How long does a mortgage application take?

“How long are mortgage applications taking?”, “How long after valuation to mortgage offer” and “How long does it take for a mortgage to be approved?” are questions regularly raised by excited and sometimes anxious homebuyers.

The answer on how long a mortgage application takes will solely depend on the complexity of the application and who the application is made with. Average times with what we would call a high street mortgage lender (such as Halifax, NatWest etc) are currently in the region 1 – 2 weeks.

But every lender is different and how long it takes to get a mortgage approved changes depending on the lender and their criteria, how many applications they are processing and your own personal situation.

What happens after a mortgage application is made and what’s the average time for mortgage approval

For a standard purchase application where an applicant has a clear credit history the process and average time frames are as follows:

Initial Assessment of the Application:

On receipt of a mortgage application, lenders will assess income, proof of deposit, and identification documents to ensure they match the details disclosed on the application.  This typically takes a week, unless the request any additional documents

Valuation (Survey):

In most cases, the lender will instruct the valuation (survey) immediately. The surveyor will book a suitable time to visit the property.  Once the report is complete, it‘s returned to the lender for assessment alongside the other documentation. This typically takes place within a week.

How long from valuation (survey) to mortgage offer?

If the initial assessment of your application by the mortgage lender has been completed and signed off, the valuation is then reviewed straight away.  Assuming the valuation matches the purchase price, it is sent for final checking and a mortgage offer produced.   You would expect to receive your mortgage offer within a week.

So, in summary, “How long does it take to get a mortgage?” typically two to three weeks in total!

As with anything mortgage related the best thing to do is to always speak to us so we can give you the very best advice for your circumstances. If you need a mortgage approved quickly, perhaps because you are about to move onto the standard variable rate on your current mortgage, we can look at mortgage lenders with quick turnaround times to ensure you don’t pay more than you need to  

We will always talk you through the timescales and update you every step of the way.

Share this article

Share on facebook
Share on twitter
Share on pinterest
Share on linkedin

About Key Solutions

Here at Key Solutions we believe taking out a mortgage should be easy. Why shouldn’t it? So when people say buying a home or getting a mortgage is one of the most stressful things ever, we say, come and speak to us.

Subscribe to our Newsletter

Don’t miss out on our award-winning mortgage and insurance advice!

If you would like to quickly understand how much you could borrow for your home moving mortgage, complete our property calculator:

Related articles

The first time buyer mortgage market is still strong in the UK, with lenders offering up to 100% loan to value products (depending on property value and if your family are able...
“How long are mortgage applications taking?”, “How long after valuation to mortgage offer” and “How long does it take for a mortgage to be approved?” are questions regularly raised by excited and...
A second charge mortgage is essentially a second mortgage on your property. If you wish to release equity and money from your property you can either remortgage your current mortgage to take...
Today we are sharing our top tips on what you can do to improve your chances of successfully being approved for a mortgage and how to make the process much quicker and...
If you are interested in understanding how to pay off your mortgage quickly then we are here to help! There are many ways to do this – have a look below to...
Whilst circumstances are going to differ from person to person, it definitely pays to discuss things with one of our mortgage and protection advisers. Here are a few general things to consider:...
Nobody likes to think about the worst happening to them or their family. At a time of loss, the last thing a family needs is the upset and stress of any financial...
IR35 is a bit of a head scratcher and with the new rules coming into force you will need to consider if IR35 applies to you. The new legislation aims to ensure...
What do John Terry, Paris Hilton, Kendall Jenner and Simon Cowell have in common? (Apart from being millionaires?!). Sadly, they have all had their homes broken into and their possessions stolen. We...
While most homeowners have a mortgage, many don’t realise that they could save money by remortgaging. Some mortgage interest rates have fallen below 1% in recent weeks and new mortgage products and...
One of the most common questions we get asked at the moment is about getting a mortgage if you have been furloughed. You may feel impacted or concerned but we are here...
Statistics show that on average, people living in the UK will pay off their mortgage by the time they are 69, but do you know when your last payment will be? At...
When we say first time buyer, what comes into your head? We bet you’re thinking of someone in their early twenties who lives with Mum and Dad. Well, nowadays there’s no typical...
The Help to Buy Scheme recently celebrated its 5th birthday this year!