A very common question we receive is “how long does a mortgage offer last?”, usually, it can take between 2 and 6 weeks to get a mortgage offer. However, if your application is a little more complicated, z.B. if you want to buy a non-standard construction or if you have bad credits, it may take longer. It really depends on where they are in the chain and how long the chain lasts. If you buy an empty property, then completion will be quick and there is no reason it can not be before noon. The first step in the process is usually to get a mortgage in principle. This is just a statement from a lender that says they can lend you a certain amount to buy a home “in principle.” When it comes to securing a mortgage offer, there is no hard and quick rule on the time it takes, but most of us can expect to wait about a month (between 18-40 days) from application to mortgage offer – provided the process goes well and your application is relatively straight. If you are looking for a mortgage from your current account provider, they can in principle give you a mortgage much more easily, as they already have almost all your necessary information in the file. The surveyor will contact the real estate agent who controls the property and request access to carry out a thorough inspection and measurement of the property, so that it can verify that it is structurally flawless and that it has no obvious problems. This usually takes a day, as most evaluators prepare the report on the same day as the inspection and send it directly to the mortgage lender`s lender. As noted above, the best preparation and information possible, such as bank statements and payslips, will speed up the mortgage application process.
During the mortgage application period, your lawyer will have completed the promotion process. These are tasks such as applying to your local authority, for a market search that lasts on average about 1 month, although it may take longer, depending on the use of your local land authorities and the land department. The insurer will seek confirmation from the surveyor that the property is worth the amount for which you buy it and that the property is structurally sound. It takes 7-14 days from the application to complete the assessment. On that date, the lender will want details about your finances (including your credit score) and your job, for example. B how long you have been in your current role and prove this for pay slips. You may need more information about your job if you don`t work hours and “normal” conditions. B for example, those who want to get a mortgage on a zero-hour contract. This will also be the case if you are independent. However, the lender will require you to first see a mortgage valuation survey on the property. It is not the same as a real estate survey.
On average, in the UK, once you have applied for a mortgage, it takes 4 to 6 weeks to get your lender`s approval. But the most honest answer is: it depends. (Useful, isn`t it?) Use an independent mortgage broker, free of charge – communication between the real estate agent, lawyer and lender can waste a lot of time.