Read the first in our Friday FAQ series. Every Friday we aim to post an answer to a FAQ about mortgages, tax, investments, money matters, business or retirement. You can have your say too. Send an email with your FAQ to [email protected]
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 it take to get a mortgage?
Answer: The mortgage process can be split into sections. The first part is getting an agreement in principle and the second part is getting the mortgage approved by the lenders underwriting team.
In simple cases you may an agreement in principle within hours. An agreement in principle is where by assessing your income and credit score, the mortgage company shows willingness to lend you a specified amount of money.
However, the actual time it can take is dependent on several factors, like your income and credit score, plus variables that you have no control over. Particularly, the outcome of the tougher stress tests and stringent checks on your income that were introduced after the last property crash.
We recommend that you allow at least three months for the whole process to be completed.
You can help the process move quicker by getting your credit score into a good place and having all the relevant paperwork in order, such as 3-6 months bank statements and a valid passport.
Using an independent broker, like ourselves, will give you access to a wider range of mortgage lenders and they will be able to assess your situation and provide you guidance on the right way to proceed.