How long does a mortgage application take? Here are 6 tips to speed up the processing time and to prevent financial damage in the event of a delay in the application.
Mortgage application lead time
Whoever buys a property wants clarity about the mortgage quickly. It is certainly now that the housing market is overheated. Does the mortgage settle and how long does the mortgage application take? Speed may also be called for when transferring, for example if the mortgage interest rate rises. You can get the best help from the London Mortgage Broker now.
The duration of a mortgage is the time between the application and the passing at the notary. A lot needs to be done in this. Documents must be submitted, tenders made and signed, after which the deed is drawn up. The lead time of a mortgage can therefore vary.
Clarity about your mortgage?
How long does a mortgage application take?
In answer to the question ‘how long does a mortgage application take’, we give an average of 4 weeks. You can imagine that the mortgage application of a divorced entrepreneur can take longer. For someone with a permanent contract who takes out a mortgage for the first time, the application is shorter.
You can also control how long a mortgage application takes, partly by supplying the required documents quickly and accurately. However, you also depend on the speed of the lender and the notary. They must assess the documents with a mortgage application.
In this article we therefore only provide the average time for a mortgage application. We are happy to give you a no-obligation indication based on your data.
Tips for a quick mortgage application
We have a number of tips for you for a quick mortgage application:
Know what your options are
Many buyers only think about the mortgage when they actually start buying a home. They then start the purchasing process, while they are not sure whether the financing will be arranged. With the following tools you can start the purchasing process with a certain feeling:
Before you orientate yourself in the housing market, you can get an indication of your maximum mortgage.
If you actually have a property in mind, you can immediately have an exact calculation made of whether you can buy the property.
Start the mortgage application on time
Contact a mortgage adviser before you buy. After explaining the mortgage process, the file is started immediately. You already provide a number of documents for this, for example to determine your income. You also make a number of choices based on your wishes and goals with the mortgage. The sooner your file is complete, the sooner your application can be processed.
Choose an independent advisor
An independent consulting firm offers mortgages from various lenders. In addition to the lowest mortgage interest and the best conditions, you can opt for a short lead time. An independent adviser knows the market and can point you to lenders where your mortgage application runs quickly. For example, if you are considering purchasing a property overseas, reaching out to an overseas property and finance expert such as Simon Conn can help you to get the guidance you need.
Collecting documents
You must submit various documents during the mortgage process. The adviser indicates when which documents are required and also the way in which these must be supplied. Don’t leave these requests too long and follow them carefully. Some examples of why documents are rejected are:
- When the ID is forgotten to scan in the back.
- Documents are not sharp or not completely copied.
- With an online account statement, the entire month is not visible.
