Mortgage Application Process

How long does a Mortgage Application take?

Applying for a mortgage can be stressful. 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 between friendly services where a helping hand can 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 could influence the processing speed of both a mortgage agreement in principle and a mortgage application. Working in partnership with a broker will provide you with guidance, professional advice, and access to many lender products (not just one lender). Meaning you should be able to achieve faster approval and the keys to your new home sooner than you might imagine.

A fast mortgage loan approval is not always 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 4-5 weeks for you to hear whether you have been successful and received your mortgage offer.

However, do keep in mind that this is purely an average. You may find that from between applications to offer, you could have an answer in a matter of days. Typically, the process will take 10 to 15 working days.

Is it possible to speed up the process?

Equally, make sure that your credit file is in good order and that your bank statements demonstrate that you are in control of your expenditure. Stay away from payday loans and online casinos/gambling.

We would advocate working closely with your broker and MMPE. Make sure you know how much you can afford to borrow and what the costs will be, and gain your mortgage agreement in principle as early as possible within the process if you are actively looking for property.

While there are always going to be processes and red tape. At MMPE, 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.

Contact us to learn more

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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