Head of Content
Mortgage Advisor & Director
How fast can you get a mortgage?
There are many reasons why you might be keen to speed up the mortgage approval process. From the seller requiring a quick sale, to being declined a mortgage late on in the process, it can be a stressful time if you need a mortgage quickly.
Typically, residential mortgage applications in the UK can take up to 12 weeks.
However, there are things you can do to speed up the process. Our advisors have helped many people like you to get the best deal possible on their mortgage, even with a short deadline. Complete our simple online form to get started now.
What can slow a mortgage application down?
Situations that could slow a mortgage process down are if you have a non-standard income, for example, if you are self-employed or are paid mainly on commission or if the property is non-standard construction. If you have a complicated credit history, this could also take additional time to review.
What is a fast track mortgage?
A fast track mortgage is designed for a creditworthy applicant to get a mortgage with fewer underwriting checks.
It is relatively unusual for these mortgages to be approved on this basis unless the affordability requirements, Loan to Value (LTV) and credit scores stack up. They are only typically offered by a few high street lenders and specialist lenders. Those with low credit scores or who are self-employed are unlikely to qualify; however, with the right broker, you can still get a quick mortgage approval.
How can I speed up my mortgage application?
There are a few steps you can take to speed up your mortgage approval; our best advice would be to use an experienced broker. They can help you by completing your application and getting a quick decision in principle, recommending lenders who will turn around your application quickly, and identifing potential roadblocks in the process that could slow everything down.
Other steps you can take are:
- Close inactive credit accounts and try not to apply for any new credit before your application.
- Complete your application accurately - take the time to find the right information rather than guessing.
- Have relevant documents ready to send.
How fast can you get a mortgage in principle?
A mortgage approval comes in two phases; the mortgage in principle and the mortgage offer.
You can get a mortgage in principle in a matter of hours. This will give you the positive indication of final approval you need to move forward with the full application. A mortgage broker can help you to apply for your mortgage very quickly, likely the same day, after getting your favourable mortgage in principle decision.
How quickly can you get a mortgage offer?
Once you have your mortgage in principle, in some cases the application can progress to mortgage offer in a matter of days.
The valuation can be instructed very quickly after the mortgage in principle has been agreed, and assuming underwriters don't need too much involvement or have too many queries, the case can progress rapidly. Having your documentation ready to address any comments can help to speed everything up.
Get a fast mortgage now
Teito is a whole of market broker service, meaning that our team have access to hundreds of lenders and hundreds of thousands of mortgage deals. Even if you need a mortgage quickly, it shouldn't mean that you should sacrifice the best rates! Our advisors can help you to get the best deal possible, even if you need a quick approval.
If you need a mortgage fast, complete our simple online form now to get started.
Choosing an Adviser
Selecting a qualified and experienced mortgage adviser is of great importance. To choose a suitable adviser, evaluate their qualifications, experience, and reputation, and ensure they are regulated by the Financial Conduct Authority (FCA).
Read reviews from previous clients and make sure they provide a clear explanation of the products and services they offer, as well as the fees and charges associated with them.
