How long does a Mortgage Application take?

Applying for a mortgage can be stressful enough for many people – 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 and contrast between friendly services who can help 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 go into mortgage applications of all shapes and sizes. However, there are some routes through fast mortgage approvals which could help you claim the keys to your new home sooner than you might imagine. Fast mortgage loan approval might not always be 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 up to five weeks for you to hear whether or not you have been successful. However, do keep in mind that this is purely an average or aggregate figure. You may find that from between applications to offer, you could have an answer in as quickly as three weeks.

The reason why this takes time to process is that there is plenty of paperwork to fill in and process! Not only will you need to undergo a credit check, but your application will be means-tested, and there will need to be various pieces of bureaucracy to complete along the way. This is all necessary, however – as it means you can be sure your offer is protected, and that your lender has taken the time to understand your position. It is much better to give lenders time to consider your application than to accept a ‘no’ without any kind of background work!

Is it Possible to Speed up the Process?

In some cases, it is entirely possible to speed up the mortgage application process. Your circumstances may dictate how quickly this will take effect; however, some lenders will be able to streamline the paperwork and bureaucracy for you. At My Mortgage & Protection Experts, we work hard to make sure that all our applicants receive the smoothest, most efficient application process possible.

While there are always going to be processes and red tape to cover, 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. Therefore – if you’re struggling to push ahead with a mortgage application, why not reach out to a leading mortgage lender who can help you get access to your dream purchase sooner rather than later? Let My Mortgage & Protection Experts help you access the best deals with accuracy and efficiency today.

My Mortgage Experts & Protection Experts Ltd (FCA 937076), is an Appointed Representative of King Mortgages Ltd.

King Mortgages is authorised & regulated by the Financial Conduct Authority (FCA). King Mortgages Ltd is entered on the financial services register http://register.fca.org.uk/ under reference number 803561.

The information contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK.

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      Automatic Property Value Updates

      Changes in property value, coupled with a potential reduction in your loan amount (with a repayment mortgage), mean a change in the equity available in your property (Loan to Value); hence there could be improved opportunities for a better mortgage for you.

      Product Expiry Date

      Sussed will track when your mortgage is due to expire (usually when your mortgage payments rise substantially as you will automatically transfer to your lender’s standard rate).

      The app will alert you when it’s the right time to discuss your options with your mortgage broker.

      Sussed can help you plan.

      Rate Riser

      This feature is ideal for today’s economy and increasing prices. Sussed will continually scan the market, looking for the best-fixed rates available, especially when interest rates are rising.

      Using a series of algorithms, our clever technology can identify longer-term fixed rates available today that could save money against predicted rates at the end of your current product term (including the cost of transfer) – sussed is doing all the hard work.

      Equity Available

      With automatic property value updates and your Mortgage information loaded, this feature calculates the amount of equity and the maximum potential loan that may be available within a landlord’s portfolio. This will assist with seeing if there is the opportunity for to perhaps buy another property from leveraging your portfolio.

      Within sussed, you will also be able to see each of your properties with a roadside picture, a confirmed property value, monthly rental, current mortgage balance, payments, interest rate and the Loan to value/Gross rental yield.

      Sussed can help you manage your portfolio.

      Early Review

      This feature is there waiting for interest rates when they reduce. Using the same technology as Rate Riser, sussed will identify if your current deal is now able to be improved.

      Should the interest rates decrease, sussed will compare deals available on the day with your existing deal and flag if there is an opportunity for you to save money by switching.

      Regional Price Limits

      There are price limits on homes you can buy with an equity loan. The limit is different for each region in England.

      • East - £407,400
      • East Midlands - £261,900
      • London - £600,000
      • North East - £186,100
      • North West - £224,400
      • South East - £437,000
      • South West - £349,000
      • West Midlands - £255,600
      • Yorkshire and the Humber - £228,100

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