What happens after my mortgage offer is issued

After we review your application and complete our credit and affordability assessments, we issue a formal mortgage offer, a binding document confirming our intent to lend under specified terms.

Step 1: Accepting the Offer

You must formally accept the offer in writing—via digital channels or paper—indicating your agreement with the mortgage terms.

Step 2: Legal Conveyancing Begins

Once accepted, your conveyancer/solicitor kicks in. We will send your mortgage offer to your solicitor. They will:

• Review the offer’s conditions.
• Organise property searches (title, local authority, etc.).
• Handle the property valuation, typically already done but the solicitor will receive the report now.
• Work with us to ensure all documentation is in order

Step 3: Exchange of Contracts

After due diligence, contracts are exchanged on an agreed date. At this point:

• The sale/purchase becomes legally binding.
• You'll usually pay a deposit (commonly 5–10%).
• A completion date is set—often when you officially become the owner

Step 4: Completion: Funds Released & Keys Handed Over

On completion day:

• Solicitor requests mortgage funds.
• The lender transfers these funds directly to your solicitor.
• Your solicitor settles the seller.
• You receive the keys and move in—congratulations!

Step 5: Post-Completion Support

Even after you’ve moved in, Glasgow Credit Union provides:

• A dedicated mortgage advisor to support you through repayments and any queries
• Access to a Payment Support Team should financial difficulties arise

Summary: Your Journey with GCU

1. Offer issued → You accept
2. Solicitor starts legal work
3. Contracts exchanged → deposit paid
4. Completion day → funds, keys & move-in
5. Ongoing support from Glasgow Credit Unions support team