Step 8: Exchanging and completing


Your mortgage offer

Once the valuation has been carried out on the property, the valuer will send us the valuation report, and we'll write to you with our formal mortgage offer. This will be similar to the mortgage illustration you received at application, but it will also include any further conditions you have to meet.

Your solicitor/conveyancer will carry out all the required checks, such as Land Registry searches, on the property.

The contracts

As soon as the solicitor/conveyancer has everything they need, they will send you a contract to sign – along with any relevant paperwork. You must read through all the documents and make sure you’re happy with what they say.

The seller’s conveyancing team will be doing exactly the same thing at the same time. Then the two sides will agree a completion date and, when you’re ready, contracts will be exchanged (this is called Conclusion of Missives in Scotland). At this point you’re both legally committed to the sale.

Home Insurance

At this stage, you'll also need to organise some home insurance to start when you exchange contracts. Buildings insurance is a requirement of your mortgage and is essential to protect you against damage caused by things like fire and flooding. It is also advisable to protect your belongings with contents insurance. Santander customers can get discounts on insurance please take a look at our latest offers


On completion, money will change hands between the conveyancing teams and you'll be able to pick up the keys from the estate agency and move in!

A title deed is lodged with the Land Registry by your solicitor/licensed conveyancer to show that you are the property owner (or owners, if you’re buying jointly).

Important Information


All applications are subject to status and our lending criteria. This means that the amount we’ll lend you will depend on your individual circumstances, the type of property and the amount you borrow. For example, we may require a bigger deposit if you’re buying a flat or new build property.