When you’re in the process of buying a home, time can be your best friend or your enemy and that’s especially true with mortgage lenders. For both first-time buyers and experienced homeowners, it is helpful to have a mortgage timeline in the UK so that you are aware of what to expect and don’t suddenly have to face a shock. From your initial chat with a lender to the day you close on your new house, whatever can go wrong will go wrong in some little way; to be prepared is to avoid a bottleneck that will cause you to miss a deadline and potentially lose your dream home.

This guide looks at how long mortgage applications usually take in the UK, as well as what factors contribute to that time frame and what you can do to help move things along.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it.

Overview of the Mortgage Application Process

Mortgages can be intimidating, but there’s a pretty clear structure to the process. Learning each phase helps you stay organised and know where and when delays may occur.

1. Initial Research and Agreement in Principle (AIP):

An Agreement in Principle is what most buyers do prior to making a full mortgage application. This informal process, typically done in minutes, provides you with a rough estimate of how much you may be able to borrow. There are no guarantees, but it does put you in a better position to make offers on properties.

2. Full Mortgage Application:

After your offer on a home is accepted, you can apply for a full mortgage. Here’s where it gets more granular as you’ll have to provide personal and financial documents, and details about the property. Your lender will then start a “full review.”

3. Underwriting and Assessment:

The lender takes into account whether you can afford to borrow based on your credit report, your job and the general level of risk. They will also organise to have a valuation completed at the time to confirm the property is worth the money you want to borrow. It is possible to do so through a site visit or desktop review.

4. Mortgage Offer Issued:

Assuming the lender is happy with your documentation and the value of the property, they will provide you with a formal mortgage offer that details the terms of the loan. This is usually valid for 3-6 months.

5. Exchange and Completion:

After you have submitted your application and once the mortgage offer is received, your solicitor will take care of the legal side, exchanging contracts and transferring funds on completion day.

Average Timeline for a Mortgage in the UK

So, how long could the entire process take? Though every case is unique, here are a few general benchmarks:

• Agreement in Principle: 24 hours or less (often instant)
• Full Application to Mortgage Offer: 2 to 6 weeks
• Offer to Completion: 1 to 2 months

It’s possible, for a simple case with no setbacks, to move from application to offer in as little as two weeks. However, the majority of applications will take around four weeks to be approved, particularly if further checks or valuations need to be carried out.

The average decision time of a mortgage lender, according to Experian and MoneySuperMarket, is between 18 and 40 days after your application is submitted. Buyers will then generally complete within about one to two months of a mortgage offer being made, provided there are no major interruptions in the chain.

Bear in mind that external factors like solicitor delays, seller paperwork or problems with the survey can contribute to it taking longer. First-time buyers buying chain-free homes may complete quicker, but those in a long chain could wait a number of months.

Documentation and hiring the right professionals (mortgage broker, solicitor and surveyor) can remove months from your journey.

Factors That Affect Mortgage Timelines 

There are a few things that determine how fast your mortgage application is processed:

• Credit History: A history of bad credit or very limited credit could entail added checks, which could slow things down.
• Lender Type: Could be high street banks are just busy. Some specialist lenders say they may be able to accelerate some applications.
• Application Complexity: If you are self-employed or earn income from multiple sources, you may have a longer underwriting process.
• Property Type: Non-standard properties (e.g., listed buildings, flats above shops) may need further investigation.
• Conveyancing Delays: Matters relating to your property, such as searches and contract preparation, can have implications on the overall time frame.
• Property Chain: If you are in a chain and there are further delays (say, another buyers mortgage), your move can be pushed back.
• Incomplete Documentation: Some missing or questionable paperwork can put your application temporarily on hold whilst clarification is sought.

By understanding these variables, you can manage expectations and proactively work to mitigate delays whenever possible.

Fast-Track vs Standard Applications

Some lenders and brokers provide expedited mortgage applications for potential buyers who have to move rapidly. These products all give your application priority treatment so you can get on with the deal and may even offer digital submissions, faster valuations and access to underwriters.

If you are in a hurry, you can consider fast-track applications if:

• You’re buying a property with no chain
• You’re remortgaging or porting an existing mortgage
• You have straightforward finances and full documentation ready

Though this can also cut approval times to less than two weeks in some cases, not every lender provides this choice, and it might result in slightly higher fees or rates.

Most buyers will do just fine with standard programs, especially if you don’t have a lot of time pressure. The secret is organisation and responsiveness from the start.

How to Avoid Delays

And with those intricacies out of the way, here are some useful tips to ensure that your journey to securing a mortgage goes as smoothly as possible:

• Get Pre-Approved: Getting your financials in order from the beginning leads to a faster process once you find a home.
• Have Documents Ready: Lenders generally will want to see proof of identification, proof of address, payslips or tax returns, bank statements and information about your deposit.
• Work With a Broker: A mortgage broker, such as Mortgaged, can help you find a suitable lender, guide you through the requirements, and track your progress.
• Respond Quickly: Holdups often occur when borrowers fail to answer lenders questions promptly. Be prepared to offer additional information, if necessary.
• Avoid Big Financial Changes: Opening a new line of credit or changing jobs during the application process can make things more complicated.
• Choose the Right Solicitor: The right conveyancer can make a huge difference in the final completion speed of a purchase.

Preparation and communication really help. You can greatly help decrease deposit holdup, especially when you get the proper support.

What to Expect After Approval

It usually takes 1 to 2 months from a mortgage offer being accepted to completion, and once your mortgage is approved and the offer is accepted, there are just a few more steps to be finalised. 

• Your solicitor carries out final searches
• Contracts are exchanged
• A completion date is agreed upon

If you are in a chain, delays can still come from other parties. But with a mortgage offer, you do have a powerful position when it comes to negotiations.

A small number of lenders will do a final credit check once funds are disbursed, so it’s best to maintain your finances while the process wraps up. The keys are yours once the money is transferred.

How Mortgaged Can Support You

At Mortgaged, we understand this process can be overwhelming, especially if you are undergoing it for the first time. That’s why we provide personalised guidance to help you stay on top of everything and avoid hold-ups to get the right mortgage for you.

Whether you are a first-time buyer, moving house or looking to re-mortgage, we will help find the most suitable lender for you and then support you through the process.

Call Mortgaged today to see how we can assist you. From fast-tracked applications to complex financial conditions, we’re here to help.

Conclusion 

Understanding the timeline can ease the stress. Ready to get started? Contact Mortgaged today to discuss your mortgage journey.

Your home/property may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. There may be a fee for mortgage advice. The precise amount will depend upon your circumstances and will be agreed with you before proceeding, but we estimate it will be £395.