How Long Does A Mortgage Application Take?

Buying a property can be one of the most daunting and stressful times in your life and one of the worst parts can be awaiting the decision on your mortgage application.

Typically, the average time for a mortgage application to be approved is around 2 weeks. However, it can be as quick as 24 hours, but this is rare. The amount of time it takes to get your mortgage application approved depends on your specific circumstances and the property you are looking to buy.

Once applying for a mortgage, you should expect to wait for around 2 weeks as it can take some time for the mortgage lender to survey the property and underwrite your application.

From the first steps of initially speaking to a specialist mortgage broker to getting the keys to your house, it can be a difficult and stressful journey to property ownership. Our guide will help you through the timeframes of getting a mortgage and hopefully get you one step closer to picking up the keys to your new home.

How long does it take to get a mortgage in principle?

A mortgage in principle, also known as an agreement in principle (AIP) is a written estimate from a lender, which gives you – the borrower – an indication of how much you could borrow, which is helpful during your property hunt as it allows you to accurately know how much you could afford.

Typically you can get a mortgage in principle within 24 hours of applying and it is usually valid for up to 90 days.

A mortgage in principle is not a mortgage offer and you will still need to make a full application for a mortgage on the property you have chosen to buy. Using a mortgage advisor to get a mortgage in principle will allow them to use all the previously supplied information as part of your full mortgage application, but they will need to should check everything is correct beforehand to ensure the best possible chances of being approved.

A mortgage in principle does not guarantee anything as it is not a mortgage offer, it is simply an accurate estimate of what you could borrow. A mortgage in principle is not essential in your property hunt, however, it will be very useful as it provides credibility and reassurance in the eyes of lenders.

A mortgage in principle can affect your credit score as it could require a ‘hard check’ of your credit rating, so make sure you consult your mortgage advisor beforehand.

How long does a mortgage application take to be approved?

Once you have obtained a mortgage in principle and have begun your property hunt, it’s time to find the perfect property!

Once you have found the ideal property, you can submit a mortgage application, once accepted, a mortgage application is usually a continuation of the mortgage in principle you have previously obtained. This process involves lenders checking the agreed price of the property, the address, solicitor and estate agent you are using for purchase conveyancing.

The time that your mortgage application then takes is then influenced by a number of factors. Both you and the lender could slow down the process such as having certain documents not ready such as;

  • Verification of your earnings: bank statements, 3 months of payslips, your last P60 and/or self-assessment tax returns (if you are self-employed or have multiple sources of income.
  • Details of financial commitments: details of your outgoings such as childcare costs
  • Proof of ID: your passport and/or driving license and current address
  • Proof of a deposit
  • Details of your estate agent and solicitor

In regards to securing your mortgage, the average time in the UK is 2 weeks, provided the whole process goes smoothly and the application is relatively straightforward.

How you can speed up your mortgage application

If you are concerned about how long it takes for your mortgage application, you can help speed up the process by using a specialist mortgage broker as well as ensuring you have all the necessary documents ready beforehand.

A mortgage broker will help speed up your mortgage process as they are already familiar with all the products on the market, including all the specific criteria each lender will look for.

Using an experienced mortgage broker can considerably cut down the time you’ll spend researching and making appointments to speak to different lenders individually.

How long does a mortgage offer last?

Typically, you will find that a standard mortgage offer will be valid for up to 6 months and a re-mortgage is generally only valid for 3 months, but this length of time can vary between different lenders.

After you accept the offer, there is usually a deadline for when you will need to complete the property purchase, but in nearly all cases this is more than enough time to exchange contracts with the seller and finalise the transaction.

If you come up against some unexpected delays and it’s going to take longer to complete the sale than is left on the mortgage offer, it’s essential to contact your mortgage broker or lender as soon as possible. Depending on the reasons and causes of the delay you might be able to get an extension on the mortgage offer, but this could incur additional fees. If the lender is not willing to give you an extension, then you may need to re-apply for a mortgage which could involve paying for additional solicitor fees and another valuation.

A specialist mortgage broker you can depend on

At RH Financial Consultants, we specialise in finding the perfect mortgage for you. Our specialist advisors are experts at securing you a mortgage application in the quickest and easiest way possible, allowing you to cut the stress out of house-hunting and the time to find the property of your dreams.

Discover our full offering of mortgage services and get in touch with our advisors for a chat to see how we can help you get the right mortgage as quickly as possible.