How long does a mortgage application take?

“How long are mortgage applications taking?”, “How long after valuation to mortgage offer” and “How long does it take for a mortgage to be approved?” are questions regularly raised by excited and sometimes anxious homebuyers.

The answer on how long a mortgage application takes will solely depend on the complexity of the application and who the application is made with. Average times with what we would call a high street mortgage lender (such as Halifax, NatWest etc) are currently in the region 1 – 2 weeks.

But every lender is different and how long it takes to get a mortgage approved changes depending on the lender and their criteria, how many applications they are processing and your own personal situation.

What happens after a mortgage application is made and what’s the average time for mortgage approval

For a standard purchase application where an applicant has a clear credit history the process and average time frames are as follows:

Initial Assessment of the Application:

On receipt of a mortgage application, lenders will assess income, proof of deposit, and identification documents to ensure they match the details disclosed on the application.  This typically takes a week, unless the request any additional documents

Valuation (Survey):

In most cases, the lender will instruct the valuation (survey) immediately. The surveyor will book a suitable time to visit the property.  Once the report is complete, it‘s returned to the lender for assessment alongside the other documentation. This typically takes place within a week.

How long from valuation (survey) to mortgage offer?

If the initial assessment of your application by the mortgage lender has been completed and signed off, the valuation is then reviewed straight away.  Assuming the valuation matches the purchase price, it is sent for final checking and a mortgage offer produced.   You would expect to receive your mortgage offer within a week.

So, in summary, “How long does it take to get a mortgage?” typically two to three weeks in total!

As with anything mortgage related the best thing to do is to always speak to us so we can give you the very best advice for your circumstances. If you need a mortgage approved quickly, perhaps because you are about to move onto the standard variable rate on your current mortgage, we can look at mortgage lenders with quick turnaround times to ensure you don’t pay more than you need to  

We will always talk you through the timescales and update you every step of the way.

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