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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. There are many factors that can affect how long the process will be, including how complex your individual situation is. However, there are some averages we can share, and tips to give things the best chance of going smoothly. 

How long does a mortgage application take? 

Let’s break down the different stages of applying for a mortgage and how long they typically take. 

Deciding what mortgage is right for you

This will take as long as is necessary. There are many types of mortgages out there, such as 95% LTV, which would allow you to buy a house with only a 5% deposit. However, often, the higher your deposit, the better the mortgage deals available to you; with more manageable interest rates. 

Budgeting, downsizing or moving to a suburb could all help you save for a deposit. To get a better feel of what mortgage is right for you, speak to a mortgage adviser. We can put you in touch – for free.

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Putting your application together (1 day)

Decided what mortgage you want to apply for? The next step will be to put your application together. 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) 

If you’re prepared, it will 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 broker, they’ll speed up the process by pulling together some information for you.

Your credit profile will be important here – so it’s a good idea to check your credit score before lenders do.

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How long does a mortgage application take to be approved? (4-6 weeks)

There are a number of things that need to happen during this time, including a mortgage valuation. The average time taken between mortgage application and valuation is 2 weeks, although it can be longer.

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!

If you omit any information, or lie on your application, your offer could be withdrawn later down the line.

If all goes well, you’ll receive a formal mortgage offer. If your mortgage is declined, that doesn’t mean you’ll never get a mortgage, but you will have to apply again.

How to speed up the mortgage application process

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

  • Get prepared early
    • Collect the documents you’ll need in advance 
    • Do your research on what mortgage is right for you
  • 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 score if necessary
    • Pay off any debts
    • Manage existing credit
    • Pay all bills on time
  • Use a mortgage adviser

We can connect you with our approved panel to help you find a mortgage that suits you. Get in touch for free!

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Last Updated: November 11th, 2021