Your first mortgage payment is usually taken around a month after you complete on your property. The exact date and amount will depend on your lender, but here's how it typically works:

• Timing: Most lenders will collect your first payment around 2–4 weeks after completion, and they’ll let you know the exact date in advance. It’s often higher than your regular monthly payment because it includes:

  • The interest from the day you completed to the end of that month (called interim interest)

  • Plus your first full monthly payment

• Example: If you complete on 10th April, you’ll pay interest from 10th–30th April, then your first full mortgage payment might be collected on 1st May (or the date you agreed with your lender).

After that, your payments settle into your usual monthly amount, on the regular date.

When you're buying a property, it's important to understand the different types of surveys available – and what your lender’s mortgage valuation actually means.

🧾 Lender’s Mortgage Valuation

This isn’t a full survey – it’s a basic check carried out by the lender to make sure the property is worth the amount you're borrowing. It helps them decide whether the home is suitable security for the mortgage.

⚠️ It won’t tell you about structural issues or needed repairs – it's for the lender's benefit, not yours. Sometimes this is done as a "drive-by" or desktop valuation.

🏠 Types of Property Survey (for your peace of mind)

1. Level 1: RICS Condition Report

• Basic overview of the property’s condition

• Highlights any major issues

• Doesn’t include advice or a valuation
  Best for: New builds or modern properties in good condition

2. Level 2: Homebuyer Report

• More detailed than a Condition Report

• Includes visible problems like damp, subsidence, or roof issues

• Can include a property valuation
  Best for: Most standard properties in reasonable condition

3. Level 3: Building Survey (Structural Survey)

• The most in-depth report available

• Looks at the structure, roof, walls, plumbing, electrics and more

• Great if you're buying an older, unusual, or run-down property
  Best for: Older or listed properties, major renovations, or peace of mind

We always recommend getting a proper survey done – it can save you thousands in unexpected repairs and help you negotiate the price if issues are found.

If your mortgage deal includes a cashback offer, it’s a nice bonus – but it’s important to know when to expect it.

Some lenders will pay this at completion, in which case it will be included on your completion statement.

Other lenders will pay the cashback directly into your bank account within 4 to 8 weeks after completion of your mortgage. Some are quicker, while others may take the full 8 weeks – it varies by lender.

These are two key stages when you're buying a property, and they mark the final stretch of the process:

🔐 Exchange of Contracts

This is when you and the seller both sign the contract to legally commit to the sale. Your solicitor will exchange the signed contracts with the seller’s solicitor.

At this point:

• You usually pay your deposit (typically 5–10%)

• The completion date is agreed and set in stone

• You’re now legally bound to go ahead – if you pull out after this, you could lose your deposit

It’s a big moment – everything becomes official from here!

🏡 Completion

This is the exciting bit – you get the keys and officially become the owner of your new home.

On the day of completion:

• Your solicitor sends the remaining money to the seller’s solicitor

• Once they confirm receipt, the sale is complete

• You can pick up the keys and move in!

Completion usually happens a few days to a couple of weeks after exchange, but sometimes it can be on the same day.

If you are remortgaging, you still have completion, but not exchange of contracts, and you won’t need a removals lorry for remortgage completion unless you’re planning on eloping!

Not necessarily – returning the paperwork doesn’t always mean you’re locked in for good.

You’re generally not fully committed until exchange of contracts. So, if you return paperwork but then decide you'd prefer a different rate (say, a better deal becomes available), there’s usually still time to switch – as long as you haven’t exchanged..

That said, it depends on the lender and how far along the process is. Some lenders may require fresh paperwork or updated documents, and switching might delay things slightly – but it can be possible.

There are a small number of lenders who do not allow you to change your rate at all, following submission, your adviser will tell you if this is the case.

💡 Top tip: If you’re ever unsure or spot a better deal, speak to us first. We’ll check whether it’s worth switching and make sure it won’t cause any issues or delays.

In most cases, yes – but the good news is you won’t usually have to arrange or pay for one yourself.

When you remortgage, especially if you're switching to a new lender, there are still some legal bits to sort out – like updating the Land Registry and handling the new mortgage deed. That’s where a solicitor or conveyancer comes in.

✅ If your new lender offers a remortgage deal with “free legal work” (which many do), they’ll appoint a solicitor on your behalf to handle everything. You don’t need to lift a finger.

✅ If there’s no free legal option, or you're doing something more complex (like adding/removing someone from the mortgage), you’ll need to choose your own solicitor – and there may be a cost involved.

💡 Top tip: We’ll let you know if legal work is included in your deal and whether anything unusual might mean extra steps. No surprises.

It’s strongly advised that you don’t take out any new credit while your mortgage application is being processed.

Why? Because lenders carry out credit checks during the application, and sometimes again just before completion. Taking out new credit (like a car loan, credit card, or buy-now-pay-later deal) can:

• Change your credit score

• Affect your debt-to-income ratio

• Make the lender reassess your affordability

• In some cases, it could delay or even cause the mortgage offer to be withdrawn

💡 Top tip: Wait until your mortgage has completed before applying for any new credit. If you’re ever unsure, check with us first – better safe than sorry!

Once your mortgage application is submitted, it goes to a mortgage underwriter – the person (or team) who carefully checks that everything adds up and that you meet the lender’s criteria.

Here’s what they do:

1. ✅ Check your documents – like payslips, bank statements, ID, and credit reports

2. ✅ Verify your income and spending – to make sure the mortgage is affordable

3. ✅ Review the property details – and the valuation, to confirm it's suitable for lending

🔁 Why can it feel back-and-forth?

It’s totally normal for underwriters to ask for more documents or clarification, even after you’ve submitted everything. This could be due to:

• A missing page or unclear scan

• A bank transaction they need explained

• A payslip or bonus that needs breaking down

• A slight mismatch between what’s in the application and what’s on a document

💡 Top tip: Try to respond quickly and provide clear documents – it helps keep things moving. And don’t worry – we’re here to guide you through it and chase things on your behalf.

Think of underwriting as a final quality check before your offer is approved – it can take a bit of back-and-forth, but it’s all part of getting you to mortgage offer safely.