mortgage offer in principle, you will normally be required to provide the lender with:

   • Proof of your income
   • A summary of expenses / outgoings
   • Brief summary of other loans you have
   • Details of your current address, and possible previous addresses

   Using a mortgage broker like AdviceWise can pay dividends, as this will make sure that all the correct information is collected in the first instance, and unsure that your application runs smoothly through to completion with the best deal available.

2. Find your property

   Duration:   typically 1-3 months

   Once you have your mortgage agreement in principle now is the time to go property hunting ...

   Most people these days start on Rightmove or Zoopla to see what is available, book a view viewings and ultimately make on offer once you find the right property.

   It is impossible to definitively put a timescale on the property search part of the process as everyone is different, and each of us have different requirements. The first property you see may be your ideal, for others they may have a more particular list of criteria and may need to view a dozen or so properties before they find one that matches their requirements.

   It is important to bear in mind that the majority of mortgage offer in principles remain valid for 2-3 months, so in an ideal world you’d be looking to find the right property and make an offer within this timeframe. Don’t panic if you can’t find the property you want in this timeframe, you can very quickly get a new offer in principle again.

3. Apply for your mortgage

   Duration:   typically 2-6 weeks

   When you have an offer accepted on a property, it’s now time to make your full mortgage application ...

   If you have used a mortgage broker to obtain your agreement in principle this will make your mortgage application quicker and easier. Now you simply need to ask them to make a full application for you based on your agreement in principle details.

   You can still apply for a mortgage having not received an offer in principle, but we’d still recommend using a broker to obtain an agreement in principle to secure the best deal and avoid any surprises later on during an application.

   If you obtained an offer in principle, completing the mortgage application should only take a few hours because you’ll be likely to have most of the information already at hand. Even better, if you used a broker to obtain your offer in principle all you need to do is ask them to complete a full application for you.

   Generally most mortgage applications take between 2-6 weeks from the time you submit your application to getting fully approved.

4. Arrange property valuation

   Duration:   typically 1-2 weeks

   Before you are able to complete your property purchase the lender will need to do a valuation to make sure the property you are buying is worth the cost ...

   This is done to make sure they are not lending you too much money in relation to the value of the property. This is generally called a ‘valuation survey’, which is not as detailed as a full structural survey and is only done to confirm the true value of the property. There are a number of ways a valuation can be carried out, and this will depend on the value and type of property.

   Some lenders will require an 'in-person' survey where they send out someone to the property to perform the survey. On other occasions they may only require a ‘kerbside’ survey which involves a driving buy to do an external visual survey. Many more lenders today are able to do a ‘desktop’ survey which involves using computer software to provide the valuation based on market data without the need to look at the property at all. Needless to say, a desktop survey is the quickest, and can simply be done in a couple of minutes.

   If a survey involving a visual inspection is required this will normally be done within a couple of weeks of you submitting your full application. Some lenders will require you to pay a fee for your valuation, which can range in cost from £99 to £1,500 on average. For more expensive larger properties though this could be several thousand pounds.

   It is important to note that you may also wish to arrange your own more detailed survey. This should be done to establish that the property is of sound condition, i.e., to establish that the property is free of problems such as subsidence, damp or rot, or any other potentially costly issues.

5. Receive your mortgage offer

   Duration:   typically 2-20 days

   This is when you can really start getting exited, because not you know your mortgage is approved and you can rest easy knowing that you have your mortgage offer for sure ...

   Once your valuation is completed and it is valued as expected, your mortgage lender now has all they need to make their final decision. However, keep in mind that this is not the end of the journey just yet! Bear in mind that your lender could still change their mind if your circumstances change before your house purchase goes through, so don’t go making major changes such as changing jobs or getting divorced for example.

6. Exchange contracts

   Duration:   typically 1-2 months

   This is when you get to properly relax, because up to this point the seller could have pulled out of the sale at any point ...

   When you exchange contracts this is when you are legally committed to buying the property, and the vendor is legally committed to selling to you. As far as the lender is concerned you could exchange contracts at any time after you have received your mortgage offer. Having said this, on most occasions you will usually need to wait around 1-2 months before you exchange.

   While your mortgage offer has been being arranged your conveyancing solicitor will have been working on all the legal documentation that is required in order for your purchase to go through. This work involves your solicitor liaising with the vendor’s solicitor, so it’s time to be patient, it can seem like it’s taking ages. No harm in gently chasing your solicitor a few times though is you feel like things are dragging on, they will be able to explain why.

7. Complete your purchase

   Duration:   possibly same day as exchange, but usually within 4 weeks

   Right, you’ll feel like you jumped a few hurdles already, but this is the last one, and now you really can celebrate!! ...

   When you ‘complete’, this means that the house sale has gone through, you get the keys and the house is now yours, so time to crack open the bubbly and order the takeaway, but not before you’ve moved your furniture in though!

   On average completion occurs within 1-2 weeks after you exchange contracts, but can take longer. It could however be done faster, like on the same day as you exchange, if you are in a rush. This just depends on what you have been able to agree with the vendor.

   When you are part of a property chain (which is in most cases), then you may have to wait longer because each party in the chain needs to be ready at the same time. It is also worth noting that some lenders can require a minimum time between exchange and completion, usually around five days, although this is not the case for most lender.