It can be tricky to know when to apply for a mortgage
When in the market for a loan, it’s tricky to know what to do first. Find a home and then apply for a mortgage or apply for a mortgage and then find a home. Each has its pitfalls, and Murphy’s Law being what it is, if you don’t have a mortgage in place when your dream home comes along you can bet someone else will - and they buy it!
On the other hand, apply now for a mortgage without a home and what happens if 6 weeks after your mortgage offer, you still have nowhere to offer on?
How mortgage lenders can help
Mortgage lenders understand this and so, in an effort to smooth the process, nowadays lenders are prepared to take applications for home loans even if you’ve yet to find the right place. This is called applying for a home loan ‘in principle’. The lender asks all the questions of you that are necessary to establish whether you are someone they want to lend to and, if so, how much and on what terms they are prepared to offer you a loan. You will be asked about your work, salary, hours worked, time as an employee, any bonuses, monthly expenditure, savings, etc. It’s also probably that they will check your credit history either at this time or before the offer becomes unconditional.
Some mortgage lenders are less keen to lend money on older housing stock or leaseholds or multi-floor properties. It’s therefore important that where possible you have some idea of what you are looking for before you make your application.
When does subject to status comes into play?
Once the lender has evaluated all the information you provide, they may make a mortgage offer which is, at this stage, subject to status. This means that whilst the offer is there in principle, the lender will need to see confirmation of the information you have provided (such as bank statements, P60s, etc) and also a valuation of the property that supports the criteria upon which they are prepared to lend. The primary criteria here is usually LTV or Loan to Value.
Most mortgage offers made subject to status are open for up to 6 months, allowing most potential buyers time to explore the market and find a place that suits them.
To speak to a mortgage adviser contact Mortgage Required on 01628 507477.
Related articles:
Download our Free First Time Buyers Guide
Recent posts
Housing Secretary Angela Rayner has announced a new measure to protect leaseholders in England and Wales from high fees and poorly regulated property management companies.
Saturday 26th September, Andy Burnham announced a new equity loan scheme called “Your First Home”. The scheme, which will be confirmed at next month’s budget, is aimed at first-time buyers looking to purchase a new-build property from a developer signed up to the scheme.
Losing your job or finding yourself ‘between jobs’ is, unsurprisingly, a stressful place to be. Keeping a cool head and taking action is important.
Best UK Mortgage Rates this Week
8 days ago
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Flats 40% cheaper to buy than houses
12 days ago
This price gap between the cost of houses and flats is the biggest it has ever been. Houses are now costing 1.7 times more than a flat, which is 0.4 times higher than 10 years ago
Take a look at our list of houses vs. flats per area.
Are mortgage rates set to increase?
22 days ago
We have seen several lenders increase their mortgage rates over the last couple of weeks. This suggests mortgage rates are likely to rise.
Although nothing is set in stone, lender repricing, rising swap rates, and continued economic uncertainty suggest borrowers should prepare for higher mortgage costs.
AI-altered images put off over half of buyers
24 Aug 2026
According to data from House Buyer Bureau, where over 900 UK homebuyers were surveyed, 54% of people said that they immediately ruled out digitally enhanced property listings.
April Mortgages offer 7x Income Mortgage
13 Aug 2026
April Mortgages - only accessed via a mortgage broker - offers first-time buyers, renters, and home-movers the option to borrow up to 7 times their income on its longer-term mortgages.
More information
Trusted by
