Once you have your mortgage agreed, the next stage of the process is concluding missives (in Scotland) or exchange of contracts (rest of the UK).   Both are explained below:

• Concluding missives.  Key points on missives are:
  
  • Once the seller has agreed to sell their home to you, you will receive a letter called a qualified acceptance from their solicitor.  This means the offer has been accepted, but will depend on certain conditions.
  • Your solicitor and their solicitor will negotiate these conditions by sending each other letters, known as missives.
  • Unlike the exchange of contracts, you do not pay the deposit at this stage.
  • Once missives are accepted and the seller and you agree on the terms, the contract is binding.  You have legally committed to buying the property, and the seller has legally committed to selling it to you.
  • In general, you should arrange buildings insurance on conclusion of the missives, but the missives may say something different.  Confirm with your solicitor.
  • If you try to back out of the purchase at any point after the missives are concluded, you will be liable to pay the seller thousands of pounds in damages.
• Exchange of contracts.  Key points on exchange of contracts are:
  
• You sign a contract agreeing to buy the house.
• The seller signs a contract agreeing to sell you the house.
• Conveyancers then exchange the contracts.
• You will pay the deposit at this stage.
• You're committed by law to buying the property once contracts are exchanged.
• You will have to have arranged buildings insurance for your property prior to the exchange of contracts.
• As above, if you try to back out you will be liable for damages.

Home Insurance.  Insurance policies are mentioned above - you must have buildings insurance on a mortgaged property.  Contents insurance is generally strongly advised.  Your mortgage provider will most likely offer you an insurance policy, but it is worth shopping around to find the most suitable deal.  Comparison sites such as comparethemarket.com and moneysupermarket.com are a good start point, but not all providers can be found on these sites.