How Long Does a Mortgage Application Take?
For first-time buyers, the mortgage application process can feel confusing. One of the most common questions we get asked at Exe Mortgages is a simple one: how long does it actually take to get a mortgage approved?
The honest answer is that it varies. While some applications move quickly, others take longer depending on your circumstances, the lender, and how prepared you are. Understanding the typical stages can help you plan with confidence and avoid unnecessary stress.
The short answer: 4 to 8 weeks on average
In the UK, a standard mortgage application typically take between four and eight weeks from application to receiving a formal mortgage offer. In straightforward cases, it can be quicker. In more complex situations, the process may take longer.
Let’s break down the process step by step so you know what to expect.
Stage 1: Mortgage Agreement in Principle
Before making an offer on a property, most buyers obtain an Agreement in Principle (AIP), sometimes called a Decision in Principle.
This is a lender’s initial indication of how much they might be willing to lend based on basic information such as income, outgoings, and a soft credit check.
An AIP isn’t a guarantee, but it’s an important first step and often required by estate agents before an offer is accepted.
Stage 2: Full mortgage application
Once your offer on a property is accepted, you can submit a full mortgage application. This is where the lender carries out a detailed assessment of your finances.
You’ll usually need to provide:
- Proof of income (payslips or accounts if self-employed)
- Bank statements
- ID and address verification
- Details of the property
Delays at this stage are often caused by incomplete paperwork. Here are some useful tips to help you avoid it.
Stage 3: Property valuation & underwriting
The lender will arrange a valuation to ensure the property is worth what you’ve agreed to pay. At the same time, the application goes through underwriting, where the lender checks affordability, credit history, and overall risk.
If everything stacks up, the lender will approve the loan. If not, they may ask further questions or request additional documents.
Issues such as down-valuations, unusual properties, or affordability queries can slow things down.
Stage 4: Mortgage offer issued
Once underwriting is complete and the valuation is satisfactory, the lender issues a formal mortgage offer. This confirms the loan amount, interest rate, and conditions.
At this point your mortgage is secured, though completion still depends on the legal process handled by solicitors.
What can slow a mortgage application down?
Several factors can extend the timeline, including:
- Self-employment or irregular income
- Poor or limited credit history
- Gifted deposits requiring extra checks
- High demand periods for lenders
- Missing or inconsistent documentation
Being prepared and realistic about potential hurdles is key.
How Exe Mortgages help?
For first-time buyers, our advisors can significantly reduce delays. A good broker:
- Identifies lenders suited to your circumstances
- Checks documents before submission
- Anticipates underwriting questions
- Chases progress on your behalf
This doesn’t guarantee speed, but it often means fewer surprises and a smoother journey.
Preparation is key!
While a mortgage application typically takes four to eight weeks, preparation makes a real difference. Understanding the process, having documents ready, and getting the right advice can help keep things moving.
For first-time buyers, the mortgage journey can feel daunting but with the right support, it doesn’t have to be. Contact us today and let’s help get you started on your property buying journey.
