Having an offer accepted is one of the most exciting points in buying a home. It is also the stage when several processes begin to move at the same time. Your mortgage application, lender valuation and legal work all need to progress before completion can take place.
What Happens After Your Offer Is Accepted? Tell Your Mortgage Adviser Immediately
If you already have an Agreement in Principle, the next step is usually to provide the details of the property and confirm the mortgage you want to apply for. Your adviser may need updated documents before submitting the full application.
The Full Mortgage Application
A full application gives the lender the detailed information needed to assess you and the property. Lenders may review income, expenditure, credit information, deposit evidence and other relevant circumstances.
The Lender Valuation
The lender will normally arrange a valuation of the property for mortgage purposes. This is primarily to help the lender decide whether the property is suitable security for the loan. It is not necessarily the same as a more detailed survey arranged for your own benefit.
Your Solicitor Starts The Legal Work
Your conveyancer or solicitor will deal with the legal side of the purchase, including searches, enquiries and the contract. The legal process is separate from the mortgage assessment, although the two need to come together before completion.
What Is A Mortgage Offer?
If the lender is satisfied with the application and property, it may issue a formal mortgage offer. The offer sets out the mortgage terms and normally has an expiry date. Read the documentation carefully and raise any questions with your adviser or solicitor.
Could The Lender Ask More Questions?
Yes. Additional documents or explanations may be requested during underwriting. Responding promptly and accurately can help avoid unnecessary delays, although overall timescales vary.
When Do Exchange And Completion Happen?
Your solicitor will guide you on exchange of contracts and completion. These stages depend on the legal work, the mortgage offer and, where relevant, the rest of the property chain. Do not assume a completion date until your solicitor confirms the position.
How HFA Mortgage & Protection Can Help
HFA Mortgage & Protection can guide you through the mortgage process, from initial affordability discussions and an Agreement in Principle through to the full application and mortgage offer. Visit https://hfassociates.uk to speak to our team.
FAQs
Is an accepted offer the same as a mortgage offer?
No. The seller accepting your property offer is separate from the lender issuing a formal mortgage offer.
Will the lender value the property?
Normally, yes. The lender needs to assess the property as security for the mortgage.
Do I still need a solicitor if I have a mortgage adviser?
Yes. Your solicitor or conveyancer handles the legal work involved in buying the property.
How long does a mortgage application take?
Timescales vary depending on the lender, application, property and whether additional information is required.
Can HFA help after my property offer is accepted?
Yes. We can help progress the mortgage application and explain the mortgage stages as they develop.
Disclaimer:
There may be a fee for mortgage advice. The precise amount of the fee will depend upon your circumstances but
will range from £195 to £1500.
Your home may be repossessed if you do not keep up repayments on your mortgage.
