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Your Step-by-Step Guide to Getting Mortgage-Ready

Buying your first home is exciting — but the mortgage process can feel overwhelming, especially if you’re new to it. There’s paperwork, jargon, credit checks, and a number of steps that might seem confusing at first.

Don’t worry. At Finsso, we help first-time buyers across Manchester and the UK navigate this process with ease. In this guide, we’ll break it down into simple, clear steps so you can approach your mortgage journey with confidence.

1️. What Is a Mortgage?

A mortgage is a loan that helps you buy a property. You borrow money from a lender (typically a bank or building society) and repay it over 25–35 years with interest.

Your home acts as collateral for the loan — meaning if you don’t keep up with repayments, the lender can repossess the property. That’s why it’s crucial to pick a mortgage that suits both your needs and your financial comfort zone.

2️. The Mortgage Application Process: Step-by-Step

Here’s a look at the eight key steps involved in getting a mortgage in the UK.

Step 1: Find Out How Much You Can Borrow

Before you start looking at homes, it’s important to know what you can afford.

Lenders consider:

• Your income
• Your monthly expenses and debts
• Your credit score

💡 Tip: Use a mortgage calculator or speak to a mortgage advisor like Finsso for a more personalised figure based on your full financial profile.

Step 2: Save for a Deposit

You’ll typically need a deposit of at least 5–10% of the property’s value. The bigger your deposit, the better your mortgage options and interest rates.

Step 3: Get an Agreement in Principle (AIP)

Also called a Decision in Principle (DIP), this is a written estimate from a lender stating how much they’re willing to lend based on a basic check.

An AIP helps you:

• Show estate agents you’re serious
• Speed up the house-buying process

⚠️ Note: An AIP isn’t a final mortgage offer, but it’s a useful early step.

Step 4: Find a Property and Make an Offer

With your AIP and deposit ready, begin your property search.

When you find the right home:

• Submit an offer through the estate agent
• If accepted, proceed to the formal mortgage application

Step 5: Submit Your Full Mortgage Application

You’ll now apply officially for the mortgage. A mortgage advisor can help you submit all documents accurately and choose the right lender.

You’ll need:

• Proof of identity and address
• Pay slips (usually last 3 months)
• Bank statements
• Details of debts and monthly expenses
• Proof of deposit source (savings, gift, etc.)

Step 6: Property Valuation by Lender

The lender will carry out a mortgage valuation to ensure the property is worth the amount you’re borrowing.

🛠️ Note: This is not a full home survey. You may also want to arrange a RICS home survey for your own peace of mind.

Step 7: Receive a Mortgage Offer

Once the lender is satisfied with your documents and valuation, they will issue a mortgage offer. This document includes:

• Loan amount
• Repayment terms
• Interest rate
• Special conditions (if any)

After you accept the offer, it’s time to finalise the legal steps.

Step 8: Conveyancing and Exchange of Contracts

A conveyancer or solicitor will handle:

• Legal checks and property searches
• Reviewing contracts
• Coordinating exchange of contracts

Once contracts are exchanged, both you and the seller are legally committed to the purchase.

Step 9: Completion – Get Your Keys! 🔑

On completion day, your mortgage funds are sent to the seller’s solicitor — and you officially become a homeowner.

🎉 Congratulations! Time to collect the keys and celebrate your new beginning.

3. How Long Does the Mortgage Process Take?

The full process typically takes 6–12 weeks, though it can vary depending on:

• The speed of your solicitor
• How quickly documents are provided
• The lender’s assessment time

Working with a mortgage advisor can speed things up significantly.

4. Tips to Smooth the Process

Here’s how to make the mortgage journey smoother:

• Check your credit score early
• Avoid applying for new loans during the process
• Keep documents ready and updated
• Be transparent about your financial situation
• Use expert support like Finsso to guide you

Final Thoughts

The mortgage process doesn’t need to be stressful. With good preparation, the right knowledge, and expert support, you can make it smooth, efficient — and even enjoyable.

Whether you’re buying your first home in Manchester or anywhere in the UK, let Finsso be your guide every step of the way.

💬 Need Help with Your Mortgage Application?

At Finsso, we support buyers across Manchester and beyond in navigating the mortgage process confidently.

From calculating your budget to choosing the right lender and securing your mortgage offer, we’re with you — start to finish.

📞 Book a free consultation today
Let’s get your mortgage journey started — the right way.