Getting a mortgage can feel like a big job, but applying through a broker can help make things easier. Still, one of the most common questions people have is: how long will the process really take? The answer isn’t always straightforward, but in this guide, we’ll explain what happens at each step, what might cause delays, and how brokers can help speed things up. 

The stages of a mortgage application through a broker 

When you apply for a mortgage through a broker, you’ll go through a few key stages. Here’s a simple breakdown of each one: 

Decision in Principle: Quick start 

The first thing you’ll do is get a Decision in Principle (DIP). This is a quick check that the lender will do to see how much they might be willing to lend you. The great thing about a DIP is that it usually only takes 24 hours. It helps you know how much you can afford to borrow before you start looking for a property. 

A DIP doesn’t involve a deep dive into your finances—it’s just an initial look to help you get started. It’s useful because it gives you an idea of what’s possible, and it shows sellers that you’re serious about buying a home. 

Full mortgage application: Timeline breakdown 

Once you’ve found the property you want, you’ll need to submit your full mortgage application. This is where you’ll provide more detailed information like your proof of income, bank statements, and credit report. This stage takes longer than the DIP, usually around 1 week, depending on the lender and how complicated your financial situation is. 

If everything is simple and straightforward, the application could be processed quickly. But if you have a more complex financial situation, it might take a little longer to get everything sorted. 

Common delays and how to avoid them 

Most applications move forward smoothly, but there are a few things that can slow things down. Knowing what they are can help you avoid unnecessary delays: 

Conveyancing issues 

Conveyancing is the legal process of transferring the ownership of the property from the seller to you. If there are any problems with the paperwork or legal documents, this can cause delays. For example, if there are issues with the property’s title or other legal details, it can take more time. 

A good broker will stay in touch with your solicitor to make sure that everything is in order, and they’ll help you fix any issues that might come up. This can save a lot of time and reduce delays in the process. 

Missing documentation 

One of the most common reasons for delays in the mortgage process is missing paperwork. Lenders need certain documents to approve your application, and if they’re not all there, it can slow things down. 

To keep things moving quickly, make sure you send all the requested documents to your broker as soon as possible. If you’re not sure what you need, just ask your broker—they’ll be happy to help you. 

Factors affecting application timeframes 

Several factors can affect how long your mortgage application takes. Some things are out of your control, but knowing what could cause delays helps you prepare: 

Property valuation timing 

A property valuation is where a professional assesses the property you want to buy to make sure it’s worth the price you’re paying for it. The length of time this takes depends on how busy valuers are and how quickly the lender can arrange the valuation. 

Brokers can help by working with lenders who offer faster property valuations, so they can make sure this part of the process doesn’t cause delays. 

Applicant financial history 

If your finances are more complicated, your mortgage application might take longer to process. For example, if you’re self-employed, have multiple income streams, or have had credit issues in the past, the lender may need extra time to review your application. 

This is where a broker can really help. Brokers know which lenders are best for complicated cases, and they can help make sure your financial details are presented in the best way possible. With the right help, they can find the right lender for you and speed up the process. 

How brokers help speed up the process 

Brokers can be a big help in making the mortgage process faster and easier. Here’s how: 

  • Using their experience: Brokers know exactly what lenders need and how to get everything to them quickly. They help gather the right documents, ensuring everything’s in order, which reduces the chance of delays. 
  • Shopping around for you: Brokers work with many lenders, so they can find the best deal for you. They also know which lenders are quicker at processing applications, saving you time in the long run. 
  • Guiding you through: A broker will stay in touch with you and answer any questions you have during the process. If there are any issues or confusion, they’ll help you work through them, which means your application stays on track. 

Conclusion 

A mortgage application can take some time, but with the help of a broker, it doesn’t have to be stressful. The exact timeline can vary depending on your situation, but with the right broker, things can go faster and smoother. Brokers help you find the best deal, gather the necessary paperwork, and guide you through the whole process. 

If you’re ready to apply for a mortgage, you can find a broker or explore our second charge mortgage products. Let us make your mortgage process easier and more efficient!