How Long Does a Mortgage Application Take?

Getting a mortgage can feel like a long process, particularly when you are waiting to find out whether your application has been approved. Understanding the different stages can help you know what to expect.

The first step is usually speaking to a mortgage adviser and establishing how much you could potentially borrow. Your income, expenditure, deposit, credit history and personal circumstances will all be considered.

Once you have found a property and had an offer accepted, your mortgage application can be submitted. The lender will assess your application and may request additional documents or information.

The lender will also usually arrange a valuation of the property. This allows them to check that the property provides sufficient security for the mortgage.

If everything is satisfactory, the lender will issue a mortgage offer. Your solicitor or conveyancer can then continue with the legal work required to complete your purchase.

The time it takes can vary considerably depending on the lender, your circumstances and the complexity of the application. Applications involving self-employed income, multiple properties, unusual income or other complex circumstances can sometimes require additional checks.

Getting your documents prepared before making an application can help avoid unnecessary delays. This may include payslips, bank statements, proof of deposit and identification.

Using a mortgage broker can also make the process easier. Your broker can help identify suitable lenders, submit the application and communicate with the lender throughout the process.

At Victoria Park Mortgages, we guide you through your mortgage application from the initial conversation through to receiving your mortgage offer. We can’t wait to hear from you.