The mortgage application process is relatively straightforward in principle but a little more complicated in practice. The basic stages are:

• Gather all the correct documentation for the lender to assess your application
• Approach a mortgage provider for a decision in principle.
• Once you have the decision, apply for the mortgage through the lender portal
• After applying for the mortgage, relevant documents are assessed by the provider and a valuation instructed to make sure the property is suitable for mortgage lending
• Once the mortgage is agreed, purchase your property

Most lenders have a criteria. On application, one of the first things they do, is look to see if you fit into their criteria. This is where the expertise of a mortgage broker really comes in handy. Mortgage advisers are well attuned to the various different lenders, what their criteria's are and who is most likely to lend to who!

In addition, experienced mortgage brokers will have an array of contacts in the market, allowing them to potentially negotiate favourable terms and conditions not readily available to the general public.

The length of time it takes to get a mortgage depends on your personal circumstances. If you have more complex finances, lenders can take longer to assess your application. Remortgages tend to be processed a little quicker.

Typically, however, it can vary between a few days to much much longer! Some lenders utilise technology with the aim of speeding up the application process, and in some cases you can have a mortgage offer within hours. Where borrowers have more complex finances, and a lender may require further proof of income or requires additional answers, it can take several weeks to get a mortgage offer.

As soon as you decide to look for a property, this is the time that you need to research the latest mortgage deals and your eligibility. Or contact a mortgage adviser. This allows you to go through all options before committing to a house purchase.

Generally, you need 5% of the purchase price as a deposit before you can buy a house! Some lenders do have schemes that require a smaller deposit... but as a rule of thumb 5% is the minimum deposit usually required.

You will be more favourably viewed by a lender, the more deposit you have. For example, if the cost of your home is £250,000, a 5% deposit would be £12,500, 10% would be £25,000 and 15% would be £37,500.

The higher your deposit, the lower the risk you are to the lender, so you are more likely to be offered a lower interest rate.