How long does it take to get a mortgage?

Getting a mortgage can mean a lot of moving parts and, it can be hard to pin down an exact date from application to offer.

However, most future homeowners can expect to wait around a month or two to get a mortgage, as long as the application is straightforward and there aren’t any issues with their file.

What is the mortgage application process?

The mortgage application process can be easier than you think. Below, we’ve described what to expect at each stage of the journey.

1. Get a Decision in Principle

Getting a Decision in Principle can take around 30 to 45 minutes. During this time, your Mortgage Advice Coordinator will go through your income and outgoings to determine how much you can borrow. They will also review key eligibility criteria. 

This may differ from lender to lender, but at Newcastle Building Society, we require that your salary is paid in sterling directly to your bank account from your employer. 

If self-employed, you must have a minimum of two year’s accounts. We also need permission to run a full credit search that leaves a hard footprint on your credit file.

At this point, you will receive a Decision in Principle unless you have credit issues, in which case you may be referred to an underwriter for a decision.

2. Start your application

When you make your application, you will need to provide personal information and you will be asked for a number of documents to go with your application. 

You will also be asked for solicitor details, so if you have not yet chosen a solicitor, now is the time. Newcastle Building Society can provide a solicitor service for you if needed.

Although requirements may vary from lender to lender, at Newcastle Building Society, we need:

Once you have given all the necessary documents and solicitor details, your lender will begin to process your application and will be in touch with a mortgage offer.

3. Lender valuation

There are three types of property surveys that are available to you – each offering a different level of information and advice. The age and type of property that you want to buy will affect which level of survey you should be thinking about. You will need to include this into your savings budget for the costs of moving home.

Mortgage valuation – the lender will always conduct a mortgage valuation on the property you want to buy to assess how much it is worth and highlight any major issues that could reduce its value. Mortgage valuations are designed to help the lender decide whether the property is safe to lend on and up to what amount – it is not a detailed report on the condition of the property. Typical costs start at around £240.00.

Home buyers report – a home buyers report is a more detailed survey which will highlight any structural problems inside or outside the property such as damp or subsidence. Some reports also include a mortgage valuation.  Typical costs are around £500.00.

RICS Building Survey – this is most suitable for old or unusual properties and is the most comprehensive property survey type. You will receive a highly detailed report with advice on repairs and costs required to carry them out. The surveyor will investigate areas such as attics, behind walls, above ceilings and below floors. Typical costs are around £600.00 - £1200.00.

How to speed up the mortgage application process

As there are so many moving parts to a mortgage, it’s good to prepare yourself for any potential hiccups. Below, we’ve provided an idea of what affects the mortgage application process and how you can ensure things run smoothly.

We hope you have found our guide helpful. Should you have any more questions about the length of the mortgage application process, you can speak to one of our mortgage advisers by calling the number below.