The Mortgage Process
The Mortgage Process Step by Step
From your first call with Elaine to getting your keys, here is exactly what to expect in plain English, with no jargon.
From your first call with Elaine to getting your keys, here is exactly what to expect in plain English, with no jargon.
Buying a home particularly for the first time can feel like a daunting prospect. There are a lot of moving parts, a lot of new terminology and a lot of decisions to make along the way. The good news is that with the right broker beside you, each step becomes much more manageable. Here is exactly what the journey looks like from start to finish.
Before you look at properties or visit estate agents, have a conversation with Elaine. This gives you a clear and realistic picture of what you can borrow and what you need to have in place. Your free initial call takes around 30 minutes.
Once we have a clear picture of your finances, we can obtain an Agreement in Principle. This is a conditional indication of how much a lender would be willing to lend you, based on a soft credit check that will not affect your credit score.
With your Agreement in Principle in hand, you can search with confidence, knowing exactly what your budget is. Estate agents take buyers with an AIP more seriously, which can give you an edge in competitive markets.
Once your offer is accepted, get in touch straight away. This is when the formal mortgage process begins. She will guide you on instructing a solicitor and any survey you may need.
We submit your full application to the chosen lender, along with all supporting documents. We handle the communication with the lender throughout, so you are not left chasing updates or dealing with queries directly.
The lender will arrange a valuation of the property to confirm it is suitable security for the loan. This is different from a full structural survey, which you may wish to arrange separately for your own peace of mind.
Once the lender is satisfied with the application and valuation, they issue a formal mortgage offer. This is a significant milestone your solicitor receives a copy and the legal process moves forward towards exchange of contracts.
Exchange of contracts is followed by completion, when the funds are transferred and the property becomes yours. We will be in touch throughout this period and are always available for any questions that come up along the way.
From your first call to completion, a typical purchase takes between eight and sixteen weeks, depending on the length of any chain and how quickly legal work progresses. We will give you a realistic timeline at the outset based on your specific situation.
Your payslips contain the detail we need to calculate your enhancement pay and identify the right lenders. Even if you are not sure what everything on your payslip means, we will work through it with you.
If you are looking for a hassel free process with your mortgage, I would highly recommend you use Penguin Mortgages. Elaine made things simple by dealing with the application and getting me the best deal for my need. 5-star.
26 May 2025
Excellent and seamless experience with Elaine. She is very professional and supportive, tons of communication and support is present from her end. She has explained me every bit of the process and managed everything for me. I highly recommend her to anyone who is looking to get a mortgage.
23 January 2025
Elaine made my mortgage experience a truly seamless one. Her expertise and guidance made the entire process incredibly smooth. She was always available to answer questions (even via WhatsApp). I felt supported and informed every step of the way. I highly recommend Penguin Mortgages.
11 January 2025
Elaine was incredibly helpful and patient throughout our journey as first-time homebuyers. She made the mortgage process seamless by addressing our numerous questions with professionalism and clarity. Her consistent updates and prompt responses kept us informed every step of the way. We couldn’t have asked for a better experience. Highly recommend Elaine for her outstanding service!
24 December 2024
I could not recommend Elaine at Penguin mortgages enough. Elaine has been fantastic throughout and worked thoroughly through all options available to me.
5 December 2024
