The Mortgage Process Explained: Step-by-Step Guide & FAQs

The UK mortgage process, explained from start to finish

Getting a mortgage can feel overwhelming if you’ve never done it before — and even seasoned buyers often have questions about timescales, decisions in principle, and what actually happens between application and offer. This guide walks you through every stage and answers the questions clients ask us most.

The process is similar whether you are a first time buyer, a buy to let investor, or you’re seeking a commercial property for your business.

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The mortgage process explained
The mortgage process at a glance
2–4 wks
Typical time from application to offer
6 months
How long a mortgage offer usually lasts
8 steps
From initial chat through to completion
Free
Initial consultation, no obligation
In this guide

The mortgage process: step by step

Below is the full mortgage process as we manage it for our clients. Every stage has a clear purpose, and at each one we keep you informed about what’s happening, what we need from you, and what comes next.

1

Initial discussion

It all starts with a phone call or initial meeting — we call this the initial consultation. We try to get a feel for you and exactly what you’re trying to do, to check it’s realistic and doable. Once we’ve sense-checked that and we think it’s something we can help with, we move on.

2

Fact find

We ask you to fill out a full fact find on our client portal. It’s fully encrypted, so no one can look at your data or information. This gives us everything we need to advise you properly.

Good to know: This is the only form you’ll fill out. After this, we just need documents and small pieces of information to support the application.
3

Whole of market research

We are fully whole of market, meaning we have no restrictions on which lenders we can use. This lets us find the best deal for your exact circumstances. After the fact find is finished we research the market and come back with lenders and deals that fit you best.

4

Deal presentation and meeting

We present our illustrations — deals with lenders we believe suit what you want to do. This comes with a client agreement detailing our fees and how our process works.

We also have a call at this stage to go through the illustrations and answer any questions, so you fully understand the mortgage and the next steps before signing the client agreement.

5

Decision in principle

With your agreement to proceed, we get a decision in principle (DIP) done with the lender. They run a credit check to confirm your score and history match their criteria, and that there are no debts in the background they don’t know about. If everything checks out, we get the green light to proceed to a full mortgage application.

Worth knowing: A lot of DIPs these days use a soft footprint, meaning they don’t harm your credit score. If a DIP isn’t accepted, we find out why and pivot — either to a new lender or challenging the current one with more information.
6

Application submission

Once the DIP is accepted, we go forward to a full mortgage application. We’ll need documents from you: proof of income, proof of deposit, ID, and solicitors instructed. Once we have everything, we submit the full application along with the supporting documents to the lender.

7

Managing through to mortgage offer

The lender picks up the application, assesses it, and instructs the valuation. We manage this process and keep you updated throughout — what the lender is saying, whether they need more information, when the valuation is booked and done.

If everything is good and the lender is happy, we go to mortgage offer. At this point your rate is secured in for 6 months.

8

Wrapping up & insurance review

The mortgage offer goes to your solicitors, who use it alongside your other legal documents to process the purchase. We write a suitability letter summarising the advice we’ve given, which wraps up the mortgage advice part of the process.

We then conduct a free insurance review to make sure you’re fully protected. We can advise on buildings & contents insurance, life insurance and income protection at this stage.

Mortgage process FAQs

These are the questions our advisors get asked most often. Click any question to expand the answer. If your question isn’t covered, get in touch — we’re happy to answer it.

How long does a mortgage process take?

Typically we see them take 2–4 weeks depending on a few different variables. A lot of this has to do with the valuation and how long that can take to be booked in and gotten back to the lender. When times are very busy lenders can also make their turnaround times slower, and vice versa when it’s calmer.

What is a decision in principle?

A decision in principle is where a lender does a credit search on you to check your credit score, credit history, and that you have the debts you say you do. If this and your mortgage affordability check out, you’ll get a decision in principle accepted — and you can use that when making offers on properties with estate agents.

What’s the difference between a decision in principle (DIP) and an agreement in principle (AIP)?

There is no difference between these two things — they’re essentially different phrases for exactly the same thing. Some lenders and estate agents use one term, others use the other. If you’re asked for either, it’s the same document.

How long does a mortgage offer last for?

Typically they last for 6 months these days, although some lenders have them at only 3 or 4 months. If your purchase is taking longer than expected, speak to your advisor — in some cases an extension can be requested.

Does a decision in principle lock in an interest rate?

Typically, no. Very few lenders have a facility where they lock in a rate after a DIP — the majority require a full mortgage application to be submitted before an interest rate is locked in.

How long do mortgage valuations last for?

Most valuations last for 6 months minimally, if not longer in rare cases. This generally aligns with how long the mortgage offer itself is valid for.

When will my first mortgage payment come out after completion?

This really varies lender to lender. Some lenders ask you for a date you want the payments to come out on, and it comes out on that date. With other lenders, it’s best to ask your advisor to check with them when your first payment will come out and how this will work.

At what point do I need to start my building and contents insurance?

On exchange of contracts. That’s when you legally own the property, so it’s the best time to get this started. We can help you arrange the right buildings and contents insurance alongside your mortgage.

"Ashley provided and relayed all the complex information regarding the mortgage process and made it simple to understand. With fast responses and detailed information, we’d recommend Ashley to anyone who was looking for advice."

Hannah T.
★★★★★

"Have used this company three times now. Three different mortgages, all of them precisely what we needed. Superb customer service, fast communication, very reasonable fees."

Roger E.
★★★★★

Ready to start the mortgage process?

If you’ve read through the process and still have questions, or you’re ready to get started, book a free, no-obligation consultation with one of our mortgage advisors. We’ll walk you through everything based on your specific circumstances.

Book a free consultation Call 01342 324 171 now

Want to see what you might be able to borrow first? Try the mortgage calculator below, or read about our mortgage advisor service.

Mortgage Calculator

Get an instant estimate of your monthly mortgage payments and see how much you could borrow. This is a guide only — for a full personalised assessment, book a free consultation with one of our mortgage advisors.

£
£
LTV 90.0% Loan £270,000
%
years
£
£
£
£
Loan repayments, credit card minimums, car finance etc.
Lenders typically lend 4.5× combined income; some lend more based on profession & affordability.
Estimated monthly payment
£1,539
Repayment mortgage over 25 years
Loan amount£270,000
Total interest payable£191,800
Total repaid over term£461,800
Loan-to-value (LTV)90.0%
Capital 58.5% Interest 41.5%
Important — capital still owed at end of term

With an interest-only mortgage, your monthly payments only cover the interest. The full £270,000 capital is still owed as a lump sum at the end of the 25 year term. You’ll need a separate repayment plan (e.g. investments, ISA, property sale) and lenders will require proof of this before approving the mortgage.

Speak to a mortgage advisor
You could potentially borrow up to
£202,500
Based on 4.5× combined income
Combined annual income£45,000
Deposit£30,000
Maximum property price£232,500
Resulting LTV87.1%
Estimated monthly payment
£1,154
Assuming 4.75% interest over 25 years (repayment). For different rates or terms, use the monthly repayment calculator.
This is a simple estimate based on an income multiple. Actual lending decisions consider your full financial picture — credit history, outgoings, employment type, and the property itself. Our advisors have whole-of-market access including lenders who can lend above standard multiples.
Get a tailored affordability check
Important: Figures are estimates for illustration only and are not a mortgage offer. Your actual rate, term and amount borrowable will depend on your circumstances and lender criteria. Your home may be repossessed if you do not keep up repayments on your mortgage.

Regulatory Statements

Equity Release

Equity Release plans are not right for everyone. And it is important that you fully consider your options and receive independent financial advice before making a decision. It is also important that, if you do decide to use an equity release product, you choose one that meets your needs.

Remember that taking an equity release plan is generally a long term option. However, there are flexible plans available that may fit your varying needs and some will allow you to repay in the future without penalties.

Investments

All investments involve a degree of risk of some kind. This section describes some of the risks which could be relevant to the services we provide you. We may provide further risk information during the course of our services to you, as appropriate.

Our services relate to certain investments whose prices are dependant on fluctuations in the financial markets outside our control. Investments and the income from them may go down as well as up and you may get back less than the amount you invested. Past performance is not a guide to future performance.

Mortgages

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

Buy to Let Mortgages

Some Buy to Let Mortgages are not regulated by the FCA.

True Advice Financial Services is a trading style of TA and SE Hollom Ltd (FCA 461206) which is an Appointed Representative of New Leaf Distribution Ltd which is authorised and regulated by the Financial Conduct Authority : Number 460421.

Registered Office : New Leaf Distribution Limited, 165 - 167 High Street, Rayleigh, Essex, SS6 7QA.

Complaints Procedure

As an Appointed Representative of New Leaf Distribution Limited, we aim to provide you with a high standard of service. If you are unhappy with any aspect of our service, please let us know.

We will acknowledge your complaint promptly and aim to resolve it within 8 weeks.
If you remain dissatisfied, you have the right to refer your complaint to the Financial Ombudsman Service (FOS):