Mortgage Process Explained | Step by Step

Buying a home follows the same basic journey for almost everyone: work out what you can afford, get a Decision in Principle, find a property, apply for your mortgage, get it valued, wait for underwriting, receive your offer, instruct a solicitor, exchange contracts, then complete. Ten stages, one after another, and once you know what each one involves, none of it should feel like a mystery.

The whole journey, in order:

• Work out what you can afford
• Get a Decision in Principle
• Find a property and get your offer accepted
• Apply for your mortgage properly
• The lender arranges a valuation
• Underwriting
• You receive your mortgage offer
• Instruct a solicitor and start conveyancing
• Exchange of contracts
• Completion, you get the keys

Roughly how long each stage takes:

Stage	Typical timeframe
Work out what you can afford	As long as you need
Decision in Principle	Usually within 24 hours
Finding a property and offer accepted	Varies, weeks to months
Full mortgage application	Submitted once your offer is accepted
Valuation	Around 1 to 2 weeks
Underwriting	Runs alongside the valuation, up to a few weeks
Mortgage offer issued	Around 2 to 4 weeks after full application
Conveyancing	Can start early, often 6 to 12 weeks in total
Exchange to completion	Typically 1 to 2 weeks after exchange

These are general patterns, not guarantees, since timing depends on your circumstances, the lender, and whether you are part of a property chain.

The process feels confusing mostly because two separate things are happening at once, arranging the mortgage itself, and sorting out the legal side of buying the property, and they run partly in parallel rather than one after the other. Both halves follow standard practice across UK lenders and solicitors, and the mortgage side is overseen by the Financial Conduct Authority. Once you can see the ten stages laid out clearly, it stops feeling like one big, confusing process and starts looking like a straightforward checklist.

1. Work out what you can afford

Before you look at a single property, work out your income, your outgoings, and roughly how much deposit you have. This gives you a realistic budget to search within, rather than falling for a home you cannot actually afford. Our guide on how much deposit you need for a mortgage covers this properly. Once you have a rough figure, the next step is getting that confirmed by a lender.

2. Get a Decision in Principle

A Decision in Principle is a lender’s early estimate of how much they might lend you, usually given within a day. It is not a guarantee, but it shows estate agents you are a serious buyer. We cover this fully in our guide on what a Mortgage in Principle is. With this in hand, you are ready to start viewing properties seriously.

3. Find a property and get your offer accepted

Once you find a home you want and the seller accepts your offer, the process moves from planning into action. The type of property can affect how smoothly things go from here, a flat or a non-standard build sometimes needs extra checks later on. As soon as your offer is accepted, it is time to apply for your mortgage properly.

4. Apply for your mortgage properly

This is where your Decision in Principle becomes a full application, with a detailed look at your finances and a full credit check. Our guide on how long a mortgage application takes through a broker breaks this stage down in full. Once submitted, the lender’s next job is to check the property itself is worth what you are paying.

5. The lender arranges a valuation

A valuation is the lender checking that the property is worth the price you have agreed, protecting their own lending decision. It is not the same as a full survey, which you may want separately to check the property’s condition. We often see buyers assume the valuation and the survey are the same visit, so it is worth asking your solicitor or broker to confirm whether you need both. If the valuation comes back lower than the price agreed, your lender may reduce what they are willing to lend, which is worth knowing before you get too far into the process. Once the valuation is confirmed, the lender moves on to reviewing your full application in detail.

6. Underwriting

Underwriting is the lender’s detailed review of your finances, your credit history, and the property together, before they commit to lending. They may come back and ask for extra information at this stage, which is normal and not usually a sign of a problem. Many buyers worry when this happens, but in our experience it is one of the most common, ordinary parts of the whole process. Once they are satisfied, they issue your formal mortgage offer.

7. You receive your mortgage offer

Your mortgage offer sets out the amount, the rate, and the terms the lender is agreeing to, and is usually valid for around six months. It is a firm commitment, though not an absolute one, a lender can still withdraw it in limited circumstances, such as a significant change to your finances or a problem discovered with the property before completion. With your offer in hand, the legal side of your purchase can move toward its final stages.

8. Instruct a solicitor and start conveyancing

Your solicitor or licensed conveyancer handles searches, contracts, and the legal transfer of the property, and this can actually start earlier, running alongside your mortgage application rather than only after your offer arrives. MoneyHelper’s conveyancing guidance covers this stage from an independent, government-backed source if you want a second explanation. Once all the legal checks are complete and everyone is ready, both sides move to exchange contracts.

9. Exchange of contracts

Exchange of contracts is the point at which the sale becomes legally binding, and you pay your deposit to the seller. If you are part of a property chain, several linked sales all need to be ready at the same time, which can affect how quickly you reach this point. Once contracts are exchanged, a completion date is agreed, often around one to two weeks later.

10. Completion, you get the keys

On completion day, the remaining funds are transferred, and the property legally becomes yours. This is the moment you collect your keys and the process comes to an end.

Choosing support in Slough

Frequently Asked Questions.