How long does a first-time buyer mortgage application take to be approved?
This mortgage article looks at the time it takes first time buyers to find their perfect mortgage.
How long does a first-time buyer mortgage application take to be approved?
Fallen in love with your perfect first home, but concerned about how long it’ll take for your
mortgage application to be approved?
In this article UKMC be explaining how long mortgage application approval typically takes,
which factors can affect when you’ll be approved, and how you can speed up this process.
How long does it take for a mortgage in principle to be approved?
Typically, applicants can have their mortgage in principle approved anywhere between a
matter of minutes to within an hour of supplying all the relevant information to a broker.
However, if the lender or mortgage advisor requires additional information to make their
decision, you may need to wait longer for your agreement in principle to go through.
It’s worth bearing in mind, that the complexity of the purchase, your financial situation, as
well as your choice of lender and the information they require, can also impact how long it
takes for your mortgage in principle to be approved.
How long does a first-time buyer mortgage application take?
Once you’ve been approved for a mortgage in principle, you can start your property search
and make an offer.
After your offer has been accepted, you will need to apply for a mortgage which on average
takes between two and six weeks.
Do first-time buyer mortgage applications take longer to be approved?
Regardless of whether you’re a first-time buyer or existing homeowner, your mortgage
application should take the same amount of time to be processed.
However, other factors that can impact how long it takes for your mortgage application to be approved includes lender backlog (how busy the lender is), financial and loan complexity, and the degree of necessary paperwork.
How to speed up a first-time buyer mortgage application:
Efficiency is essential if you want to speed up the mortgage application process – our top
three tips are below!
1. 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, address, and income, as well as evidence of enough funds for the
required deposit.
You can download your free document checklist from UKMC here.
2. Use a mortgage advisor.
Hiring an experienced mortgage advisor can significantly speed up your mortgage
application as they can highlight the best deals and lenders for you, while also helping you
to complete the relevant paperwork.
Plus, mortgage advisors that specialise in helping first-time buyers can also direct you to
lenders that are more likely to accept your application.
3. 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 you to avoid preventable delays on your part.
First-time buyer support at UKMC:
Struggling to choose the right first-time buyer mortgage to meet your requirements?
Securing a mortgage deal that you’re happy with is one of the most important aspects of buying your first home as you’ll be tied into this deal for years.
Here at UKMC, we can help you to explore all
your mortgage options as a first-time buyer in the UK.
Regardless of whether you want to use a government scheme or a gifted deposit to get a foot on the property ladder, our expert mortgage advisors can assess your eligibility and choices.
To ensure you understand every stage of the entire property-purchasing process, we’re also
committed to cutting out the legal jargon. Instead, our honest and authentic approach will make
sure you understand all the ins and outs of your chosen mortgage deal.
Book your FREE no obligation appointment with one of our experienced mortgage advisors by
booking your own appointment directly here.
*UK Mortgage Centre is a Trading Style of The UK Mortgage Centre Group. The UK Mortgage Centre Group is authorised and regulated by the Financial
Conduct Authority – FRN 826982. Registered in England & Wales: 11614569.
**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, starting from £345, for our advice given. Your dedicated advisor will discuss this further on your free initial phone call.