How long does a Mortgage Application take?
Applying for a mortgage can be stressful. However, it really does not need to be!
When looking around for the best mortgage deals, you’re going to need to make sure you compare between friendly services where a helping hand can guide you through the whole process.
One of the most common questions mortgage lenders are asked from application to application is, of course, how long does the mortgage application process take?
There are many different factors which could influence the processing speed of both a mortgage agreement in principle and a mortgage application. Working in partnership with a broker will provide you with guidance, professional advice, and access to many lender products (not just one lender). Meaning you should be able to achieve faster approval and the keys to your new home sooner than you might imagine.
A fast mortgage loan approval is not always guaranteed from lender to lender. However, it’s important to keep an open mind about how long the application process can generally take.
How long will it take for my mortgage application to be approved?
On average, it will likely take a UK mortgage application up to one calendar month to process. This means, from end to end, it could take 4-5 weeks for you to hear whether you have been successful and received your mortgage offer.
However, do keep in mind that this is purely an average. You may find that from between applications to offer, you could have an answer in a matter of days. Typically, the process will take 10 to 15 working days.
Is it possible to speed up the process?
Equally, make sure that your credit file is in good order and that your bank statements demonstrate that you are in control of your expenditure. Stay away from payday loans and online casinos/gambling.
We would advocate working closely with your broker and MMPE. Make sure you know how much you can afford to borrow and what the costs will be, and gain your mortgage agreement in principle as early as possible within the process if you are actively looking for property.
While there are always going to be processes and red tape. At MMPE, we work hard to ensure that you’re not kept waiting unnecessarily from step to step. It’s in everyone’s best interests to keep the mortgage application efficient, but just as important to ensure that it remains accurate.
