How Long Does It Take to Get a Mortgage Through a Broker?

There is no single figure that applies to everyone, but most mortgage applications made through a broker take somewhere between a few weeks and a few months from first conversation to completion.

The spread is wide because the mortgage itself is only one strand of a longer process. The lender’s checks, the property valuation, the legal work and, in a purchase, the other people in the chain all add time.

If you are asking how long it takes to get a mortgage, it helps to split the question in two: how long until you have a mortgage offer, and how long until the money is actually released.

This guide walks through each stage, explains how a purchase differs from a remortgage, and covers the things that most often cause delays. If you are still deciding whether to use an adviser at all, our explanation of what is a mortgage broker covers the role in more detail.

The stages, and roughly how long each one takes

The timings below are typical rather than guaranteed. Lenders work at different speeds, and a quiet period for one can be a backlog for another.

Initial conversation and agreement in principle

Your broker will start by asking about your income, spending, deposit or equity, and credit history. This first discussion often takes under an hour. If everything is straightforward, the broker can usually obtain an agreement in principle (sometimes called a decision in principle) quickly, and in many cases on the same day. It is an indication that a lender is likely to lend, based on a limited check of your details, and it is not a binding offer. It is still useful, because estate agents and sellers often want to see one before taking an offer seriously.

Gathering documents and submitting the full application

This stage is largely in your hands. The broker will ask for proof of identity, payslips or accounts, bank statements and details of your deposit. Someone who has everything to hand might be ready to submit within a few days. Someone who has to request accounts from an accountant or track down old statements could take a couple of weeks. Brokers usually check documents before sending the application, which is worth the short delay, because a lender who has to come back with questions can lose far more time than that.

Underwriting and valuation

Once the application is with the lender, an underwriter reviews your affordability and credit file, and the lender arranges a valuation of the property. Some lenders can turn this around in days. Others take several weeks, particularly at busy times or where the case needs manual review. The valuation can be a simple automated check or a physical inspection, depending on the lender, the property and the amount being borrowed. A surveyor visit takes its own time to book.

The mortgage offer

When the lender is satisfied, it issues a formal mortgage offer. For a straightforward case, the time from full application to offer is often in the region of one to three weeks, though it can be shorter or considerably longer. The offer normally stays valid for a set period, which differs between lenders, so check the expiry date, especially if the purchase is likely to take a while.

Legal work, exchange and completion

Your solicitor or conveyancer handles searches, contracts and the transfer of funds, and they work alongside the lender’s requirements. In a purchase, this is usually the longest stretch. Many buyers find that the whole journey from an accepted offer on a property to getting the keys takes around two to three months, though a short chain or a cash-rich seller can be quicker and a long chain slower. The mortgage funds are released on completion day.

Buying a home compared with remortgaging

A purchase involves other parties, and that is the main reason it takes longer. You depend on the seller, their solicitor, and sometimes several linked transactions above and below you. The mortgage can be ready well before the legal side is.

A remortgage is often quicker because there is no chain and no seller. Many remortgages complete in a few weeks, and some lenders offer free legal work or a simple process for a switch with no extra borrowing. Even so, a case involving a change of borrowers, a large amount of equity release or a complicated property can take longer. If your current deal is ending, it is worth speaking to an adviser early, as many lenders allow you to secure a new rate some months before the existing one expires.

First-time buyers

First-time buyers often find the process slower, mostly because everything is new. Gathering paperwork for the first time, understanding what the solicitor needs and responding to queries all take practice. Local knowledge also helps, since valuers and lenders sometimes view areas and property types differently. Those looking for first-time buyer mortgages in chelmsford, for example, may find it easier to work with an adviser who regularly deals with properties and sellers in the area, as they will know what tends to be asked for at each stage.

What commonly slows a mortgage down

Most delays come from a small number of causes, and many are avoidable. Missing or out-of-date documents are the most common. Income that needs extra evidence, such as self-employed earnings, a recent job change or a mix of employed and freelance work, can also add time because the underwriter may want to look more closely.

Credit issues are another factor. A missed payment, an unexplained entry or a credit file that does not match the information on your application can prompt questions. The valuation can cause problems too. If the surveyor values the property below the agreed price, the lender may lend less than expected and the plan has to be reconsidered, which can mean renegotiating or finding a larger deposit.

Non-standard properties can also take longer. Examples include a flat with a short lease, a property of unusual construction or one that is being used for something other than a home. Some lenders will not lend on certain property types at all, while others will with extra checks, so the lender choice matters. A mortgage broker essex buyers can speak to in person may be able to point you towards lenders that have dealt with that type of property before, though no adviser can guarantee how a lender will respond to a particular case.

Finally, the legal side of a purchase has its own risks of delay, including slow search results, queries about the title and chains in which one party is not ready to proceed.

How to keep the process moving

You cannot control the lender or the other side of a sale, but you can remove many of the avoidable delays on your own side. The following steps make the biggest difference:

• Collect your documents before the first appointment, including recent payslips, several months of bank statements and proof of identity and address
• Be clear about where your deposit has come from, and keep evidence of any gifted money, as lenders are required to check it
• Avoid taking on new credit, changing jobs or making large unexplained transfers while the application is in progress
• Instruct a solicitor or conveyancer as soon as your offer is accepted, rather than waiting for the mortgage offer
• Reply to requests from your broker and solicitor promptly, since a query left for a few days can hold up the whole case

Remote appointments are now common, so a buyer who works in the capital and has been looking at a mortgage broker london search can still speak to an adviser based elsewhere in the south east, as long as the firm is authorised and can search the lenders suitable for the case. That flexibility can save time on scheduling, which matters when you are working to a seller’s deadline.

Planning your own timeline

If you are buying, the most useful approach is to work backwards from your target date and allow extra time rather than assuming the quickest outcome. Speak to a broker before you start viewing properties, obtain an agreement in principle and have your paperwork ready, so that the mortgage is not the stage that holds things up. Ask the adviser to explain how long their usual lenders are currently taking, because that varies from month to month and is better answered with up-to-date information than with a general rule.