How to apply for your mortgage

It’s a big decision and, at first glance it can all sound a bit complicated but in fact buying a home needn’t be stressful.

8 Step Home Buyer Process

Here's a step-by-step guide to applying for a mortgage and how your Saffron Adviser will help you every step of the way.

  1. 1 Initial Appointment: Arrange an appointment to speak with a Mortgage Adviser, they will discuss your needs and work out how much you can borrow based on your individual situation.
  2. 2 Getting a Decision in Principle (DIP): When your information and the affordability checks are complete your Mortgage Adviser would issue a DIP. This confirms Saffron would be able to consider lending to you to buy your home.
  3. 3 Find a Property: Once you have found the property you wish to buy and have had an offer accepted, contact your Mortgage Adviser to make another appointment to discuss your needs, preferences and future plans. This will enable your Mortgage Adviser to recommend the most suitable mortgage for you.
  4. 4 Contact a solicitor: Ask a solicitor to act for you in the purchase/sale – obtain estimates from them for the costs in terms of their services and all searches they will undertake on your behalf.
  5. 5 The Full Mortgage Application (FMA): Your Mortgage Adviser will complete this with you and ask you for all necessary documents and fees to enable the application to be submitted. Our mortgage processing team will then instruct a valuation on your new property.
  6. 6 Mortgage Offer: This is issued by Saffron and sent to you and your Solicitor. This confirms that Saffron have approved the mortgage and will enable you to progress to “exchange of contracts”.
  7. 7 Exchange of Contracts: You will need to pay any deposit to your Solicitor and agree to a “completion date” with all other parties involved in your chain. Once contracts are exchanged you are legally committed to purchase the property.
  8. 8 Completion Day: Your solicitor will contact you and confirm the money has changed hands along the chain and that you can collect the keys from the estate agent selling the property and move into your new home.

Talk to us today

To arrange an appointment with one of our Mortgage Advisers call us free on:0800 072 1100or complete the form below

Does at least one applicant have an income?

Do you have a deposit (or equity in property) of at least 5% of the property value?

Do you own your current residential property (with or without a mortgage)?

Do you have a deposit (or equity in property) of at least 20% of the property value?

Thank you for your enquiry.

A Mortgage Adviser will be in contact with you within 2 working days.

What are the costs involved

We understand that the process of buying and selling your home can be expensive. We've set out some of the costs involved to keep in mind.

Total costs(Selling + up-front + completion)
Total cost
Existing property sale price
Less existing mortgage
Less other (repayment of loans, etc)
Equity available
Purchase price
Less deposit
Mortgage required