Asking how long it will take to get a mortgage can be a little bit like asking how long is a piece of string. As a general guide, once your application has been submitted it can take anything from a couple of days up to several weeks to receive a mortgage offer.
Usually the lender will organise the valuation to be completed within a week of the application being submitted. Running alongside this the lender will assess the application and submitted documents. If your situation is fairly straightforward in that you have a clean credit file, you’re employed in a stable job, and your outgoings are fairly minimal, you should expect the mortgage assessment to be completed fairly quickly.
If on the other hand you’re self employed and your income varies from month to month, you have other financial commitments, perhaps a recent change in your personal circumstances, then it can take longer as lenders will likely be raising questions and asking for submission of additional documents.
Before you even start thinking about how much you can borrow, or what type of property to buy, the first important step is to make sure you’re likely to be eligible for a mortgage. To help you with this, we’ve created a short quiz that will indicate whether or not you’re likely to be accepted.