How long does a first-time buyer mortgage application take to be approved?

February 21, 2024

Fallen in love with your ideal first home, but concerned about how long it’ll take for your mortgage application to be approved?
Below, the experienced mortgage advisors at UKMC explain how long mortgage application approval typically takes, which factors can affect when you’ll be approved, and how you can speed up this process.

How long does it take for a mortgage in principle to be approved?

Typically, prospective homeowners can have their mortgage in principle approved anywhere between a matter of minutes to within an hour of supplying all the relevant information.

However, if the lender or mortgage advisor requires additional information to make their decision, you may need to wait up to 24 hours for approval.

It’s worth bearing in mind, however, that the complexity of your home-purchasing and financial situation, as well as your choice of lender and the information they require, can also impact how long it takes for your mortgage in principle to be approved.

How long does a first-time buyer mortgage application take?

Once you’ve been approved for a mortgage in principle, you can start your property search and make an offer.

After your offer has been accepted, you will need to apply for a mortgage which on average takes between two and six weeks.

Do first-time buyer mortgage applications take longer to be approved?

Regardless of whether you’re a first-time buyer or existing homeowner, your mortgage application should take the same amount of time to be processed.

However, other factors that can impact how long it takes for your mortgage application to be approved includes lender backlog (how busy the lender is), financial and loan complexity, and the degree of necessary paperwork.

How to speed up a first-time buyer mortgage application

Keen to get approved as soon as possible? Efficiency is essential if you want to speed up the mortgage application process – our top three tips are below!

Organise your paperwork

Lenders and mortgage advisors need a lot of information before they can discuss the best mortgage deals for you, so it’s wise to gather all the necessary paperwork. This includes things like proof of ID, address, and income, as well as evidence of enough funds for the required deposit.

You can download your free document checklist from ukmc here

Use a mortgage advisor

Hiring an experienced mortgage advisor can significantly speed up your mortgage application as they can highlight the best deals and lenders for you, while also helping you to complete the relevant paperwork.

Plus, mortgage advisors that specialise in helping first-time buyers can also direct you to lenders that are more likely to accept your application.

Respond swiftly to requests

Regardless of whether you work directly with your chosen lender or use a mortgage advisor, it’s important to respond to their requests for information or documents as soon as possible. This will help you to avoid preventable delays on your part.

Expert first-time buyer mortgage advice

At UKMC, our expert mortgage advisors have years of experiencing helping first-time buyers to apply for and secure a mortgage deal that meets their specific requirements.

Our jargon-free and honest approach ensures you understand all the mortgage options available to you, helping you to make the best decision for your family. We’ll also explain every step of the entire-home purchasing process, so you’ll know exactly what to expect. To find out more please book your appointment with one of our friendly mortgage advisors today! As well as filling out our online contact form, you can also get in touch by calling us on 01925 573328 or book your own appointment on your preferred time and date here.

UK Mortgage Centre is a Trading Style of The UK Mortgage Centre Group. The UK Mortgage Centre Group is authorised and regulated by the Financial Conduct Authority – FRN 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.