Your lender could take several days to a few weeks to process your application. So … apply for your mortgage as soon as possible after the Terms of Sale has been agreed.
Arrange a meeting either in-person or remotely with your mortgage broker or lender. Ensure that you are well-prepared for this meeting and have all your documentation ready. Your broker or lender will give you all the details of what will be required.
Your lender will assess your financial situation as well as the property itself. While rare, they may identify concerns with your finances or with the property that could lead to a rejection. The lender would likely send out a surveyor to value the property, get this arranged as quickly as possible.
It often happens that your mortgage offer will be ready before the conveyancing process is completed. If you sign the mortage offer as late as possible, you might still be able to get a better deal. Just be aware of the risk, as re-applying for a different mortgage will introduce delays that might not be acceptable to the seller (and it may violate the terms of your no sale no fee agreement with the conveyancer).