How Long Does a Mortgage Application Take?

It can be both exciting and daunting to apply for a mortgage. This is a journey that will allow you to become a homeowner. However, you’ll need to navigate the complicated mortgage application process.

When applying for a mortgage, one of the most frequently asked questions is the time it takes. There is no single answer. Many factors can affect the timeline of a mortgage application. These factors include the lender you are applying with and the information they have requested.

It takes anywhere from 4 to 6 months to complete everything.

Sometimes, it can take even longer. You can still talk to lenders to prove you can get a mortgage. The process is simple, although it can take some time.

Let us walk you through each step to ensure you know what happens and when.

Factors that affect the time frame for mortgage applications

The following factors can impact the timeline of a mortgage application:

  • Lender: Different lenders have different requirements and timelines.
  • Your financial situation: It may take longer for your application to be processed if you have a complex economic problem or a low credit score.
  • The type of property: Some properties may take longer to approve, such as properties with a homeowners association or those with flooding.
  • Market conditions: The application process can take longer during high mortgage demand, such as in a seller’s marketplace.

Step-by-Step Guide to Applying for a Mortgage

Here is a breakdown of typical steps in a Mortgage application process.

Pre-Application Stage: How to apply for a mortgage

You will need some important documents before you can apply for a mortgage.

  • You may need proof of income, such as your pay slips, p60, or tax calculations & overviews.
    • Bank statements: You must typically supply several months’ worth of bank statements.
    • Deposit proof: This could include savings accounts or investment accounts.
    • Information about debt: Disclosure of all commitments is required.

This will allow your advisor to start looking for the best mortgage for your circumstances with an appropriate lender.

The Application Stage: Submitting your Mortgage Application

You will need to apply to your lender before you can apply for a mortgage. This usually involves giving your financial and personal information and details about the property you want to buy.

After you have submitted your application, the lender will usually review it and request a credit report. The lender will review your documentation and application during the underwriting stage to determine your eligibility for a mortgage. This process may take several weeks and require additional documentation or questions from lenders.

Closing Stage: Final Steps in the Mortgage Application Process

Your mortgage approval will allow you to proceed to exchange and purchase of your property. You must sign a mortgage deed agreement, pay any closing costs, and possibly an appraisal or title search fee.

What is the Average time frame for a Mortgage Application?

The timeline for a mortgage application depends on many factors. The average mortgage application timeline is between 5 – 45 days for a formal mortgage offer to be issued.

How to speed up your Mortgage Application Process?

There are several things you can do to speed up your mortgage application.

  • We Compare lenders: Different lenders might have different application timelines and processes, so it is worth looking around to find the best fit.
  • Pre-approval: The lender will already have reviewed your financial information and can speed up the mortgage application process.
  • Keep organized. Ensure you have all the necessary documents to speed up the application process.

What is the best way to speed up the Mortgage Application Process?

We recommend arranging all paperwork and documentation upfront to make things run smoothly. All documents, including your ID, bank statements, and payslips, are essential. They can be kept in a drawer or folder so you don’t have to look for them later.

It is wise to speak to an accountant if you are self-employed to verify your income. You will need to keep your last two years of tax returns. Harmony FS mortgages only require keeping tax returns if you have worked for less than two years.

Working with a broker like Harmony FS can speed up your mortgage process. A mortgage broker is the best way to reduce rejections and delays. A mortgage broker will manage all communications between you and the lender. They can also give pushes if they are slowing.

How long is a typical Mortgage offer?

Your mortgage offer should last for around six months. Your mortgage offer letter will indicate the date your offer expires. Six months is typically enough time to buy a new property. You don’t need to be concerned about the expiry date as lenders depending upon your circumstances, may allow extensions. 

If you lose your mortgage offer or it expires, don’t panic. You can still apply for a mortgage with the same or another lender. You might be eligible for more borrowing if promoted or saved more to get a larger deposit.

Is there a deadline for the release of Mortgage funds?

A solicitor or conveyancer will contact a lender to request the release of mortgage funds. The lender will transfer the money to your lawyer or conveyancer, who will forward it to the seller’s solicitor/conveyancing. After this, you can officially close the property sale and become a legal owner.

Usually, the lender will release funds within one to seven business days. This is dependent on the lender. It is a waiting game. This is where your solicitor or conveyancer can help you. They will keep you updated.

Get Ready to Apply for a Mortgage

Although applying for a mortgage is a complicated process, it can be done with confidence if you are prepared and understand the process well. You can speed up the process by shopping around for lenders and staying organized.

Harmony FS makes it easy to move faster.

Harmony FS is an independent broker that covers the entire market. It has access to almost every type of lender. We’ll guide you through the process, from filling out the paperwork to contacting your lender for updates. Get started today. For more information, call us at 0115 896 9776 or email We are happy to assist you. 

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