How long does it take to get a mortgage?

When you’re buying a home, getting your mortgage approved as soon as possible so you can move fast is vital. But how long does it take to get a mortgage and how can you speed it up? We take a look….

Angela Kerr Director, Editor

How long does a mortgage application take?

A mortgage application typically takes two to four weeks to process. Factors such as the how busy the lender is, how straightforward your circumstances are and how quickly you respond to any requests can influence how long it takes for a mortgage to be approved.

The good news is, you can get an indication of how much you can borrow and even a “mortgage agreement in principle” almost instantly. This states what a lender is likely to lend you based on information you give them online or over the phone about your income and a credit score. But it’s only one step in getting the all important mortgage offer. Read on for the other stages involved and how long it takes to get from here to a formal mortgage offer.

Why does a mortgage application take so long?

You’re probably wondering why getting mortgage approval takes so long. There is a range of information the lender will have to check, so make sure you have the following to hand to speed up the process:

• 3 months of pay slips, bank statements, last P60 and/or self-assessment returns (if self-employed) to verify your earnings
• Details of your outgoings, including childcare costs, so the broker can assess your financial commitments
• Proof of ID and current address. If you’re applying for a mortgage, make sure you’re on the electoral role
• Proof of deposit (a gifted deposit from parents needs to be backed up with their bank statement and letter confirming it is a gift)
• Details of your solicitor who’ll be working on your behalf to carry out the transaction
• Details of the estate agent you are buying through

The lender will then want to conduct a mortgage valuation to ensure this is a sound investment to lend on (this is usually a desk based valuation and is not to be confused with a house survey which you might want to get to check the condition of the property).

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Mortgage Application Process Timeline

1. Finding the best mortgage

Timeline: 1 day

One of the most important steps when it comes to taking out a mortgage is making sure you get the best mortgage. The easiest and fastest way to do this is to use a fee-free broker. If you do this, you’ll have a fact-finding call with the mortgage broker where they’ll as you about your circumstances. Then they’ll go away and find the best mortgage deals for you before contacting you and explaining your options. Plus, some mortgages are only available via brokers so you may get more choice of deals too. And their expert knowledge means they’ll be able to match you to the lender that’s most likely to accept your application.

It is possible to find a mortgage yourself such as by using comparison sites but it can be a time-consuming process and you won’t be getting mortgage advice. Alternatively, you may choose to go direct to the lender, either by making an appointment in branch, over the phone or review options on lender websites. How long this takes depends on speed of appointments and how many lenders you are approaching.

2. Getting a mortgage agreement in principle

Timeline: instant

Once you’ve chosen a mortgage, the first, and simplest, step is getting a mortgage agreement in principle (AIP). A mortgage agreement in principle (sometimes referred to as a mortgage decision in principle) states what a lender is likely to lend you based on information you give them online or over the phone about your income and a credit score. You can usually get one instantly.

A mortgage agreement in principle is useful because it helps you know what you’re likely to be able to borrow. And it’s also helpful to get a mortgage agreement in principle in place before you start house-hunting to share with estate agents to show you are a serious buyer. But it’s not a mortgage offer and it’s not a 100% guaranteed you’ll get the full mortgage until all the checks and paperwork have been done at a later stage. To do this, you’ll need to submit a full mortgage application.

3. Making a mortgage application

Timeline: 20 minutes +

The next step is to make your full mortgage application. When you’re considering how long does a mortgage application take, this stage can be much faster if you use a mortgage broker. Your broker will do the mortgage application for you and it should be a quick and straight forward process. When you apply for a mortgage you need to provide documents including bank statements, usually the last three months, and proof of earnings. If you’re employed, you’ll usually need to show your recent payslips and your P60. If you’re self-employed, you’ll usually need your last two years’ SA302 tax calculations and your tax year overviews for those years too.

So to save time, make sure you have these to hand. And for more information, read our guide on How to make a successful mortgage application.

4. Getting a mortgage offer

Timeline: 2-4 weeks

So how long does it take to get a mortgage offer? After you’ve made your full mortgage application it can take 2-4 weeks to get a mortgage offer, provided the process goes smoothly and your application is relatively straightforward. However, when it comes to how long does it take to get a mortgage approved, the exact amount of time can vary by lender, the house you’re buying, the findings of the mortgage valuation survey and your personal and financial circumstances.

Within the period between submitting your application and getting a mortgage offer there are a number of stages that will happen before the mortgage offer can be approved:

• The mortgage lender will review all the information you have provided and carry out a credit check. The lender may ask you to provide additional information.
• The next step is for the lender to arrange a mortgage valuation of the property you are hoping to buy.

Use our online mortgage finder, or speak to our award winning mortgage brokers for free expert advice, to start getting the best deal today

How long for mortgage offer after valuation?

When you apply for a mortgage, the lender will instruct a surveyor to carry out a mortgage valuation to ensure the property is adequate security for the loan. And it can take around two weeks to carry out a home valuation. Within this timescale, the surveyor has to arrange a date, undertake the mortgage valuation survey and write their report. The mortgage lender’s underwriter will review the report to ensure the value is accurate and that there are no issues.

If the lender is happy with your personal financial situation, and the outcome of the valuation survey, they will make you a formal mortgage offer.  If you should receive a down valuation, see our guide on what you can do.

But it’s important to note that a mortgage valuation is only for the benefit of the lender. It is not the same as when you commission a surveyor to undertake a house survey. When you have a house survey, the surveyor will tell you if there are any issues to do with the condition of the property from minor to significant structural problems.

They will highlight what repairs or alterations are needed, whether it’s addressing a damp patch or replacing a whole roof. The report from the surveyor also provides expert commentary on the property, from the type of walls to the type of glazing. For more information, read our guide on House survey types and costs.

Getting a mortgage and exchanging contracts

Once your mortgage offer is in place, when all your conveyancer’s pre-contract enquiries have been answered, and the survey and searches have been sorted out, you are ready to exchange contracts. At this point a completion date should be set. Read more about the conveyancing process in our guide Conveyancing timeline: How long does it take?

How long does it take to release mortgage funds?

Once the completion date is set, the end is finally in sight. But to in order to complete you may be asking how long does it take to release mortgage funds? The timeframe in which it takes for mortgage funds to be released varies by lender but it is common for funds to be released within between 3 and 7 days.

In terms of the process of how it all works, your conveyancer will contact your lender and ask them to release the mortgage funds in time for completion. The lender will send the money to your conveyancer, who’ll then send it on to the seller’s conveyancer. Once that has happened, you can officially complete the property purchase and become the legal owner of your new home.

How can I speed up my mortgage application?

An easy want to speed up your mortgage application is to use a mortgage broker. That’s because not only will they do the hard work of shopping around to find you the best deal, they also know the specific criteria each lender looks for. So they can match you up with the lender that is most likely to accept your mortgage application. Using a mortgage broker can considerably cut back on the time you’ll spend doing your own research and having to make appointments with or speak to individual lenders directly. And it may also reduce the chance of your mortgage application being rejected.

You can help speed up your mortgage application by having all the documents you’ll need handy and sending them through as soon as possible. It’s also a good idea – but not a stipulation – to make a list of all your financial outgoings as well as your income because your broker/lender will want to know that you’ll find the mortgage affordable.

Also, your mortgage application is only part of the house-buying process. For more tips on how to speed up the process of buying a house, read our guide on How to speed up conveyancing.

How long does a mortgage offer last?

You’ll find a standard mortgage offer is typically valid for up to six months, whereas a re-mortgage is usually valid for three months (although it can also be six months). The difference is down to the fact that a purchase will typically take longer from application to completion. Some lenders have a completion deadline instead of a time limit. If you go past this you can still use that lender for a mortgage but your criteria will be re-assessed so you’ll be starting from scratch again. If your circumstances have altered you may be offered a new deal.

Get fee free mortgage advice from our partners at L&C. Use the online mortgage finder or speak to an advisor today.

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