The first-time buyer mortgage process (step by step)

Buying your first home is exciting, but the mortgage process can feel unfamiliar. This guide sets out the typical stages from getting ready to apply through to exchange and completion—so you know what’s happening, what decisions you may need to make, and what can affect timing.

Note: exact steps, terminology and timelines can vary depending on the lender, the property, and your solicitor/conveyancer.

1) Get clarity on affordability and your overall budget

Before you apply for a mortgage, it’s helpful to understand what you can realistically afford—not just the monthly repayment.

Most first-time buyers start by reviewing:

• income and regular outgoings
• existing financial commitments (for example, loans, credit cards, childcare costs)
• the costs of buying (solicitor/conveyancing fees, surveys/valuations, moving costs, and other purchase-related expenses)
• how much deposit you have available

Agreement in Principle (AIP) or Decision in Principle (DIP)

Many first-time buyers obtain an AIP/DIP to understand what a lender might consider. While it’s not the final mortgage offer, it can give you a clearer starting point when you begin house hunting.

2) Find a property and make an offer

Once you’ve found a home, you’ll make an offer through the estate agent. At this stage, you’ll typically need to be ready to evidence key points such as:

• your deposit position
• your mortgage plan (often supported by an AIP/DIP)
• your identification details

If your offer is accepted, the mortgage journey moves from “potential” to “application”.

3) Instruct a solicitor or conveyancer and start the legal process

Your solicitor/conveyancer begins the legal work on the purchase. Their role is to manage the contract process and carry out the checks needed to protect you as the buyer.

Common early steps include:

• reviewing the contract and property information
• raising enquiries with the seller’s solicitor
• arranging searches (and considering whether additional checks are needed)

The legal process can take time, and it’s normal for there to be back-and-forth enquiries before contracts can be finalised.

4) Submit your full mortgage application

After your offer is accepted, the mortgage application becomes more detailed. You’ll usually be asked for information and documentation covering:

• identity and address information
• evidence of income and affordability
• details of the property and purchase price
• deposit details (including where it has come from)

Valuation/Survey

The lender will typically arrange a valuation (sometimes referred to as a survey/valuation depending on lender processes). This helps the lender assess whether the property is acceptable as security.

5) Consider mortgage protection alongside the mortgage

Many first-time buyers think about protection during the mortgage journey because it can form part of a wider plan for the future.

Common types of cover people consider include:

• life cover (to help protect mortgage repayments)
• critical illness cover
• income protection (where relevant)

Whether you arrange protection immediately or later, it’s useful to understand what’s being considered and how it fits your circumstances.

6) Receive the mortgage offer

Once the lender has assessed your application and the valuation outcome, you’ll receive a formal mortgage offer.

At this stage, you’ll typically:

• review the offer terms carefully
• confirm the lender’s requirements with your solicitor/conveyancer
• complete any remaining steps needed before contracts can be exchanged

7) Property searches and legal enquiries

With the mortgage offer in place, your solicitor/conveyancer will usually continue with property searches and ongoing legal enquiries.

Search results can sometimes lead to further questions, negotiations, or additional checks. This is one reason timelines can vary between purchases.

8) Prepare funds and agree completion timing

As the purchase progresses, you’ll need to ensure your deposit is available and that funds are ready for the solicitor to request and transfer.

Your solicitor will coordinate the financial side of the transaction and help align the completion date with the seller’s timetable.

9) Exchange contracts

Exchange of contracts is a key milestone. Once contracts are exchanged:

• the transaction becomes legally binding
• completion is set for a specific date

At this point, everyone involved is working towards the same completion date, and your solicitor will guide you through what you need to do to reach exchange.

10) Completion (moving day)

On completion day, the final steps are carried out and the property ownership transfers.

You’ll typically receive confirmation from your solicitor once completion has taken place, and then you can arrange to collect keys and move in.

What can affect the timeline?

The steps above are common, but the time it takes can vary due to factors such as:

• how quickly the mortgage application is completed and documented
• valuation outcomes and any lender queries
• the speed of searches and the complexity of legal enquiries
• whether you’re in a chain (and how quickly other parties progress)
• how quickly exchange and completion dates are agreed

How to prepare for each stage

A smoother process often comes down to preparation. Helpful things to have to hand include:

• proof of income and regular outgoings
• details of your deposit source
• identification and address documentation
• information about existing debts or financial commitments

Your adviser and solicitor/conveyancer will explain what they need at each stage, but being organised can help reduce delays.

A final overview: the journey in one glance

1. Affordability review and AIP/DIP
2. Make an offer and get it accepted
3. Instruct a solicitor/conveyancer
4. Submit the full mortgage application
5. Consider protection alongside the mortgage
6. Receive the mortgage offer
7. Carry out property searches and legal enquiries
8. Pay deposit and agree completion timing
9. Exchange contracts
10. Completion

Helpful tools to estimate borrowing and repayments

Using calculators can help you understand what might be affordable before you commit to a specific property.

Borrowing Calculator

A quick way to get an initial indication of how much you could borrow.

Repayment Calculator

A way to estimate monthly repayments based on the mortgage amount and term.

(These tools are designed to help you plan; they can’t replace the detailed checks that happen during the mortgage application process.)

If you’d like to explore the wider first-time buyer journey, you can also review other guides in our first-time buyers section for topics such as budgeting, choosing a mortgage, and understanding the buying process.