A step-by-step guide to getting a mortgage in the UK
Before you start looking for a property, it's important to have a clear idea of how much you can afford to borrow. Our affordability calculator can give you a good estimate. You should also factor in the other costs of buying a home, such as stamp duty, legal fees, and survey costs.
A mortgage in principle (MIP) is a conditional offer from a lender to give you a mortgage of a certain amount. It's not a guarantee, but it shows sellers that you're a serious buyer. You can usually get a MIP from a lender or a mortgage broker.
Once you have a MIP, you can start looking for a property. When you find a property you like, you can make an offer. If your offer is accepted, you can then apply for a full mortgage.
You'll need to appoint a solicitor to handle the legal side of buying a property. Your solicitor will carry out searches and checks to make sure there are no problems with the property. You should also get a survey to check the condition of the property.
Once your lender is happy with the property and your application, they will send you a mortgage offer. This is a formal offer of a mortgage. You should read the offer carefully before you sign it.
Once you have signed the mortgage offer, your solicitor will exchange contracts with the seller's solicitor. This is the point at which you are legally bound to buy the property. On the day of completion, the money is transferred and you can pick up the keys to your new home.