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How Long Does a Mortgage Application Take?

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So, how long does a mortgage application take? The unhelpful answer is that it depends on many variables. There are many factors that can affect how long the process will take, including how organised you are and how complex your individual situation is. However, we have some tips to help give you the best chance of moving things along smoothly. 

How long does a mortgage application take? 

Let’s break down the different stages of applying for a mortgage and a brief outline of how long certain stages can take. 

Finding the right mortgage for you

This will take as long as is necessary. There are many different types of mortgages out there, and you will want to ensure you get the right mortgage for your individual circumstances. For example; a 95% LTV mortgage, allows borrowers to buy a house with a 5% deposit but rates might not be as competitive as those with a higher deposit.

The higher your deposit then the more mortgage options are likely to be available to you; with more manageable interest rates. So it’s advisable to save for a deposit that will give you a good head start.

To get the best idea of your mortgage options and what mortgage is right for you it’s always worth speaking to a mortgage adviser. They will understand your circumstances and look across the mortgage options most suitable to you.

Our preferred mortgage adviser offers fee-free advice and are the UK’s first online mortgage broker.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Getting yourself organised (1 day)

Before you speak to a mortgage adviser, get yourself organised. You’ll need a number of documents, such as:

  • Proof of employment
  • Ingoings & outgoings
    • Utility bills
    • Payslips
    • Bank statements
  • Proof of identity (e.g. passport) 

Getting yourself prepared, could probably take around a day to pull all this information together and submit your application. But, if not, it could take a few days. If you’re using a mortgage advisor, they can help speed up helping you ensure you have what’s needed before you submit your mortgage application.

At this stage, your credit report will be important – so it’s a good idea to check your credit score and run your credit report to see how lenders will view you and your application.

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The steps before your mortgage application

Using our preferred mortgage advisors’ online service can certainly make life easier for you. There are some very clear steps to follow and the time it takes will vary depending on your circumstances, options and organisation:

  1. Create your online account (this will enable you to complete and track your mortgage application)
  2. Complete your online profile (bank grade encryption is used so your data is secure)
  3. Connect with your assigned mortgage adviser, they will:
    • check your details
    • search through mortgage products best suited to you
    • send you your mortgage options complete with explanations
    • contact you, to talk you through your options (this is often within 5-hours)
  4. Choose this deal or speak to your adviser – seek further advice or look for a new deal
  5. Upload your documents (your adviser will now get your application ready for the lender) – these often include:
    • payslips
    • proof of ID
    • proof of address
    • proof of deposit
  6. Your adviser will submit your application to the lender (this can take 24 hours on average but can take up to 2 days depending on your situation)
    • your information will be checked
    • if anything is missing you will be notified
    • guide you through the next steps
    • submit your application

So, how long does a mortgage application take?

At this stage, the lender will start the initial underwriting and check your credit history, affordability, eligibility and property details (this will take around 3-5 days)

If you’re using a mortgage adviser they will update you on progress or if anything further is needed for your application. They will also work with the lender until they instruct the mortgage valuation.

If your lender requires any extra information from you, or your situation is more complex (e.g. buying a unique property), it may take longer to get approved. Sometimes, it takes as long as 8 weeks – although it could be as quick as 5 days!

It’s worth mentioning that if you miss out on any information or are not truthful on your application, this can cause delays to your application or your offer could be withdrawn later down the line.

Getting your mortgage offer

Once the lender has your application, they’ll review your details and do a credit check to make sure you can afford the amount you’re looking to borrow. 

They’ll look at the valuation of the property to ensure it is worth the amount you’ve agreed to pay for it. 

Depending on the type of property you might want to pay for a more detailed survey to check for any structural issues.

If all is OK then the lender will accept your application and send you a mortgage offer letter. 

If your mortgage is declined, that doesn’t mean you’ll never get a mortgage, but you might have give it some time before you apply again.

How to help speed up your mortgage application process

Keeping things moving and reducing delays gives you the best chance of success. Here are some tips:

  • Get yourself prepared early:
    • collect the documents you’ll need in advance 
    • do your research on what mortgage is right for you and speak to a mortgage adviser
  • Be communicative and responsive
  • Don’t hide any information
  • Save as high a deposit as you can
  • Avoid ‘awkward’ properties (e.g. those above a shop)
  • Improve your credit report if necessary. i.e.
    • reduce or pay off any debts
    • manage existing credit
    • pay all bills on time
    • ensure you’re on the electoral role
  • Use a mortgage adviser

We can connect you with our approved adviser to help you find a mortgage that suits you.

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Your home may be repossessed if you do not keep up repayments on your mortgage.

Last Updated: January 9th, 2024

Phil Spencer

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