Buying your first home is exciting, but the mortgage process itself can feel like a maze of unfamiliar terms and steps. Here’s a plain-English walkthrough of what actually happens, from your first conversation with a broker through to picking up the keys.
1. Work out what you can afford
Before you start viewing properties, it helps to have a realistic sense of your budget. This means looking at your deposit, your income, your existing outgoings and any debts. Lenders will assess affordability based on your income and spending, not just how much you’d like to borrow.
2. Get an Agreement in Principle
An Agreement in Principle (sometimes called a Decision in Principle) is an indication from a lender of how much they might lend you, based on a quick check of your income and credit history. It’s not a guaranteed offer, but most estate agents will want to see one before taking your offer seriously, so it’s worth arranging early.
3. Find your property and make an offer
Once you know your budget, you can start viewing properties with confidence. When you find the right one, you’ll make an offer through the estate agent. If it’s accepted, the property should be taken off the market (though it isn’t legally binding until contracts are exchanged).
4. Submit your full mortgage application
This is where your broker gathers your documents — payslips, bank statements, proof of deposit, identification — and submits a full application to the lender best suited to your circumstances. The lender will carry out a more detailed assessment than at the Agreement in Principle stage.
5. Valuation and survey
The lender will arrange a valuation to confirm the property is worth what you’re paying for it. This protects the lender’s interest, not yours — so many buyers also choose to commission their own survey (a HomeBuyer Report or full structural survey) to check the property’s condition before committing.
6. Mortgage offer
Assuming everything checks out, the lender issues a formal mortgage offer. This is usually valid for a set period (often three to six months), giving you time to complete the legal process.
7. Conveyancing, exchange and completion
Your solicitor or conveyancer handles the legal side — searches, contracts, and liaising with the seller’s solicitor. Once everyone is ready, contracts are exchanged (this is the legally binding point) and a completion date is set. On completion day, the funds transfer and you get the keys.
How long does it take?
From Agreement in Principle to completion, the process commonly takes eight to twelve weeks, though it can be quicker or slower depending on the property chain, the lender, and how quickly documents are provided.
Where a broker helps
A whole-of-market broker doesn’t just find you a competitive rate — they help you understand which lenders are likely to accept your circumstances, keep the application moving, and act as a point of contact when things get stressful (which, for most buyers, they do at some point).
Scheme names, lending criteria and typical timescales can change, so always check current details before relying on them.
If you’re taking your first step onto the property ladder, we’ll guide you through every stage of the process. Book a free consultation to get started.
