Week 1: Decision in Principle
The process begins with your broker gathering the key facts about your situation — your income, property value, existing mortgage balance, credit profile, and the purpose and amount of the loan. Using this information, the broker carries out soft-search eligibility checks across their panel of lenders and identifies suitable products.
A decision in principle (DIP), also called an agreement in principle (AIP), is then issued by the chosen lender. This is a conditional indication that the lender is willing to advance the requested amount, subject to full underwriting and valuation. The DIP is typically issued within 24–48 hours and does not require full documentation at this stage.
Once you are happy with the product — rate, term, monthly repayment, and any product fees — you instruct your broker to proceed to a formal application. Your broker will provide a full illustration (the European Standardised Information Sheet, or ESIS) showing the total cost of the loan over its full term before you commit.
Weeks 2 to 4: Formal Application, Valuation and Consent
In week 2, you submit your full document pack to the lender. Your broker will package this for you, ensuring all required documents are included and formatted correctly. The lender carries out a hard credit search, reviews your documents, and instructs a property valuation. For AVM valuations, the result is returned within 24 hours. For desktop valuations, allow two to three working days. Physical inspections need to be booked with a surveyor and typically take seven to ten days to complete.
Simultaneously, your broker or the lender's solicitor writes to your existing mortgage lender to request consent for the second charge. This is the step that most often introduces delay — some lenders respond within a few days; others take two to three weeks. Some lenders have a dedicated second charge consent team; others route requests through their general correspondence team with a longer turnaround.
By the end of week 4, in a well-run application, the valuation should be complete, the underwriter should be satisfied with your documents, and consent should be either received or imminent. If everything is in order, the lender issues a formal mortgage offer setting out the final terms of the loan.
