How long does a mortgage application take?

How long does a mortgage application take?

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In this video we look at how long a mortgage application takes.
Typically, it takes between 2 6 weeks for a mortgage application. There are multiple stages to applications for mortgages in the UK, which is why it can take up to 6 weeks. Generally, the steps are as follows:
1 - Find a mortgage deal you want
2 - Speak to an advisor to get a mortgage in principle
3 - Complete the mortgage application
4 - Await the valuation from your estate agent
5 - Get your solicitor to authorise the completion of the mortgage on your property
After sending off the final application waiting for the decision can be frustrating. Many prospective homeowners ask ‘how long does it take?’ but the truth is the mortgage approval process is always different for each customer.
The average time for mortgage approval is around 2 weeks. Some people might get their proposed mortgage contract approved in as little as 24 hours, though this is rare.
When getting a mortgage, the mortgage lender has to complete a mortgage valuation and underwrite the mortgage. They will also do things such as a credit check.
Most people asking ‘how long does it take’ understandably just want to move in as soon as they can.However, there is no set way to speed up how long it takes. That said, there are a few things you can do to try and make the mortgage application process quicker:
Get mortgage advice from a mortgage broker. A mortgage broker helps ensure you get your mortgage application right, first time. This reduces your chances of errors and having to reapply.
Being prepared for your appointment with your mortgage broker. To speed up the process further, go to your mortgage broker prepared. Take all the documents they will want to see, such as bank statements for proof of income and current address.
Get a mortgage agreement in principle.
Another helpful tip is to start applying for mortgages before you start serious property hunting. This saves time, since it shows you what you can afford/borrow. It also means that the process of buying your new place is not delayed due to complications in getting a mortgage.
That's the end. I hope you found this video useful. Please do like and subscribe if you found this helpful.