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So, you have a mortgage, now what?

Updated: May 31, 2023

‘Content correct at time of publishing and subject to change’

So, you have a mortgage, now what? Do you know what your next steps should be after your mortgage has been accepted? While receiving your mortgage offer is definitely a key part of the house-buying process, especially if you've applied for a bad credit mortgage which is often harder to come by, you shouldn’t assume that you are automatically ready to move into your property after you have been accepted. This is because the mortgage funds cannot be transferred until your solicitor has carried out additional vital checks on behalf of your lender. In this blog, we will discuss your next steps after your mortgage has been accepted.

The first step

While securing your mortgage offer is a significant step towards purchasing a property, it is not the final one. This is because the solicitor that you are using is also working with the mortgage lender, which means that after receiving the mortgage offer, your solicitor will review your mortgage lender’s requirements and go through the necessary checks to ensure that the property you are purchasing would be acceptable to them.

During this process, the solicitor will review; the title of the property, any enquiries you have raised, any conditions that have been attached to the offer and the lender’s individual requirements.

Completing your purchase

Your solicitor can then start the final phase of the buying process, which means they will agree on a date to exchange contracts with the seller. We recommend using this time to ask your solicitor any questions you have about your contract or the exchange process.

During this process, your solicitor will agree upon a completion date with you, which is likely to be the day that you will get the keys to the property. However, to ensure that this process runs smoothly, we recommend ensuring you have the money for your deposit, the money for your solicitor and any additional fees you will need to pay.

Transferring funds

Once your solicitor has carried out all of the necessary checks, your conveyancer will then be able to transfer your mortgage funds. This is another key step and is an essential part of securing your new home. The request from your solicitor provides confirmation to the mortgage lender that the title to the property meets their requirements.

The length of this process will depend upon how you are choosing to pay. For example, according to Newcastle building society, if you have a LISA or a Help To Buy, your solicitor will have to apply for your government bonus. In order to do this, your solicitor or conveyancer will have to contact your provider which will take place before the contract exchange. Following this, your provider will send the bonus directly to your solicitor and it will then be added directly to your deposit.

While receiving your mortgage offer is a huge step, it is not the final step in securing your property. We hope that this blog has provided you with some useful information and some clarity on your situation post mortgage acceptance.

For more information and advice on mortgages, please contact us today, or read from our extensive list of blogs.


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