Buying a Home: Mortgage Application Process

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Unless you are buying a house with cash, taking out a mortgage remains the best alternative you can take to own or buy a home.

Taking out a mortgage requires a detailed and thorough process of application. However, before starting the mortgage application process, you should consider two variables. First, have a working budget, and establish a price range for your ideal house. Secondly, you should determine whether you are mortgage-ready. Here, you check your credit score to determine that you are qualified for a mortgage. 

Having met the two variables above and made up your mind that you indeed want to take out a property loan, you are now eligible to embark on the mortgage application process as outlined herein:

Contacting a Specialist Broker

You first need to reach out to a specialist mortgage adviser who will let you in on all the information you need about the mortgage market. After assessing your circumstances, a specialist broker will give you a range of mortgage deals that suit you. 

The broker will also conduct a soft search on your credit record to help them determine which lenders are likely to give you a loan. Contacting a mortgage advisor will help you save on time and the anxiety of not knowing how much mortgage you can take on your dream house.

Preparation of Mortgage Application Documents

You will need to hand in some documents such as proof of ID details, employment details, payslips, and bank statements. Depending on lenders’ requirements in your area, you should present originals for all documents except for the bank statements.

Getting a Mortgage Decision in Principle

After assessing your lending capability, you will be given a Decision in Principle document. Upon checking your credit score, this document will confirm that a lender is willing to lend to you and the amount they are ready to lend you. This will, of course, depend on the receipt of the relevant paperwork you presented. You can make an offer of your property of choice using this document.

Your Formal Mortgage Application

You can begin to apply for the mortgage if the mortgage lender accepts your offer. A specialist mortgage broker will manage this process. The mortgage adviser will contact you when need be. The advisor will assess your personal information and submit a hard credit check to your credit record.

 A mortgage lender will conduct a valuation on the home you want to buy. Doing this will confirm that the home you want to buy is worth what you intend to borrow to pay for it. Also, it helps them avoid loss if you fail to pay your mortgage. 

Getting Your Formal Mortgage Offer

Generally, expect to receive your mortgage offer within the first four weeks of applying. It will be dependent on whether the mortgage lender is satisfied with your application. Note, the mortgage offer is only valid for six months in most jurisdictions. 

This process may take longer if the mortgage lender experiences issues with the valuation process and assessing your personal information. 

Once you accept the offer, contact a solicitor to conduct the conveyancing process for you. The solicitor will manage all proceedings after you and the seller are satisfied with how things are.  Eventually, you will own the home after exchanging all the contracts and setting a completion date.


You should be in touch with all the parties involved in your mortgage application process throughout the entire application process. This will ensure the process goes faster and you get the best mortgage offer. So be keen to follow all the steps outlined above, and you will be well on your way to becoming a happy homeowner!

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