What Happens After Mortgage Approval?
After your mortgage offer is issued, your solicitor completes legal work, you exchange contracts (becoming legally committed), then complete (receiving keys and ownership).
Your mortgage offer marks a major milestone - but there's still work before completion. After receiving the offer: your solicitor reviews it for any issues, you check all details are correct, legal work continues (local searches, reviewing contracts, raising enquiries), you arrange buildings insurance, and prepare for exchange. At exchange of contracts, you become legally committed and pay your deposit. Completion typically follows 1-4 weeks later - the mortgage funds transfer, you pay the remaining balance, and receive the keys. Your offer is valid for 3-6 months, so aim to complete within this window. If delays occur, you may need to request an extension.
Your home may be repossessed if you do not keep up repayments on your mortgage. Read your mortgage offer carefully and raise any concerns before exchange.
Key Points
- 1Formal confirmation lender will provide mortgage
- 2Valid for 3-6 months typically
- 3Solicitor reviews offer and continues legal work
- 4Exchange of contracts makes you legally committed
- 5Completion is when money transfers and you get keys
- 6Check all details carefully for errors
Eligibility Criteria
- Mortgage offer issued after full application approval
- Property valuation satisfactory
- All lender checks passed
- Any conditions must be met before completion
- Buildings insurance required before completion
Typical Timeframe
From mortgage offer to completion typically takes 4-8 weeks, depending on the chain and legal complexities. Exchange of contracts usually happens 1-4 weeks before completion. Aim to complete before your offer expires (3-6 months from issue).
Next Steps
- 1Read your mortgage offer carefully
- 2Check all details are correct
- 3Notify broker/solicitor of any errors
- 4Arrange buildings insurance
- 5Prepare for exchange and completion
Why This Matters for Your Mortgage
Understanding these details helps you make informed decisions during the mortgage process. Every element of your application—from deposits to documentation—affects your approval chances and the rates you can access.
Lenders assess applications holistically, weighing multiple factors together. Knowing what they look for allows you to present the strongest possible application. This is particularly important for non-standard situations where lender criteria varies significantly.
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Related Questions
For more detailed information about this topic, visit our comprehensive guide:
Mortgage Application
Content reviewed: January 2026
CeMAP awarded by The London Institute of Banking & Finance. Cert CII (MP) awarded by the Chartered Insurance Institute.