How Long Does the Mortgage Application Process Take in the UK?

Embarking on a mortgage application can be a journey filled with anticipation and questions, especially concerning how long the process will take. In the UK, the duration can vary significantly depending on whether you’re switching products, remortgaging, or purchasing a new property. Additionally, various factors can cause delays, but there are steps you can take to expedite the process.

Product Switch

A product switch, often undertaken when your current mortgage deal is about to expire, involves switching to a new deal with your existing lender. This is typically the quickest of the three processes, often taking a few weeks. The speed is partly due to the fact that your lender already has your details, and there’s usually no need for underwriting, a new property valuation or legal work.

Remortgage

Remortgaging involves switching your mortgage from one lender to another. It’s generally a lengthier process than a product switch, taking around 4-8 weeks on average. This is because it involves a full application, including a new valuation of your property, credit checks, and legal work.

Purchase

Purchasing a new property usually takes the longest, often between 6-12 weeks. This timeframe accounts for the mortgage application, property valuation, legal checks, and the broader property purchase process, including the exchange of contracts and completion.

Factors That Can Cause Delays

• Incomplete or Incorrect Application: Providing incomplete information or making errors on your application can cause significant delays.
• Property Valuation Issues: If there are issues with the property valuation or if it’s scheduled late in the process, delays can occur.
• Legal Hold-Ups: Legal complications or issues discovered during the conveyancing process can slow things down.
• Chain Delays: When purchasing, being part of a chain can lead to delays if other sales or purchases in the chain encounter problems.
• High Demand Periods: During times of high demand, such as after the announcement of government incentives, lenders and solicitors can get overwhelmed, leading to longer processing times.

Tips to Speed Up the Process

• Gather Documentation: Have all your necessary documents ready before you start the application. This includes proof of income, bank statements, identification, and proof of address.
• Fill Out Applications Accurately: Ensure all information is accurate and complete to avoid back-and-forth with the lender.
• Respond Promptly: Be responsive to any requests for additional information or clarification from your lender or solicitor.
• Use a Mortgage Broker: A mortgage broker can help streamline the process, ensuring you have all the right documents and guiding you through each step.
• Conduct a Credit Check in Advance: Knowing your credit score beforehand can help address any potential issues that could delay the application.

The mortgage application process in the UK varies in length depending on the type of mortgage and individual circumstances. While certain factors can cause delays, being prepared and proactive can significantly reduce the time it takes to complete the process. By understanding the steps involved and working closely with your lender, broker, or solicitor, you can navigate the process more smoothly and efficiently.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Houz Mortgages does not charge a fee for mortgage advice.