My First Mortgage Has Been Approved… Now What?

Once your lender has approved your mortgage you can begin the process of getting into your new home, but there are some key steps to consider in order to make that as simple as possible. We’ve rounded up our essential guide on what to do once your mortgage has been approved.

Ask to take the property off the market

Once your offer on a house has been approved, ask the seller to take the house off the market. This way you reduce the risk of getting “gazumped” — when another buyer puts in a higher offer on the property you want to buy and it gets accepted.


Agree a completion date

Another proactive step you could take after getting your mortgage approved would be to agree a completion date, helping add clarity to the process. The agreed completion date could be weeks following the exchanging of contracts between you and the seller which would give you time to organise a moving company, or to set up your new utilities. Exchanging contracts as early as you can is important as at this point, an agreement to buy or sell the property becomes legally binding: once the buyer and the seller have exchanged contracts, they can't back out of the deal.

On your completion date, you will have officially bought your new home and you can pick up your new house keys! 


Get buildings insurance

Buildings insurance is a consideration best kept at the top of your to-do list after your mortgage has been accepted and certainly once you’ve exchanged contracts as you’ll be responsible for the property. In fact, this a condition on your binding offer agreement from your lender.

There can be a delay between exchanging contracts and moving in, leaving the property vacant. It’s vital that you take a buildings insurance policy out on your new home from the point of exchanging contracts so you have peace of mind that you’ll be protected against even the most unpredictable events. 


Pay your deposit

Paying your deposit to your solicitor (or conveyancer) is another key step after getting your mortgage approved and is an essential part of securing your new home. It’s routine to do this when exchanging contracts as your deposit is the official marker of your investment. 

Depending on who your account is with, there may be a limit on how much money you can transfer per day. Check this with your financial provider and factor it in to your plans. Your solicitor can guide you through this process. 


LISA and Help To Buy customers: Your solicitor needs to apply for your bonus

Lifetime ISAs (LISA) and Help To Buy ISAs offer a government bonus for first time home buyers and are a popular option for many new buyers seeking to get their mortgage approved.

To claim your LISA government bonus, your solicitor or conveyancer will have to contact your provider. This usually takes place before contract exchange and sale completion. Your provider will send it directly to your solicitor of conveyancer and it will be added directly to your deposit.

If you hold a Help to Buy ISA, once you’ve requested your account be closed and receive your closing statement, your solicitor or conveyancer can then use this to claim the government bonus.


Exchange contracts

Exchanging contracts after your mortgage has been approved is the first official step towards becoming a homeowner. From a buyer’s perspective, all that can be done is to appoint solicitors and keep up to date with the process. 

The contract will highlight some of the most important points of the transaction, making sure that the price is clear to both you and the seller. There’ll be a date for when the sale will be completed, as well as an outline of exactly what is included — for example, sometimes items of furniture might be left by the previous occupant. You will also be given the date from which the property will belong to you. 

Once these terms have been agreed on both sides, the transaction is legally binding and the land registry will be updated. 



We have plenty of information about your first mortgage, so check out our comprehensive guide if you have any more questions about buying your first home. Don’t hesitate to get in touch with one of our expert mortgage advisors.

Your mortgage will be secured on your home. Your home may be repossessed if you do not keep up repayments on your mortgage.

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