From Offer Accepted to Keys in Hand: The Mortgage Process Explained
Introduction: The Moment Your Offer Is Accepted
You’ve done it. After weeks of viewings, negotiations, and waiting on edge for a call from the estate agent, you hear the words you’ve been dreaming of:
“Congratulations — your offer has been accepted!” 🎉
It feels like a huge milestone, and it is. But this is also where the real work begins. Between now and the day you hold the keys in your hand lies the mortgage process — a journey full of documents, legal checks, and big decisions.
At Cambs Ely Mortgages, we know this part of the journey can feel daunting. That’s why we guide our clients through it step by step. In this blog, we’ll take you behind the scenes of the mortgage process, so you’ll know exactly what to expect, from that first meeting to the moment you move in.
Step 1: Meeting With Your Broker
Once your offer is accepted, the very first step is to sit down with your mortgage broker — ideally one you’ve already spoken to earlier in the process. This is where we turn excitement into a structured plan.
During this meeting we’ll:
Review your financial position in detail — income, deposit, credit history, and commitments.
Explain all the costs involved in buying: deposit, stamp duty, solicitor’s fees, surveys, and insurance.
Discuss the types of mortgages available, such as fixed-rate (2 or 5 years) or tracker deals.
Narrow down the lenders most suitable for your circumstances from the 200+ we work with.
💡 Why an AIP is the best way forward:
Having an Agreement in Principle (AIP) before you make your offer shows estate agents and sellers that you’re a serious buyer. It proves a lender has already checked your affordability and credit profile, which not only makes your offer stronger but also speeds up the process once your offer is accepted. In fact, many estate agents will insist on seeing an AIP before taking your offer seriously.
Step 2: Submitting the Full Mortgage Application
With a property secured and the right product chosen, the next stage is to submit your full mortgage application.
This means providing the lender with a complete picture of your finances. Typically, you’ll need to provide:
Proof of income (payslips, P60s, or accounts if self-employed)
Bank statements (usually last 3 months)
Proof of deposit (savings, equity, or gift letters if applicable)
Identification (passport or driving licence)
Details of the property you’re buying
Your broker packages this application so it’s accurate and clear — minimising the chance of delays or rejections.
Step 3: Valuation and Underwriting
Once the application is in, the lender carries out two crucial checks:
Property Valuation
A surveyor visits (or sometimes carries out a desktop assessment) to confirm the property’s value.
This ensures the lender isn’t lending more than the property is worth.
Underwriting
The lender’s underwriters carefully review your documents.
They may request extra details — such as explanations for bank transactions or proof of bonuses.
Your broker liaises directly with them to keep things moving smoothly.
Step 4: Receiving the Mortgage Offer
If all is well, the lender issues a formal mortgage offer. This is a big milestone.
It sets out:
The loan amount approved
The interest rate and type of mortgage
The term (e.g., 25 years)
Any conditions or requirements
Most mortgage offers are valid for six months, giving you breathing space if there are delays in the legal process.
Your solicitor also receives a copy, as they’ll need it to continue with conveyancing.
Step 5: Conveyancing and Legal Work
While your mortgage is being arranged, your solicitor is busy behind the scenes carrying out the legal checks. This process is known as conveyancing.
It involves:
Checking the title deeds to confirm the seller has the right to sell.
Conducting searches — such as local authority, flood risk, and environmental reports.
Raising enquiries with the seller about boundaries, planning permissions, and any potential disputes.
Reviewing contracts and, for leaseholds, examining the lease terms.
You’ll also transfer your deposit funds to your solicitor, who will hold them ready for exchange.
Step 6: Exchange of Contracts
This is the point where the sale becomes legally binding. Both buyer and seller sign the contract, and you pay your deposit (normally 5–10%).
A completion date is agreed — usually between 1 and 4 weeks after exchange, although it can be longer if both parties agree.
From this point, neither side can back out without major financial penalties. For most buyers, this is when the purchase starts to feel very real.
Step 7: Completion — Keys in Hand!
Finally, the big day arrives.
Your mortgage lender releases the funds to your solicitor.
Your solicitor transfers the money to the seller’s solicitor.
Once the funds are received, the estate agent gets the call to release the keys.
You’ll never forget the moment you walk into your new home for the first time.
How Long Does It All Take?
On average, the process from offer accepted to completion takes 8–12 weeks. However, timelines vary depending on:
The property type (leaseholds often take longer)
The speed of solicitors on both sides
How quickly you provide requested documents
Whether there’s a long chain involved
With a proactive broker and solicitor, it’s possible to complete much quicker.
A Real-Life Story
Take James and Sarah, first-time buyers in Ely. They had a 10% deposit saved and were nervous about the process. With our guidance, they had their full mortgage offer within three weeks, exchanged in just over two months, and collected their keys on a sunny Friday afternoon — with smiles that said it all.
Stories like this show that with the right support, the process doesn’t have to be stressful.
Final Thoughts
From the moment your offer is accepted, you’re on a journey that involves financial checks, legal steps, and big decisions. But you don’t have to walk it alone.
At Cambs Ely Mortgages, we make the process clear and manageable — explaining each step, handling the paperwork, and working with your solicitor to keep things on track.
By the time you’re handed your keys, you’ll not only have your dream home but also the peace of mind that comes from being supported every step of the way.
📞 Get in touch today to start your own journey from offer accepted to keys in hand.