Sammie Ellard-King
I’m Sammie, a money expert and business owner passionate about helping you take control of your wallet. My mission with Up the Gains is to create a safe space to help improve your finances, cut your costs and make you feel good while doing it.
Quickfire Roundup:
The time from submitting your mortgage application to the point when you own your very own home is rarely quick.Â
While you may get a mortgage agreement in principle fast, most mortgage lenders will then take another few weeks, up to around 6, to provide you with a mortgage offer.Â
Even with your mortgage offer in hand, there are still other steps to go through before your house purchase completes and this can cause frustrations, along with some potentially serious issues.
You’ve found your dream home, you’ve spent time with a mortgage broker and your keen to get moving.Â
You’ve identified the best mortgage lender, you know that you’ve got a good credit rating, the deposit is burning a hole in your pocket and you want to know how long does a mortgage application take.
Unfortunately, the mortgage process is a little on the slow side and can leave people pulling their hair out as they ask, “How long does a mortgage application take?”.
I was very fortunate with our first mortgage application taking around 3 weeks but I’ve heard stories of a lot more! It’s frustrating when you first are trying as you have no idea what it entails.
In this guide, I’m going to share what you should expect from the mortgage process. You’ll be left with an understanding of the mortgage application process timeline as well as the role of other parties.
Match with a mortgage advisor that suits your unique financial goals, and when you do, Unbiased donates to the Samaritans.
Table of Contents
How long does a mortgage application take in England?
From visiting a mortgage broker to submitting an actual mortgage application to getting mortgage approval certainly doesn’t happen overnight.Â
To understand how long the mortgage approval process is worth looking at a timeline.
The mortgage application timeline
Several steps need to be followed before you get a formal mortgage offer. Here’s a look at these now:
Mortgage agreement in principle
When you’ve identified the mortgage lender that you want to use, the first step to getting a mortgage approved is to secure an agreement in principle.Â
So, how long does it take to get an agreement in principle?Â
The good news is that this part of the process is fast and can even be carried out in just a few hours.
A mortgage in principle, isn’t a firm offer from the mortgage lender. It is a way of showing you what they may be prepared to offer you assuming that the rest of the mortgage process doesn’t throw up any surprises.
To obtain a mortgage in principle, you’ll need to supply the mortgage lender with certain documents. These include:
- A utility bill (to prove your current address)
- Bank statements (usually 3-6 months’ worth)
- Passport and/or driving licence
- Proof of income
You’ll also need to know the mortgage deal that you’re applying for (your mortgage broker should handle this) and you’ll need to have a check carried out on your credit history.
Assuming your credit file is healthy, you’ll be given your mortgage in principle.Â
This is great to have as it proves to the seller’s estate agent that you’re a serious buyer and gives you time to complete the actual mortgage application.
What about if I'm remortgaging?
Remortgaing is easier than a first time application but the same principles will apply especially if you’re switching lenders so follow the steps in this article.Â
The process of remortgaging usually takes between 4-8 weeks in total.Â
You can read our guide on how long does it take to remortgage here.
Complete a full mortgage application
Moving from a mortgage in principle to a mortgage offer requires you to fill out a full application. As long as you go into this prepared, it should only take a few hours to complete.
An experienced mortgage broker should have already discussed the mortgage products available, and you should know what you need to boost the chances of seeing your application approved as quickly as possible.
When you submit your information, the mortgage lender will carry out a credit check.Â
You could do an online mortgage application or in person at a branch. These days most of it is done online.
If you have a poor credit history, you need to be upfront with your mortgage broker to ensure that you’re only applying for the right products.Â
I’ve been there after losing a business and there are mortgages still even if your credit history is less than glowing and if you’re self-employed.
As part of the application process, mortgage lenders will want a clear picture of your financial circumstances.Â
That means that they’ll ask for the following (some of which you may have already provided when you were given a mortgage in principle):
- Details of the desired property
- Details of the estate agents listing the property
- Recent bank statements that show your regular income and outgoings
- Up to six months’ worth of payslips so that you can prove your income
If you have all the documents ready as you start your mortgage application, you can make this part of the process much quicker.
Match with a mortgage advisor that suits your unique financial goals, and when you do, Unbiased donates to the Samaritans.
Mortgage valuation
The next stage of the mortgage application process is the mortgage valuation survey. This is where the lender appoints an independent surveyor to assess the desired property.Â
Typically, the mortgage valuation will be something that’s known as a ‘Standard Valuation’ and this is what’s required by law, as a minimum.
This type of mortgage valuation survey will identify major issues that may impact the property valuation.Â
The fee for this survey can be added to your mortgage payments assuming that the application process is successful. You’re also able to pay for a more in-depth survey if you wish.
Once the property survey has been carried out, the information is usually sent to the mortgage lender’s underwriter on the same day.
Receive your mortgage offer
Assuming that all is okay, that’s the last stage of the mortgage application timeline and you will be provided with your mortgage offer.Â
It can take up to 20 days for this offer to be received by you and it will be sent to your conveyancing solicitor at the same time.
What's next to complete your property purchase?
When you have your mortgage approved, it’s then time to start the conveyancing process and settle on a completion date.Â
Throughout the mortgage application process, your solicitor will have been carrying out certain tasks such as contacting the local authority for searches (these can take a month or more).Â
Your solicitor will also have been liaising with the seller’s solicitor to ensure that any queries have been dealt with.
With this all in hand, your solicitor will arrange to see you for a pre-exchange meeting. Assuming all is good to go, you then get to agree on the completion date.
Exchange contracts
Exchanging contracts takes place before the completion date. It’s once you exchange contracts that your solicitor starts to finalise your mortgage so that the funds can be released.
The time between exchanging contracts and completing is agreed upon between the buyer and seller. There will need to be at least a week between the two as that’s the minimum time it takes to release the funds.
How long does a mortgage offer remain valid?
If your mortgage application has been approved, you generally have up to six months to complete your property purchase.Â
However, other lenders may have their own completion deadline that you need to follow.
If you miss the deadline, you can usually go back to the same lender, but you may find that the deal you’re offered has changed.
Match with a mortgage advisor that suits your unique financial goals, and when you do, Unbiased donates to the Samaritans.
The importance of a mortgage broker
An independent mortgage broker is there to offer advice on the mortgage products that exist. If you are looking to get a mortgage, then it’s a broker you should spend time with long before you start a mortgage application.
A good mortgage broker can explore the marketplace and identify the mortgage products that you’re most likely to be accepted for.
They will consider your credit file, your income level and your employment status. If you’re self-employed or have a poor credit history, they can still help to find a mortgage that is right for you.
You have far more chance of getting your application approved when you have a mortgage broker in your corner, and you’ll find that the mortgage application process is much smoother.
FAQs
Can my mortgage offer be reversed?
If you have a mortgage in principle, this is no guarantee that you will be offered a full mortgage. If at a later stage, the lender finds something that doesn’t meet their criteria, they may remove your offer.
If you’re further through the process, issues with the property valuation can also lead to an offer being taken away.
Why would my mortgage application be refused?
Several things may lead to your application being refused. It could be your credit history, your level of income or issues with the property itself.
By using a good mortgage broker you can ensure that you’re only applying for mortgages where there is a good chance of acceptance.
We have a guide about what stops you getting a mortgage you can read here.
Final thoughts
So, how long does a mortgage application take? Well, you now have a clearer picture of the stages that are involved and the time that each of these may take.
Understandably, you may want ways to speed up the mortgage application process but all that you can really do is ensure that you have all of the information the lender requires and that you respond to queries as quickly as you can.
Once you have your mortgage approved and you move into your new home, be sure to stick to the monthly payments. Missing these, or being late, can have dire consequences and leave your home at risk of being repossessed.
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Disclaimer: Content on this page is for informational purposes and does not constitute financial advice. Always do your own research before making a financially related decision.
