How long does it take to get a mortgage?

When you’re ready to take the leap into homeownership, one of the steps that will likely play a crucial part is securing a mortgage. The timeline for obtaining a mortgage can vary a lot based on several factors. Understanding this process is crucial to planning your move effectively. Here’s what you need to know:

The mortgage timeline

The process of getting a mortgage involves several stages, each with its own timeframe:

1. Pre-Approval Stage: Typically takes 1-3 days
   This preliminary step gives you an idea of how much you can borrow and shows sellers you’re serious. If approved, you will receive a ‘mortgage in principle’.
2. Property Search: Duration varies
   The time spent finding the right home isn’t included in the mortgage timeline but is part of your overall journey. Find out more about the home buying journey here.
3. Application and Processing: Usually 2-6 weeks
   After finding a property, you’ll formally apply for a mortgage. Lenders will assess your financial situation during this period.
4. Valuation Survey: Generally 1-2 weeks
   The lender will evaluate the property to ensure it’s worth the investment.
5. Underwriting: Can take 1-2 weeks
   This is when the lender reviews all information and makes a decision on your mortgage application.
6. Mortgage Offer: Issued within a few days to a week after underwriting
   You’ll receive a formal mortgage offer once everything is approved.
7. Exchange and Completion: Approximately 1-4 weeks
   This is the final stage where contracts are exchanged, and the deal is legally binding.

Factors affecting the timeline

Several elements can influence how long it takes to get a mortgage:

• Your Financial Readiness: Having all your financial documents in order can speed up the process.
• The Type of Mortgage: Some products may have quicker turnaround times.
• The Lender: Some lenders process applications faster than others.
• Property Issues: If there are legal or structural problems with the property, it can cause delays.

Tips for a smooth mortgage process

• Gather Documentation Early: Prepare all necessary financial documents beforehand.
• Be Responsive: Quick responses to lender inquiries can prevent delays.
• Use a Mortgage Broker: They can help navigate the process and find the best deal for you. Click here to get in touch with local approved mortgage brokers.

Conclusion

On average, obtaining a mortgage can take anywhere from a few weeks to a couple of months. It’s a complex process that requires patience and organisation. By understanding the steps involved and preparing accordingly, you can ensure a smoother path to securing your mortgage and moving into your new home.