Optimising the Mortgage Process and Timescales

Wondering how long it will take to get a mortgage and what's involved? You’re not alone. Whether you're a first-time buyer, remortgaging, or moving home, ensuring your mortgage application is well put together is key. Our comprehensive guide offers everything you need to navigate the mortgage process when buying a property. Wondering what timescales to expect? Here's everything you need to know!

Mastering Mortgage Timing!

Understanding the Mortgage Application Process and Timescales

If you are looking to buy a home and need a mortgage to do so, your first focus should be towards preparing your mortgage application. You should familiarise yourself with the whole mortgage process and likely timescales, With this in mind you could do a lot worse than follow these simple 5 steps:

Step 1: Find The Right Mortgage

The first step is finding a mortgage. With so many different options and choices out there from a wide array of lenders, finding the best deal can be a challenge. This is where mortgage brokers come in. While estate agents specialise in selling properties, as well as guiding you throughout the whole process, a mortgage broker will specialise in finding the best mortgage for you.

If you are a first-time buyer, in particular, a reputable mortgage broker will be instrumental in organising and securing the right mortgage for you.

Step 2: Prepare Documents For Submission

Preparing your documents is a crucial step in the mortgage application process. You'll need to provide some ID, proof of your current address, pay slips (or company accounts / tax calculations) if you are self employed) and bank statements, and expenses to the lender.

Check out What Documents Will I Need To Provide For My Mortgage Application? for a more detailed rundown.

Step 3: Secure A Mortgage Agreement In Principle

A mortgage agreement in principle (AIP), also referred to as a Decision in Principle (DIP), is another key step that should not be avoided, certainly if you plan to start viewing properties. Your AIP will be written confirmation that the lender can consider supporting you with a mortgage at a certain level. This is so important as there is little sense in viewing properties that you cannot afford, this only creates disappointment & frustration further down the line.

As well as conducting an affordability assessment, the AIP process will also include a credit check. This is where the lender will review your credit history before agreeing to help. The good news is that your mortgage broker will do all this on your behalf, at the same time still ensuring you apply for the best mortgage deal for you. Most AIP's are valid for at least 30 days, some as long as 90 days.

Lastly but most importantly, please do remember to share your mortgage AIP with the estate agents as this will demonstrate you are a serious buyer and you are ready to proceed. Some will be keen for you to have a conversation with their own preferred mortgage adviser. If you can take one piece of key information from this article, sharing your financial position with too many hands could work against you. If you already have a mortgage AIP, this should be more than enough for the selling agent. A reputable mortgage broker will be more than happy to speak with them on your behalf to confirm such.

Step 4: Complete Your Formal Mortgage Application

With all the pre-purchase paperwork out of the way, you can go ahead and make an offer on a property. Once your offer is accepted, you can then begin the process of applying for your mortgage. If you are working with a mortgage broker, they will be able to arrange and organise everything for you. The mortgage lender will conduct their own valuation of the property you are buying. Remember, this is NOT a survey, read on for further details or check out our page devoted to property surveys.

Step 5: Instruct A Solicitor and Await your Mortgage Offer

You should instruct your solicitor, commonly referred to as a ‘Conveyancer’, they will support you with your purchase. Your solicitor will take care of all the legal paperwork, so local searches, drawing up of contracts as well as overseeing any enquiries with the seller’s solicitor. You should seek recommendations from the selling agent. Your mortgage broker may also have some suggestions. However, you will be wise to find a local, reputable & well established solicitor to support you.

If everything is ticked off and no problems are found during the application process, your mortgage will be offered to you in writing. This process can take anywhere from a few days to several weeks, it will vary from one lender to the next. Again, your mortgage broker will be familiar with those who can move quickly if needed.

What Happens After My Mortgage Application Is Submitted?

If you have already received a mortgage in principle agreement and you have now sent off your full application, the mortgage process is underway. It is now simply a waiting game. Your lender will work behind the scenes, instruct their valuation and check over all your documentation and information. Timescales wise the process should take no longer than two to three weeks, although lenders can often work quicker. (and slower at times!)

Your application should proceed smoothly. Occasionally, the lender may request additional information. As long as you provide this promptly, your application is likely to be approved. If you are working with a mortgage broker, they will actively follow up with the lender to keep everything on track. If you decide to apply directly to the lender, you will need to handle these follow-ups yourself.

Survey Your Future Home!

Should I Organise a Survey?

Depending on the type / age of the property you are purchasing you may decide that organising a detailed survey is necessary. Some lenders allow you to upgrade their valuation but bear in mind the valuation is for the lenders benefit and not yours. Although upgrading with your lender will undoubtedly be the cheapest way forward, it is advisable to seek an independent survey as this will not only give you more choice, it will also minimise your immediate costs when submitting your mortgage application – i.e. seeking approval from your lender with minimal initial cost is generally regarded as a sensible way to proceed.

Once your mortgage has been formally approved and signed off you can then speak with a local surveyor. Your mortgage broker may have some connections to share with you.

Speak with an Adviser

How Long Will My Mortgage Offer Take?

Each lender is different, and not every mortgage application is the same. On average it takes one to three weeks to secure a mortgage offer. This timeline may change depending how busy a mortgage lender is, if there are any issues or additional checks needed, or due to any extenuating circumstances like global emergencies. (the pandemic in 2020 being one example of this)

Is There Anything I Can Do To Speed Up The Mortgage Process?

Buying a property is an exciting time, so it is no surprise that you will looking to speed up the mortgage process. Realistically, there will always be a short wait between submitting your mortgage application and receiving your mortgage offer. But being organised and well prepared from the off is key. Here is what you can do to help everything go smoothly:

1. Ensure You Have Your Documents Ready To Go

Having the correct documents is an important part of completing your mortgage application. Organisation is vital and this is particularly true when lenders can vary so much in terms of what they ask for. There is no such thing as overpreparation when applying for your mortgage, so ensure you have everything to hand in case you happen to need it.

You should also make sure your ID papers are present and correct. Your mortgage broker should be in a position to request everything in one go so to prevent any last minute scrabbling around to find information or getting in contact with banks and credit card companies to request statements at the final hour.

2. Keep In Close Communication With Everyone

Thanks to the multiple moving parts in the process, communication is key when buying a property. You will deal with estate agents, lenders, solicitors and more as a part of your mortgage process. If you work with a mortgage broker, they will often be your reliable single point of contact . In general, being quick and responsive to emails, letters, and phone calls can pave the way towards a faster mortgage approvals process.

3. Work with a Mortgage Broker

A qualified mortgage broker can help speed up your mortgage application process in numerous ways. Firstly, a skilled broker can connect you with mortgage lenders that are likely to approve you based on your specific circumstances, first time! No need to shop around to find a lender from the countless options available, a mortgage broker will do this for you.

Secondly, a mortgage broker can do a lot of the chasing and communicating on your behalf. Their expertise also means they’re well-equipped to know precisely what you need to supply for each lender in terms of your documentation. By working with a mortgage broker, you cut out a lot of the legwork involved. A good mortgage broker will quite simply be your one reliable point of contact throughout your entire purchasing journey.

Lastly, you may be surprised to hear that not all mortgage brokers will charge a fee but it is certainly worth doing your home work as costs can vary hugely from one broker to the next. Check out our article Do All Mortgage Brokers Charge Fees? for a complete rundown.

4. Organise A Mortgage Agreement In Principle

A mortgage agreement in principle really does make a difference. As well as knowing what type of properties you can afford, another key benefit will depend upon the estate agents or seller you are working with. In some cases, you will not be able to make an offer on a property or even view an extremely popular house without a mortgage agreement in principle. If you are planning to buy in the next six months, arranging an agreement in principle shows that you are serious. In some cases, this can even lead to faster offer acceptance on the part of the estate agent or seller themselves.

Where To Go To Get A Mortgage With The Best Rate?

Getting the best rate for your mortgage can be a challenge whether you are remortgaging or a new buyer. A mortgage broker has access to a wide range of different options in seconds, allowing them to match you with the best lender at the best rate for you. Mortgages are personal, and going with the generic or easy option rarely yields the best results.

In Summary

Working with a broker allows you to compare thousands of different mortgage options without the hours of research. They will help you secure your all-important mortgage AIP, help you organise your documents, connect you with other key people, if required, and give you a reliable single point of contact, not only now but potentially for your mortgage lifetime. With experience in buy to let, first time buyers, remortgaging, and homemovers, our specialist team can ensure you are paired with the best mortgage for you. They can also ensure you have the necessary protection in place to help you keep your home until your mortgage is fully repaid.

Our hope is that the above tips will help make the process smoother from start to finish. The more informed you are, the faster and easier the process will be for you – and the sooner those keys will be in your hands.

Are you looking for a trustworthy and experienced mortgage broker? Get in touch with our team today to get started. With a focus on personal one-on-one service and an exceptional reputation, not forgetting 300 and counting 5-star google reviews, we are the ideal fit for you. To arrange a free consultation..................

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

Written & Published by Adrian Collins, Founder of Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.