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This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.
Q. How long does a mortgage application take to complete?
Answer: Unfortunately, there isn’t a definitive amount of time a mortgage application will take. Every mortgage application is different and each lender may have their own specific criteria. It will also depend on how complicated your situation is.
Time dependencies could include whether extra documents are needed for the application, the valuation of the property, or the backlog of applications at the lender’s processing centre. According to HSBC, an uncomplicated case could take as little as four to six weeks. And once submitted, it can take 18-40 days for you to receive your offer.
While there is no surefire way to know how long the entire process will take, there are a few things that will help expedite it. Applying for a mortgage in principle before you begin property hunting will give you an idea of how much you can afford and will speed up your full application process as the lender will already have some of your details. All that’s needed is a credit check and some basic financial information. Ensuring your credit file is clean will also help during the process.
Perhaps the simplest thing you can do is learn exactly what information your lender requires and to have all your documents readily available.
Next steps
Choosing a mortgage broker who is familiar with the products on the market will eliminate the need for personal research.
Working with a mortgage adviser will help you identify the right lender for your specific situation and ensure your application is completed quickly and accurately.