Typically, first-time buyers have a mortgage agreement in principle (AIP) approved – a document from a lender that states how much they’re willing to let you borrow – anywhere between a matter of minutes to 24 hours of supplying the relevant information.
If a lender or a mortgage advisor requires additional details before making a decision, then you may wait for longer.
What can cause a delay?
- The complexity of your home purchase and financial circumstances
- Your choice of lender and the specific information it requires
We recommend that every homebuyer to secure an AIP before they begin house hunting because estate agents will ask for proof of one when you make an offer for a property.
How long does it take to get a mortgage?
Once you’ve been approved for a mortgage AIP, you can properly start your property search.
After your offer has been accepted on a property, you’ll then need to apply for a mortgage, which can take between two and six weeks.
The process can be shorter than that depending on how straightforward your application is, and the time is takes for a lender to underwrite it.
Do first-time buyer mortgage applications take longer to be approved?
No matter if you’re a first-time buyer, or an existing homeowner, your mortgage application should take the same amount of time to be processed.
However, other factors that influence how long it takes for a mortgage application to be approved include:
- Lender backlog (how busy the lender is)
- Financial and loan complexity
- The amount of necessary paperwork
For example, high-street banks using automated systems can approve more straightforward mortgage applications in less than 14 days.
Being a self-employed worker, however, can sometimes extend the process.
How long are mortgage applications taking right now?
Market conditions, as well as major events like government policy changes or economic downturns, can all impact mortgage application processing times.
For example, busy tax or conveyancing periods can create a shortage of professionals, resulting in potentially weeks of delays.
As reported by Today’s Conveyancer, the period between September and November is the busiest time of the year for transactions.
How to speed up the mortgage approval process
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, home 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 because they can identify the best deals and lenders for your circumstances, and help you to complete the relevant paperwork.
Plus, mortgage advisors who 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 to avoid preventable delays on your part.
Expert first-time buyer mortgage advice
At UKMC, our expert mortgage advisors have years of experience helping first-time buyers to apply for and secure a mortgage deal that meets their specific personal 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.
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 arranging your own appointment here.
Disclaimer
UK Mortgage Centre Limited is an Appointed Representative of Refresh Mortgage Network Limited.
Refresh Mortgage Network Limited is authorised and regulated by the Financial Conduct Authority. We are entered on the Financial Services Register under firm number 1019794.
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.
You may be charged a fee for your advice. A typical fee is £495, which would be payable when you receive your mortgage offer. Your dedicated advisor will discuss this further on your free initial phone call.
Registered company number: 15825320
