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How long does it take to get a mortgage?
You’ve got an Agreement in Principle and the seller has accepted your offer. Now you can apply for your mortgage.
It can take on average two to six weeks for a lender to approve your full mortgage application.
If you want to apply for a mortgage in person, these are the steps to take and the time you need to allow. You can also find out what can cause a delay at each step.
1. Make a mortgage appointment
You’ll need to arrange to meet with a mortgage lender or broker in person, on the phone or by video appointment.
They’ll ask you questions about your personal circumstances. Such as monthly spending, outgoings and future plans.
To arrange an appointment with us, visit our contact us page.
2. Mortgage appointment and application
The appointment will take approximately two hours and includes your mortgage application and credit check.
Your lender will assess your credit rating and history to help them understand how likely you are to repay your mortgage. For exceptional circumstances it may take up to two weeks if there are some complexities with your credit history.
By the end of the appointment, you’ll be told what documentation you need to provide, for example payslips.
3. Home valuation
Your lender needs to make sure your house is worth the sale price and so they’ll organise a valuation. This is different to the survey that your conveyancer will arrange, which is an expert inspection of a property's condition.
It can take around two weeks to do a home valuation. This is because the surveyor has to arrange a date, do the survey, and write their report. Then, the mortgage lender’s underwriter will review the report to check the value is accurate and there are no issues.
4. Decision
When all these stages are complete the lender will give you a decision on your mortgage application which can take up to four weeks.
When you’ve got your mortgage offer, it’s usually valid for 12 months.
5. Completing on your house purchase and your mortgage starting
The exchange of contracts is when you pay the deposit and swap contracts with the seller, making the sale legally binding. It can take around two months after the lender approves your mortgage.
Once done, you will have completed on the sale and can pick up your keys to your new home.
To help speed things up
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