Steps to getting a mortgage

Steps to getting a mortgage
November 1, 2023

Steps to getting a mortgage

Buying your first home is an exciting time, however, most first-time buyers will require a mortgage to enable this purchase and you should consider the following advice when setting out on this journey.

Step 1: Speak to a financial advisor

Find an advisor who you can trust and feel comfortable with – we can help you with this. Discuss your future plans with them and they will give you tips to improve your credit rating and make yourself attractive to lenders.

Step 2: Save a deposit

In most cases you will need a deposit. This will vary depending on the lender and the market at the time. The higher the deposit you can save will show your ability to repay a mortgage to a lender and can reduce the interest rate and subsequent monthly payments of your mortgage. It also allows you to offer over home report value as lenders will not include any additional amounts in their calculations.

Step 3: Find out how much you can borrow

Before setting out on viewings, it is wise to sit down with your financial advisor to calculate your borrowing capacity based on the size of your deposit and the time you wish to take the mortgage over. They will also consider your personal financial situation, regular income and outgoings.

It is worth remembering that you will also need to budget for the additional costs that come with buying a property: conveyancing, surveys, solicitors and Land and Buildings Transaction Tax (LBTT), also known as stamp duty.

Step 4: Get a decision in principle

A decision in principle (DIP) can also be referred to as an agreement in principle (AIP). This is the amount your chosen mortgage provider will likely lend you when buying a property, an offer that lasts for 90 days.

Getting a decision in principle will not only give you clear indication of your borrowing power, it will also make you more appealing to sellers as you are in a position to move forward quickly.

Step 5: Find a solicitor

You should choose a solicitor to assist you in the offer making process – once again we can recommend local solicitors who will take care of you throughout the process, at a competitive price.

Step 6: Make an offer

You’ve been out viewing and have found the one, now it’s time to make an offer. Prior to doing so, remember to do your calculations and include all the additional costs previously mentioned. You should also include a budget for any improvements or additions you wish to make.

You should consider other recent sales in the area for similar properties to ensure that your offer is competitive.

Step 7: Apply for a mortgage

Your offer has been accepted so now it’s time to move forward with a full mortgage application. A good financial advisor will simplify this process for you. This part of the process can take on average eight weeks from offer to completion.

You will be asked to provide a variety of personal documentation to support your application. You can make this process easier by having obtained all of this in advance, i.e. a photo ID (driver’s licence or passport), bank statements for the last three to six months and your last three payslips.

Step 8: Collecting your keys

Congratulations, you’ve followed all our advice and are now the proud owner of your new property.

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  • - Gina Warrender

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  • Susan Rooney

My experience with The Property Store, East Kilbride : Right from the beginning of my tenancy The staff at The Property Store have been so helpful and always attended to any issue promptly and efficiently. Every member of Staff I dealt with was highly professional, knew their job inside out and were friendly. I would like to mention Rachel in particular who I dealt with the majority of times. She is excellent at her job and I would not hesitate to recommend The Property Store to anyone looking for reliable Estate Agents.


  • Karen
  • - - Tenant

"Can you pass thanks on to the landlord. I've enjoyed living in the house it's just unfortunate my hip condition has deteriorated and caused me to move. I hope the new tenants enjoy their new home. Thank you to property store for all the help and support. A very professional team. I would highly recommend you to others."

  • Helen
  • - Tenant

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  • - Operations Manager at Global Wind Service

"The Property Store was fantastic in finding me a property. They really took such a personal approach to finding me a suitable flat and take great care to ensure its the right fit. The staff are very friendly and will do everything they can to help in anyway they can. I would definitely recommend them to anyone looking for a property."

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"For some time I had been looking at further property development opportunities on a buy to let basis. As a landlord I had already been working successfully with the Property Store for a number of years and I took the opportunity to discuss this with them. Living remote from East Kilbride and having talked through my requirements it was clear that the most suitable option was for the Property Store to source, develop and let on a fully managed basis.

I have been very impressed with the speed that things have moved particularly how quickly the properties are upgraded and prepared for letting to the point where we have had tenants in advance of completion of works. As a result I have now added three properties in a matter of a few months.

As a remote landlord it is essential that you build confidence in the agents you are dealing with and the team at the Property Store have been excellent to deal with. They are a well-trained motivated team who know what they are doing.

The Property Store utilises the services of a number of key contractors with whom they have has a business relationship for many years. The contractors know the exacting requirements of owner Lorraine Robb and can be trusted to provide competitive quotes as well as completing works to a high standard. The Property Store fully inspect all works and provide regular feedback and are quick to take care of those small details that make all the difference.

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  • - Fiona Kirk Landlord

"All of the staff are great, very professional, helpful and welcoming.
Made our journey very easy and stress free, would highly recommend them!!!
From viewing the property to handover of our keys everything was smooth, no issues and now have a very happy household
Thank you all for your help."

  • - Allyson

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  • Letting agents
  • - Claire Moran