Start with a realistic budget
Before viewing homes, compare your income, regular commitments and likely ownership costs. A lender’s maximum figure is not the same as a comfortable monthly budget.
- Build an emergency buffer alongside your deposit
- Allow for legal fees, surveys, moving costs and insurance
- Check your credit reports before applying
Deposit and agreement in principle
A larger deposit normally reduces the loan-to-value ratio and may widen the choice of mortgages. An agreement in principle gives an initial indication of borrowing, but it is not a mortgage offer or guarantee.
From offer to completion
Once an offer is accepted, your solicitor handles the legal work while the lender values the property. An independent survey can reveal issues a basic lender valuation may not cover.
Exchange makes the purchase legally binding in the usual England and Wales process. Completion is when funds transfer and you collect the keys.