What Happens Next With Your Mortgage Application?

When your mortgage application is submitted, it marks the start of several key steps. Understanding the mortgage application process helps you stay informed and avoid delays.

Many first-time buyers and experienced homeowners alike wonder what happens after hitting “submit.” Understanding the next steps can reduce stress, help you stay organised, and give you a clearer timeline for your property purchase.

Mortgage Processing Begins

Once your application has been submitted, the lender will start processing your case. This may involve checking all the documentation you provided, including:

• Proof of identity
• Proof of address
• Income evidence
• Bank statements
• Gifted deposit forms (if applicable)

During this stage, the lender ensures everything is complete and accurate. Any missing or unclear information can delay the process, so having all documents ready in advance is ideal.

For tips on gathering the right documents, check out our blog: What documents do I need for my mortgage application.

Underwriting and Assessment

After initial checks, your application moves to underwriting. Underwriters review your financial situation and assess risk. This stage may involve:

• Verifying income and employment
• Checking credit history
• Reviewing any existing debts
• Assessing the property value (via valuation report)

Underwriting is crucial for lenders to decide whether to approve your mortgage and under what terms.

Valuation and Property Checks

Most lenders will arrange a property valuation to ensure the home is worth the price you are paying. There are different types of valuations:

• Drive-by valuation – a basic external check of the property
• Full internal valuation – a thorough inspection including the inside of the property

Your lender will use this report to confirm the property’s value and assess the mortgage-to-value ratio. If the valuation comes back lower than expected, it can affect your borrowing amount.

Underwriting and Valuation (2–4 Weeks)

This is the most variable stage. Lenders’ underwriting teams will review your finances, credit profile, and supporting documentation in detail. A surveyor will also inspect the property to confirm its value.

While some lenders complete this within a week, others may take up to four weeks, especially during busy periods.

Final Result and Hopefully Mortgage Offer Issued

Once underwriting is complete and the valuation is satisfactory, your lender may issue the mortgage offer. This represents the result of all checks and assessments and confirms the amount you can borrow.

Meeting any remaining minor requirements, such as:

• Insurance requirements
• Final confirmation of deposit funds
• Outstanding documentation

Final Thoughts

• Submitting a mortgage application is just the start; processing, underwriting, and valuation all follow.
• Ensure all documents are correct and complete to avoid delays.
• Regular communication with your mortgage adviser and solicitor can keep the process on track.

Please note that timeframes in this article are general estimates based on standard lender processes. Individual cases can vary depending on the lender, property type, and your personal circumstances. Not all lenders follow the same steps, and processing times can change depending on workload.

Your mortgage adviser’s role is to guide you through the process, but they do not control lender turnaround times or legal work once the offer is issued.