How long does it take to get a mortgage approval?
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How long does it take to get a mortgage approval?
Charlie Connolly chats to us about mortgage approvals.
What are the stages of getting a mortgage? How does it work?
The first step is getting pre-approved, where you obtain a Mortgage in Principle. The second step is then for you to find a home.
Once you’ve found a property to buy, you would look to submit a formal mortgage application, which prompts a property valuation from the mortgage lender.
The lender then does their underwriting checks to verify your income and review your bank statements. Once they’re happy with the valuation and that your income matches the application, they’ll issue a mortgage offer.
How long does that all take? How long does a mortgage application usually take from start to finish?
The time from mortgage application to offer typically takes two to four weeks. Mortgage application to completion normally takes about four months. Obviously, it depends on the property chain, the lender and the solicitor’s timescales.
What happens after the mortgage application is submitted?
Once a mortgage application is submitted, it will be picked up by the underwriting team. They review the documents and the lender instructs a valuation. Once they’re happy, they will send the mortgage offer.
How long does it take for a mortgage offer to be approved?
Typically it takes two to four weeks for a mortgage offer, but it can be shorter or longer. At the moment, one particular lender has a 15-day turnaround time just to look at the application.
On the other hand, I recently had an application go to offer on the day the application was sent [information correct at the time of recording in April 2026].
What documents do I need to apply for a mortgage?
Typically you would need to provide proof of identity, with either your passport or driving licence. We also need proof of income which, for the employed, would be the last three months’ payslips and a P60, if you have any additional income.
If you’re self-employed, we require the last two years’ tax calculations and tax year overviews. For a limited company director, some lenders may want to see the last two years’ accounts.
Lenders usually then want to see three to six months’ bank statements showing the deposit and also to check your day-to-day banking conduct.
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How do I know if my mortgage will be approved?
If your mortgage is approved, you’ll be sent out a formal mortgage offer from the lender. This outlines the terms, conditions and details of your mortgage.
How long from mortgage approval to completion?
This varies and it can depend on the property chain. A remortgage will obviously complete much faster. For a purchase application, the average time from mortgage approval to completion is approximately two to three months.
What happens if my mortgage is declined?
If your mortgage is declined, it’s important to identify what caused that. As brokers, we can then identify a solution and speak to lenders who will consider your application based on our findings.
What causes a mortgage to be declined or denied?
There are a number of reasons why a mortgage can be declined, including credit issues, high levels of debt, use of payday loans, missed payments, defaults, or having a county court judgment (CCJ).
Ultimately, lenders need to make sure you’re able to repay the mortgage. So, if your debt to income ratio is too high, or you have irregular income, or you’ve started a new job or are on a short term contract, the lender may have an issue.
There could also be deposit issues if your savings are too small to meet the lender’s Loan to Value requirements.
It could be property issues – some lenders don’t like properties with short leases, or non-standard construction. Properties can be rejected if they are located near commercial properties, such as above a restaurant.
Admin errors can also cause a case to be declined. These might include misspelling personal details, or incorrect income figures on the application – even not being registered on the electoral roll.
Another reason for a decline could be making too many credit applications in a short period, which can impact your credit file.
How can a mortgage broker help here? Any final thoughts?
Don’t underestimate the value a broker can bring to your mortgage application. We’ll guide you through the process and help make it as seamless and stress-free as possible.
Key Takeaways:
- The mortgage process begins with obtaining a Mortgage in Principle, followed by submitting a formal application once a property is found, which leads to lender underwriting and a property valuation.
- The time from submitting a mortgage application to receiving a formal offer typically takes two to four weeks, with the entire process from application to completion usually taking about four months.
- Required documentation generally includes proof of identity, recent payslips or two years of tax calculations (for self-employed), and three to six months of bank statements to verify the deposit and banking conduct.
- A mortgage application can be declined for multiple reasons, including credit issues, high debt-to-income ratios, deposit shortfalls, admin errors on the application, or specific property issues like short leases or non-standard construction.
- Mortgage brokers offer value by streamlining the application process and can help identify solutions and alternative lenders if an initial application is declined.
YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP WITH YOUR MORTGAGE REPAYMENTS.