How Long Does It Take to Get a Mortgage Approved?

When embarking on the journey to homeownership or considering a property investment, one of the most common questions we hear at Visionary Finance is, “How long does it take to get a mortgage approved?” As experienced mortgage brokers in the UK, we understand that the mortgage approval process can seem daunting and time-consuming. In this comprehensive guide, we’ll break down the timeline, factors affecting approval speed, and how working with a professional mortgage broker in Milton Keynes can help streamline the process.

Understanding the Mortgage Approval Process

Before we delve into the timeline, it’s essential to understand the key stages of the mortgage approval process:

1. Initial Enquiry and Consultation
2. Agreement in Principle (AIP)
3. Full Mortgage Application
4. Underwriting
5. Valuation
6. Final Approval and Mortgage Offer

Let’s explore each of these stages in detail and discuss how long they typically take.

1. Initial Enquiry and Consultation (1-3 days)

The journey begins with your initial enquiry. At this stage, you’ll discuss your financial situation, property goals, and mortgage needs with a mortgage adviser. If you’re working with an independent mortgage adviser near you, like those at Visionary Finance, this consultation can often be arranged within 1-3 days.

2. Agreement in Principle (AIP) (1-2 days)

An Agreement in Principle, also known as a Decision in Principle or Mortgage in Principle, is a statement from a lender saying they’ll lend a certain amount before you’ve finalised the property you want to buy. This can typically be obtained within 1-2 days and is valid for 30-90 days, depending on the lender¹.

3. Full Mortgage Application (1-2 weeks)

Once you’ve found a property and your offer has been accepted, you’ll submit a full mortgage application. This involves providing detailed financial information and documentation. The time it takes to gather all necessary documents can vary, but with the help of a remortgage broker or buy-to-let mortgage broker, this process can often be completed within 1-2 weeks.

4. Underwriting (1-3 weeks)

The underwriting process is where the lender assesses your application in detail. This stage can take anywhere from 1-3 weeks, depending on the complexity of your financial situation and the lender’s current workload².

5. Valuation (1-2 weeks)

The lender will conduct a valuation of the property to ensure it’s worth the amount they’re lending. This typically takes 1-2 weeks to arrange and complete.

6. Final Approval and Mortgage Offer (1-2 weeks)

Once all checks are complete, the lender will make a final decision and, if approved, issue a formal mortgage offer. This usually takes 1-2 weeks from the completion of the valuation.

Total Timeline: 4-10 weeks

Given these timelines, the entire process from initial enquiry to mortgage offer typically takes between 4-10 weeks. However, it’s important to note that this can vary significantly depending on individual circumstances.

Factors Affecting Mortgage Approval Speed

Several factors can influence how long it takes to get a mortgage approved:

1. Completeness of Application: Ensuring all required documents are provided correctly and promptly can significantly speed up the process.
2. Complexity of Financial Situation: Self-employed borrowers or those with irregular income may require additional checks, potentially extending the timeline.
3. Property Type: Unusual or high-value properties may require specialist valuations, which can take longer to arrange.
4. Lender Workload: During busy periods, such as when interest rates change, lenders may take longer to process applications.
5. Credit History: A clean credit history can lead to faster approvals, while adverse credit may require additional checks.
6. Mortgage Type: Certain mortgage types, such as buy-to-let mortgages or expat mortgages, may have different processing times.

How Different Borrower Types Can Affect the Timeline

First-Time Homebuyers

As a first-time buyer, you may find the process takes slightly longer as you familiarise yourself with the requirements. Working with a mortgage broker in the UK can help you navigate this process more efficiently.

Home Movers

If you’re moving home, the process may be quicker as you’re familiar with the mortgage application process. However, if you’re porting your mortgage or dealing with a property chain, this could add complexity and time.

Remortgagers

Remortgaging can often be quicker than a new mortgage application, especially if you’re staying with the same lender. A remortgage broker can help you find the best deals and streamline the process.

Buy-to-Let Investors

For buy-to-let mortgages, lenders may require additional checks on potential rental income, experience and portfolio background, which could extend the timeline. A specialist buy-to-let mortgage adviser can help navigate these requirements efficiently.

Self-Employed Borrowers

Self-employed individuals may need to provide additional documentation to prove their income, which can extend the underwriting process. At Visionary Finance, we have experience in helping self-employed borrowers navigate this process smoothly.

Retirees

Older borrowers may face additional checks related to retirement income, which could extend the timeline. Some lenders specialise in later life lending, and a knowledgeable broker can help identify the most suitable options.

How to Speed Up Your Mortgage Approval

1. Get your finances in order: Before applying, ensure your credit report is accurate, your finances are in good shape, and you have a stable income.
2. Prepare documentation in advance: Gather all necessary documents, such as proof of income, bank statements, and identification, before starting the application process.
3. Be prompt with additional information: Respond quickly to any requests for additional information from your lender or broker.
4. Consider your timing: Try to avoid applying during peak periods if possible, such as the end of the tax year or during major economic changes.
5. Work with a mortgage broker: An experienced mortgage broker in Milton Keynes or elsewhere in the UK can help you find the right lender, prepare your application thoroughly, and liaise with the lender on your behalf, potentially speeding up the process.

The Role of a Mortgage Broker in Streamlining Your Application

Working with one of the best mortgage brokers can significantly streamline your mortgage application process. At Visionary Finance, our team of expert mortgage brokers and advisers can:

1. Help you understand your borrowing capacity and find the most suitable mortgage products.
2. Prepare your application to ensure it’s complete and accurate before submission.
3. Liaise with lenders on your behalf, potentially speeding up the process.
4. Provide updates and explain any requests for additional information.
5. Offer specialist advice for complex situations, such as buy-to-let mortgages or expat mortgages.

Conclusion

While the mortgage approval process typically takes 4-10 weeks, various factors can influence this timeline. By understanding the process, preparing thoroughly, and working with an experienced mortgage broker, you can help ensure your application progresses as smoothly and quickly as possible.

At Visionary Finance, we’re committed to guiding you through every step of your mortgage journey. Our team of expert mortgage brokers in the UK is ready to help you navigate the mortgage approval process efficiently and effectively.

Ready to start your mortgage journey? Reach out to Visionary Finance today. Our team of expert mortgage advisers in Milton Keynes and across the UK is here to help you secure your mortgage approval as quickly and smoothly as possible.

• Website: https://visionaryfinance.co.uk/
• Email: [email protected]
• Call: 01908 465 100

Remember, your home may be repossessed if you do not keep up repayments on your mortgage.