By: Sarah Williams

Congratulations on receiving your mortgage offer! It's an exciting step towards homeownership. But what happens next? In this blog post, we'll guide you through the process after you receive your mortgage offer.

Firstly, let's clarify what a mortgage offer is. A mortgage offer is a formal document from the lender that confirms they are willing to lend you the money for your chosen property. It contains all the details of your mortgage, including the interest rate, the term, and any conditions you must meet. Ensure to review your offer carefully, make sure you understand the terms and conditions of the loan, including the interest rate, repayment schedule and any fees associated with the mortgage. Once you have received your mortgage offer, you can begin to finalise your property purchase.

Next, you need to ensure that you have met all the conditions outlined in your mortgage offer. These conditions could include providing proof of income, employment, or identity. You may also need to carry out a property valuation or a homebuyer survey, which will be arranged by your lender. 

Once all the conditions have been met, your solicitor will receive a copy of the mortgage offer, and they will begin to finalise the legal paperwork. This process is called conveyancing and involves the transfer of ownership of the property from the seller to you. You should ensure to obtain buildings insurance during this process to activate at completion. 

During the conveyancing process, your solicitor will conduct local authority searches to ensure there are no legal issues with the property. They will also prepare the contract for the purchase of the property and organise the transfer of funds from your lender to the seller. This process can take several weeks, so be patient and keep in touch with your solicitor for updates.

When the conveyancing process is complete, you will be invited to sign the contract and pay the deposit. This is usually around 10% of the property's purchase price. Once the deposit has been paid, the exchange of contracts takes place, and the sale becomes legally binding.

The final step is completion, which is when you become the legal owner of the property. On completion day, your solicitor will transfer the remaining funds from your lender to the seller's solicitor, and the keys to the property will be released to you. Congratulations, you are now a homeowner!

Receiving your mortgage offer is a significant milestone in the property purchase process, but there are still several steps to complete before you can move in. Be sure to meet all the conditions outlined in your mortgage offer, keep in touch with your solicitor, and be patient during the conveyancing process. With patience and persistence, you will soon be the proud owner of your new home. If you have any questions or concerns, don't hesitate to contact your mortgage broker for support and guidance.