Getting a new mortgage can be one of the more daunting financial tasks an individual or couple can take on. On the other side of a successful mortgage application, those people will be moving forward into a new and exciting chapter of their lives. It could be a first-time buyer moving into their first home, a married couple with kids moving into a bigger home for their growing family, a couple consolidating debt to allow themselves some breathing space from unexpected credit card debt, or a passionate dog owner moving into a new house with a bigger garden.

All of these individuals need a mortgage process that is efficient and, more importantly, successful in a timely and precise manner.

As a whole of market mortgage broker, it is our job to ensure that our clients receive the best possible deal in the quickest way possible, whilst staying compliant and moving at a pace in which the client feels protected and completely knowledgeable along the way.

Quick answer:

How long does a mortgage application take through a broker?

When using a mortgage broker, a mortgage application can typically be submitted within 1 day, 3 hours and 45 minutes, assuming documents are provided promptly.

From submission to mortgage offer, the process usually takes 1–3 weeks, depending on the lender, valuation timescales, and market conditions.

• Why mortgage application timescales vary
• The first stage: Agreement in Principle through a mortgage broker
• What happens during the initial fact find call?
• How long does it take to get an Agreement in Principle through a broker?
• How long does it take to apply for a mortgage without a broker?
• Submitting your full mortgage application
• Documents required for mortgage underwriting
• How long does underwriting take through a broker?
• Mortgage valuation timescales
• Final recap – how long does a mortgage application take through a broker?

Why mortgage application timescales vary

We strongly believe that timescales can vary from client to client. For the purpose of the information listed on this webpage, we are dealing with a client who responds in a timely manner and is able to complete all necessary documentation within a short timeframe. As you can imagine, client response times vary. Some individuals can provide the required documentation quickly, while others may need a little more time due to work and family constraints.

The first stage: Agreement in Principle through a mortgage broker

With the vast majority of mortgage applications, the first stage of the process is for the client to obtain a competitive Agreement in Principle (AIP), otherwise known as a Mortgage in Principle.

Anyone can go onto a lender’s website and obtain one of these, however it takes more time for an individual to review all lenders’ best rates, decipher which lender to approach, and determine whether they are actually eligible to obtain a mortgage with that lender.

What happens during the initial fact find call?

If a first-time buyer couple approached us, the process would look like the following:

They would book an appointment with us either by using the form on our website or by calling us directly. We would then conduct a full fact find with the client, where we review their incomes, address history, credit file (we can do this directly on our system via a soft credit check – very few companies have this technology), and property expectations.

By the end of the fact find, we will keep you on the call whilst we review the best possible options and conduct an affordability test on the intermediary website that is showing the strongest option for you. By the end of the initial consultation, you will know the best possible interest rate available to you, how much it will cost per month, and what the associated costs are.

This call will usually take around 45 minutes, but it is arguably the most important call in the entire process.

How long does it take to get an Agreement in Principle through a broker?

Once the fact find call has taken place, we will then email you asking for your income documents, such as payslips. Once we have received and reviewed these, we will approach the lender for the Agreement in Principle.

As soon as we receive your income documents, we guarantee that you will receive your Agreement in Principle within three business hours. Any broker that tells you this takes a couple of business days is not taking your application seriously.

Within the same email that we send you your Agreement in Principle certificate, we will include full details of the option we discussed over the phone, along with the reasons why we have approached this lender. This could be due to competitive rates, service levels, income criteria, or associated costs.

Please see here for an example of what this email looks like:

So, to quickly recap, the initial process from the fact find call to a full Agreement in Principle will be in the region of three hours and 45 minutes, assuming that you send us your requested income documents straight away.

How long does it take to apply for a mortgage without a broker?

When you compare this to applying directly and not using a mortgage broker like us, you would need to do the following:

• Research mortgage lenders’ websites (there are 80+ lenders in the UK, so we will assume you review around 5 or 6).
• Complete a full fact find with each lender online and book appointments.
• Speak with each lender’s own mortgage teams and complete a full fact find with different employees at each lender.
• If you work full time and only have an hour available during the day, this could take a full working week just to compare 5 or 6 deals, whereas we compare all lenders during the initial call.
• Complete multiple soft credit searches with each lender, rather than just two with us (one during the initial fact find and one when we formally approach the lender).

By the end of this process, you would need to review multiple emails and conduct your own research to decide which option to proceed with. If you wanted further information, it is likely you would speak to a different employee each time and potentially be put on hold. Furthermore, they would not be able to comment on other lenders’ products, as they have no visibility of them.

We are unsure exactly how long the process above would take, but we can safely assume that it would take significantly longer than our process.

Submitting your full mortgage application

Moving on, once you are happy with your mortgage options and feel completely secure in the advice we have provided, we move on to the next stage.

If you are a first-time buyer, we will assume you have had an offer accepted on a property. If you are moving home, we will assume you have had an offer accepted on your property and on the property you are buying. If you are remortgaging, the next part of the process is underwriting your application.

Documents required for mortgage underwriting

To do this, we will need to collect some documents from you and ask you to complete a few tasks.

We will likely ask you for the following:

• An electronically signed client declaration
• Further income documentation, such as a P60
• Completion of an anti-money laundering check, along with ID and proof of address
• Proof of deposit if purchasing (bank statements, memo of sale, gifted deposit letters, etc.)
• Three months’ business bank statements
• Other documents depending on your individual circumstances, such as property details and solicitor information

We will ask you to upload these documents to our secure portal. Once received, we will fully underwrite your application to ensure it is ready to submit and likely to be accepted.

We will review your bank statements to understand your outgoings, and if we anticipate that the lender may ask questions, we will ensure we have answers prepared in advance. This avoids unnecessary back and forth with the lender later in the process.

How long does underwriting take through a broker?

Again, the time this takes depends on how quickly you provide the documents. However, if you are able to send everything on the same business day, and all is in order, there is no reason why your application would not be ready to submit the next working day. Your case will then be signed off by our compliance manager prior to submission.

Please see here for an example of what these types of emails typically look like:

To recap again:

• 3 hours and 45 minutes from fact find to Agreement in Principle
• 1 working day to review documents and submit the application

This works out at approximately 1 day, 3 hours and 45 minutes, assuming documents and responses are provided promptly.

Once we submit your mortgage application, we will send you an email confirming submission along with a mortgage illustration showing the full details of the product applied for.

The next stage depends on several factors:

• The market
• How busy the lender is
• The availability of property valuers in the area

Upon submission, we upload all required documents immediately. We do not wait for the lender to ask for them. This means that on first review, the lender can verify your income, review bank conduct, confirm solicitor and estate agent details, verify your identity, confirm source of deposit, and see that full anti-money laundering checks have been completed.

This allows the lender to sign off on the application at first review, with the only outstanding requirement being a successful valuation.

Mortgage valuation timescales

In most cases, a lender will instruct a valuer to visit the property, although sometimes an electronic valuation can be carried out instantly. If this happens, we will let you know straight away.

If a physical valuation is required, the speed depends on:

• The availability of the valuation company
• The availability of the property owner

In some cases this can take weeks, and in others it can be completed the next working day. Unfortunately, this is outside of our control.

How long does it take to receive a mortgage offer?

Once the valuation has taken place, it may take the lender a few days to review the report. Assuming all other checks are complete, the case will then move to offer stage. We will confirm this with you and a copy of the offer will be sent to your chosen conveyancer.

In terms of timescales, we are currently experiencing 1–3 weeks from submission to mortgage offer, provided the case has been fully underwritten and all information is available upfront.

Once you have received your mortgage offer, you will then work with your solicitor towards completion. While our main work is complete at this stage, we continue to monitor your deal. If rates fall between offer and completion, we will notify you and, with your consent, update your mortgage product. Once you complete, your mortgage deal is fully locked in.

Final recap – how long does a mortgage application take through a broker?

• 1 day, 3 hours and 45 minutes from initial fact find to mortgage submission (assuming all documents are provided promptly)
• 1–3 weeks from mortgage submission to mortgage offer, depending on the lender and valuation process

In all cases, we ensure that the lender is never waiting on us. We are always waiting on them.

During the process, we will also discuss your protection needs, however this webpage is solely answering the question:

“How long does a mortgage application take through a broker?”

A Mortgage Broker Based That You Can Trust

  Oliver Ben Reece CeMap CertPro
Lead Mortgage & Protection Advisor

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