Most people we speak to have limited or no knowledge of what's involved in getting a mortgage, or the steps an adviser will take to make sure everything runs smoothly. Both matter — they're ultimately what gets your mortgage approved and completed when you want it to be.
Here's a step-by-step guide on what to expect when you use a mortgage adviser to secure the right deal. The process can vary slightly from one adviser to the next, but the end-to-end journey is similar in most cases.
Initial enquiry and triage
The first step is to give the broker firm some basic information about you: what you're looking to achieve (whether you're a first-time buyer, a home mover, or remortgaging), and your personal details (employment status, income, current buying position).
You'll then be booked in for an appointment with a mortgage adviser, or transferred straight through to speak with one. Face-to-face and telephone appointments are the most common.
Initial fact find call
A mortgage adviser will conduct an initial fact find, gathering all the information needed to submit a Decision in Principle (DIP) and discussing your mortgage requirements in more detail.
It's helpful to have a note of balances and monthly payments for any credit commitments — credit cards, loans, car finance — as this helps determine your affordability. The adviser then completes their research, matching your affordability against different lender criteria.
Decision in Principle (DIP) application
A DIP is submitted to the lender(s) the adviser has identified as the most suitable option for you.
The lender performs a soft credit check, which determines both your ability to borrow and the amount available. Soft credit checks don't impact your credit rating. The lender then provides a provisional decision stating the amount they're willing to lend in principle, subject to a full application.
Case packaging
If you're buying a property, documents are generally requested once an offer has been accepted. For remortgage cases, documents are requested once a DIP is agreed — usually within six months of your current deal expiring.
The supporting documents for the full application include things like proof of income, bank statements, and proof of deposit. Your adviser will confirm exactly what's needed.
Once all documents are in, they're checked for things like income and outgoings and that the personal information matches what's already been obtained. If everything is in order, your adviser will book a presentation (application) call or face-to-face meeting.
Full application
Your adviser finalises a detailed fact find and confirms their mortgage recommendation, including the interest rate and term. The full application is then submitted to the lender, along with all supporting documents.
Underwriting and valuation
The lender's underwriting team reviews the full application and supporting documents to make a final decision. They'll also arrange a valuation of the property — this is done online or using a transcript of the Home Report. A new physical valuation can be completed if no Home Report is available.
Case tracking
Your adviser monitors the progress of the application to make sure any issues are addressed promptly, and keeps you updated on progress at regular intervals.
Mortgage offer
Once fully approved, the lender issues a formal mortgage offer to you and your adviser.
Protection review
At this point your adviser usually books in a protection review with you. This is where they'll discuss options like life cover and home insurance, tailoring recommendations to your specific needs. You can read more about what we offer on our insurance page.
Completion
This is when you take ownership of the property and your new mortgage deal starts. Once all the lending and legal conditions are met, the funds are released and the transaction completes.
The bottom line
Hopefully this has given you some insight into what's involved in the mortgage process. The key thing to remember is that your mortgage adviser is there with you every step of the way, making the experience as stress-free as possible.
If you'd like to talk through your own situation, get in touch with the team — we're always happy to chat.