Mortgage approval process

Topics

Once you’ve found a property and submitted your application, the mortgage approval process begins. Knowing what to expect at each stage will help reduce stress and delays.

1. Application submission

  • Complete a full mortgage application through your broker or lender.
  • Submit all required documents - income, bank statements, ID, and deposit proof.

2. Credit and affordability checks

  • The lender reviews your credit score and evaluates your income against monthly outgoings.
  • Self-employed buyers may need additional paperwork, such as tax returns or business accounts.

3. Property valuation

  • The lender will arrange for a valuation of the property (often using the Home Report).
  • They may do a physical inspection or use a desktop valuation.

4. Underwriting

  • A mortgage underwriter assesses all information to make a final decision.
  • They may ask for clarifications or additional documents.

5. Mortgage offer issued

  • If approved, the lender issues a binding mortgage offer.
  • Your solicitor receives a copy to proceed with the conveyancing.

6. Completion

  • Once contracts (missives) are concluded and the purchase is finalised, the funds are released.

Timeline

  • From full application to offer: 2-4 weeks, depending on complexity.
  • Offer typically valid for 3-6 months.