Small steps towards buying - how do mortgage applications work?

gray821

Hi, I'm making small steps towards buying for the first time, and I don't really understand the mortgage application process, in terms of timings and how important different aspects are. Say I'm looking at this...

New house: £250,000

Deposit: £12,500

Help to buy loan: £50,000

Mortgage: £187,500

I've just got a quote from L&C and a 'decision in principle' which all seems good. Does that actually mean anything? At what point do I need to do the full mortgage application? Before or after I find the house? If after, is there any way I can be 'sure' of being accepted before going too far down the rabbit hole?

Any thoughts would be great. Thanks

MovingForwards

The DIP from L&C means absolutely nothing, it means you meet THEIR affordability, not a LENDERS affordability which could be completely different.

The full mortgage application is done by the broker upon acceptance of your offer by the seller for the property you want to buy.

If you want more assurance of a mortgage going through, speak with a good broker.

ChewyyBacca

Im sure there is a thread delineating the generic process flow for house buying, including steps in mortgage. can someone pls provide that?