How Long Does It Take To Get A Mortgage Approved

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How Long Does It Take To Get A Mortgage Approved

Whether you’re thinking of buying your first home, remortgaging, moving or thinking of buying an investment property the exact amount of time it takes to get an application approved can vary from case to case, making it difficult to give an estimate for the average timeframe of a mortgage  from application to approval.

There may be instances where a potential borrower is looking to expedite or fast-track their application, some lenders do tend to work faster than others and there are things applicants can do to try and ensure their application is not unduly delayed.

Things that can delay mortgage applications

Borrowers not supplying or having ready the necessary documents required for a mortgage application can slow down the process. By having all the required documents prepared and sending those as soon as requested can help to try and make sure the process is as fast as possible.

Documents a borrower may be asked to supply can include:

• Proof of identity for all applicants on the mortgage – Such as a passport or driving licence.

• Proof of address for all applicants – Such as a recent bank statement

• Proof of deposit – This could be a bank statement showing the requisite funds

• Proof of income – Such as a P60 and several months recent payslips

Mortgage adviser

If looking to obtain a mortgage more quickly, some borrowers may benefit from using the services of an independent mortgage adviser, who can advise their clients on how to make sure their application is as quick as possible. An adviser who offers a whole-of-market service can also use their professional knowledge of the industry to search across different providers to try and find the most suitable products for their client’s needs.

To find out if Fair Mortgages could help you, you can fill in our online contact form to request a call back from a Fair Mortgages Adviser who can offer you a free initial consultation. Alternatively you can call directly on: 0117 403 4474