Find the best estate agent near you Start here
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….
A mortgage application typically takes two to four weeks to process. Factors such as 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” before you start house-hunting. This states what a lender is likely to lend you based on information you give them about your income and a credit score. Read on for the other stages involved and how long it takes to get from here to a formal mortgage offer.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau. Compare deals or speak to an adviser today.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
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:
The lender will then want to conduct a mortgage valuation to ensure it is suitable security for the loan. This is often a desk based valuation and is not to be confused with a house survey which checks the condition of the property.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
One of the most important steps when it comes to taking out a mortgage is making sure you get the best mortgage for you. The easiest way to do this is to use a mortgage broker, who will find you the right mortgage based on your individual circumstances.
Once you’ve chosen a mortgage, the next 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 about your income and outgoings, and a credit check.
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. To do this, you’ll need to submit a full mortgage application.
Once you have an offer accepted on a house, it’s time to make your mortgage application. Your broker will do the mortgage application for you. 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.
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:
Get personalised advice by speaking to the award-winning expert advisers at Mortgage Advice Bureau. Compare deals or speak to an adviser today.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
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.
Instantly find and compare quotes from local qualified surveyors using our find a surveyor tool
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?
Now is a good time in the mortgage application process to consider life insurance. You don’t need life insurance when taking out a mortgage but it can be a very good idea to do so. If you have dependants like a partner and children who rely on your income, taking out life insurance gives a financial safety net that means your loved ones won’t need to worry about how to pay the mortgage if you die. See our guide to life insurance which explains how life insurance works, the different types and how much it costs. It’s advisable to shop around for life insurance. By all means get a quote from your mortgage lender or broker, but shop around to compare policies. Our partners at LifeSearch compare quotes from a range of major UK insurers. Advice offered is fee-free and all quotes given are without obligation.
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 othe bf 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.
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 for you, 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.
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.
You’ll find a standard mortgage offer is typically valid for up to six months, whereas a remortgage 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.
Although these timescales can vary, so check. Also, some lenders have a completion deadline instead of a time limit.
Get fee-free mortgage advice from the award-winning expert advisers at Mortgage Advice Bureau.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Please note some branches of Mortgage Advice Bureau may charge a fee for mortgage advice if you go direct. The fee is up to 1% but a typical fee is 0.3% of the amount borrowed. So make sure you use this site, this form or phone number for fee-free advice.
Failing the lender’s affordability checks, having a bad credit history and problems with the mortgage valuation are all reasons that can stop a mortgage being approved. It’s a good idea to use a mortgage broker, they’ll be able to advise you which lenders are most likely to lend to you, based on your individual circumstances.
This depends on the type of mortgage valuation it is. If the lender instructs the surveyor to visit the property, they’ll usually take around 15-30 minutes looking for any obvious defects that might affect its value. However, if it’s a ‘desktop valuation’, the surveyor won’t visit the property, it will be done from their ‘desk’ using publicly available information. And in some cases they will conduct a ‘drive-by valuation’. This is when the surveyor assesses the property from the outside. Find out more in our guide Mortgage valuations explained.
When it comes to how long does it take to get a mortgage approval, it can typically take 2-4 weeks after submitting your mortgage application to getting a mortgage offer. But it can take longer, for example if issues are thrown up in the mortgage valuation. Read more in our guide on Mortgage valuations explained.
Life insurance isn’t mandatory for a mortgage but it can give financial security to your loved ones if you die while still having a mortgage to pay off. Find out more about life insurance options when taking out a mortgage.
Buying a house takes an average of 5 months from when your offer is accepted, according to government figures. But how long it takes to buy a house can vary a lot in the UK. If you’re a first time buyer and buying a property that is chain-free you should expect the buying process to be quicker. But if you’re stuck in a lengthy chain, you could face delays.
HomeOwners Alliance Ltd is registered in England, company number 07861605. Information provided on HomeOwners Alliance is not intended as a recommendation or financial advice.
Mortgage service provided by Mortgage Advice Bureau Mortgages (Mortgage Advice Bureau), Unit 26 (2.06), Newark Works, 2 Foundry Lane, Bath BA2 3GZ, authorised and regulated by the Financial Conduct Authority (FRN: 143002). The FCA does not regulate most Buy to Let mortgages. Your home or property may be repossessed if you do not keep up repayments on your mortgage. If you complete on a mortgage through Mortgage Advice Bureau, Mortgage Advice Bureau will be paid a commission by the chosen lender. Mortgage Advice Bureau will share a percentage of this commission with HomeOwners Alliance, the referring third party. The commission Mortgage Advice Bureau receives doesn’t affect the product or rate recommended to you.
HomeOwners Alliance Ltd is an Introducer Appointed Representative (IAR) of LifeSearch Limited, an Appointed Representative of LifeSearch Partners Ltd, authorised and regulated by the Financial Conduct Authority. (FRN: 656479).
Independent Financial Adviser service is provided by Unbiased, who match you to a fully regulated, independent financial adviser, with no charge to you for the referral.
Bridging Loan and specialist lending service provided by Chartwell Funding Limited, registered office 5 Badminton Court, Station Road, Yate, Bristol, BS37 5HZ, authorised and regulated by the Financial Conduct Authority (FRN: 458223). Your property may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it.
