How Long Does a Mortgage Application Take Through a Broker?
, by Matt Stevens
Applying for a mortgage is overwhelming, with paperwork, checks, and waiting times all adding to the pressure, but the majority of buyers will work with a mortgage broker to simplify the process.
One of the most common things people wonder about in particular is how long everything will take, and the reality is that there’s no single answer because timescales differ for a few reasons.
In this guide, we’ll break down the mortgage application journey through the lens of a broker and highlight the reasons applications are delayed. We’ll cover:
How long does a mortgage application take?
When you apply for a mortgage with a broker, the process will take between two and four weeks. This means that it is undoubtedly faster than if you were applying directly to a lender, which is due to how brokers ensure applications are submitted correctly and resolve issues before they cause delays.
However, as we’ve said, securing a mortgage is only one part of the wider home-buying journey, which takes a couple months or more to complete. Specifically, the overall timescale will vary depending on your financial situation, the type of property you’re purchasing, the length of the property chain, the lender’s workload, and the results of the property valuation.
Your own responsiveness also plays an important role in that applications progress more smoothly when information is provided promptly and accurately. Though, a mortgage broker does help manage this side of things by chasing updates and guiding you through each stage to keep things moving.
Why is applying for a mortgage quicker through a broker?
Despite your mortgage application following a similar path regardless of whether you apply directly or use a broker, a broker’s job is to make the process far more efficient, and they do this in several ways.
First, brokers are able to identify suitable mortgage products quickly. With access to a wide range of lenders and deals, they narrow down your options in a matter of minutes, saving you the time and effort of researching rates and criteria yourself.
They also have a detailed understanding of lender requirements. This implies your application is prepared correctly from the outset, reducing the risk of errors, follow-up questions, or repeated requests for information which slow progress.
Many brokers carry out affordability and eligibility checks before you apply. By targeting lenders that are more likely to approve your application, they minimise the risk of rejection and the delays which follow.
Managing a mortgage application involves a significant amount of administration and communication. A broker takes care of this on your behalf, handling paperwork, liaising with lenders, and keeping in touch with solicitors and estate agents as needed.
Because brokers deal with mortgage applications every day, they’re well placed to resolve issues as they arise. Whether it’s responding to lender queries or navigating more complex circumstances, they know how to keep the process on track.
Finally, for applications which fall outside the standard criteria, a broker will approach specialist lenders and negotiate for you so that even more complex cases progress as efficiently as possible.
The stages of a mortgage application through a broker
The mortgage process generally falls into two main phases, that is, an initial assessment of borrowing power, and the full formal mortgage application.
Decision in Principle
A Decision in Principle (DIP) provides an early indication of how much a lender would be willing to lend you. These are issued very quickly, i.e., within 24 hours, and sometimes instantly.
Your mortgage broker will arrange this with a suitable lender, and only basic information is reviewed here, meaning there’ll be no detailed assessment of your finances, nor will it have an effect on your credit score. Although, since the checks are limited, a DIP is not a guarantee that your mortgage will ultimately be approved.
Most lenders issue a DIP which remains valid for between 30 and 90 days, giving you time to search for a property and make an offer you’re sure of.
Full mortgage application
Once you’ve had an offer accepted on a property, your broker will move things forward by preparing and submitting the full mortgage application. At this point, much of the groundwork has already been completed so that the process will progress more smoothly.
You’ll be asked to provide detailed documentation, such as ID, payslips, bank statements, and credit information. The lender will then review the application, either through an automated system or via an underwriter, and will arrange a valuation of the property.
This stage takes longer than the initial agreement. While some straightforward cases will be approved within a day or two, it’s more common than not for this part of the process to take between two-four weeks. Again, timescales vary depending on the lender’s procedures and the complexity of your financial circumstances.
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Common reasons for mortgage delays
Mortgage applications don’t always progress at the same speed owing to certain issues being likely to slow things down, and so understanding these in advance means you avoid setbacks.
Legal and conveyancing hold-ups: The conveyancing process involves detailed legal checks and documentation, therefore any errors, missing information, or unresolved queries will cause delays.
Incomplete or late paperwork: Lenders require specific documents before they can make a decision, so if information is missing or submitted late then the application will be paused.
Property valuation scheduling: Lenders arrange a valuation to confirm the property’s value, and there could be delays here depending on the lender’s availability or the type of valuation required.
More complex financial situation: Applications involving self-employment, irregular income, or bad credit will need additional checks, which inevitably extends timescales.
How a mortgage broker speeds up the process
If efficiency is what you’re after, then working with a mortgage broker is the best way to keep your application moving smoothly from start to finish. Brokers talk directly with solicitors and lenders, keeping an eye on progress and tackling any issues. They know exactly what information is needed and when, thereby helping you submit documents quickly and correctly.
An experienced broker also understands which lenders offer faster valuation turnaround times alongside which are best suited to non-standard applications if these aspects apply to you. In the end, they reduce the risk of setbacks and unnecessary queries by presenting your financial details clearly and accurately.
At The Mortgage Genie, our priority is to make your mortgage as straightforward as possible. Our expert advisers have access to a broad pool of lenders and will support you at every stage, managing the details so you stay focused on the rest.
Call us on 01915809890 to get started. And why not find out how much you could borrow up to today by using our mortgage calculator?
The above blog has information contained within which was correct at the time of publication but is subject to change.
FAQs
How long does a mortgage offer last?
A mortgage offer is valid for about six months, though the exact period depends on the lender. If your offer is approaching its expiry, working with a mortgage broker takes pressure off since they’ll liaise with your lender, manage any necessary extensions, and give you frequent updates.
Why is my mortgage broker taking so long?
Delays aren’t usually caused by your broker, they’re instead down to the lender. The more checks a lender needs to carry out, such as affordability assessments and verification of documents, the longer the application process takes.
