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Pete Mugleston

Author: Pete Mugleston - Mortgage Advisor, MD

Updated: June 17, 2022

If you’re in a hurry to get a mortgage, it can be easy to lose sight and simply go with the first lender who will accept you. Whether a lender has declined your mortgage at the last minute, you need to meet the deadline for an auction or repossessed property, or simply because you’ve had an offer accepted and want to move in, we can help.

In this article, we’ll look at how quick mortgages work and the steps you can take to ensure that you not only get a fast mortgage deal, but a great one, too.

We understand how overwhelming it can be to take out a mortgage, especially if you’re in a hurry. To ensure that you find the most competitive deals on the market and to make sure you don’t overlook anything important, call us on 0808 189 2301 or make an enquiry here.

Our job is to match you with one of the expert mortgage brokers we work with. Their whole-of-market access means that they’ll be able to find competitive rates that are tailored to your needs. Plus, all advice is free and impartial, and no marks will be made against your credit score.

How quickly can I get a mortgage?

The average time a standard residential mortgage application takes from offer to completion is around 12 weeks, although this can vary considerably based on a number of factors.

If you have bad credit or your income is non-standard (i.e. includes bonuses, commission or you’re looking for a self-employed mortgage) the application may take longer. This is also true if the property has non-standard construction as this means the valuation process could be more complex.

What is a fast-track mortgage?

Fast track mortgages are designed to enable the most creditworthy applicants to get a mortgage with relatively few underwriting checks, thus making the process of application to formal offer much quicker.

They’ve gained a bit of stigma in recent years since the abolition of self-cert mortgages, mainly because the system was abused, with some even committing fraud by being unable to provide evidence of income.

As such, it is rare that applications go through on this basis unless the loan to value (LTV), loan to income (LTI), and credit scores are appropriate. It’s also typically only the high street lenders and some specialists who offer this service, so anyone self-employed or with adverse credit is likely to not qualify.

This doesn’t mean just because you are self-employed or have adverse credit that you can’t get a mortgage agreed quickly, as there are lenders that consider these applications and can turn things round in a relative short space of time. It depends on how quickly you can supply them with the documents they need, and how experienced your advisor is at handling such applications.

How can I get approved for one?

There are some steps you can take even in a short amount of time to maximise your chances of getting approved for a mortgage, for example:

  • Close any old, inactive accounts
  • Don’t apply for any credit before you apply for a mortgage
  • Make sure you fill out your application form correctly the first time around (a broker can go through this with you)
  • Having the necessary documents to-hand

You can get a quick decision in principle within a matter of minutes, though for more complex cases where there has been a history of adverse credit or for self-employed applications, it could take a little longer to find the right lender, depending on the circumstances.

If you’ve recently applied for finance, it might be a better option to wait three months before reapplying. Hard credit searches stay on your credit report for 12 months, though most lenders are fine with this so long as there’s not been a recent search. However, the brokers we work with can find lenders who are more lenient with this.

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How long does it take to process a mortgage application?

A quick mortgage approval will come in two stages: the mortgage in principle, and the mortgage offer.

Applications are always done in this manner to save time more than anything else, as the lenders can give an indication of their appetite to lend to the borrower before a full application is submitted.

With full applications comes the need for packaging and processing all documents to verify income and affordability, completing a valuation report, as well as keying property information. Because this process costs the lender time and money, it may be a good indicator that they are keen to go ahead with your application.

Fast decision in principle

Once a broker gets an enquiry, they typically move fast.

Just as an example, if you enquire at say 11am, a broker may be back to you within the hour, completed a full fact find and requested your documents (provided you have them to-hand), compiled the research for the best deal and found you the best lender, got the decision in principle by 2pm, and if successful made the full application on your behalf by the end of the day.

Fast mortgage offer

After this, you may even have the valuation instructed the same day (depending on the lender), with a view to be carried out that week. Some mortgages have been known to fly through, getting from initial enquiry to mortgage offer formally approved post-valuation within five working days.

Often this is lengthier for cases where underwriters need to fully assess the case manually, but if you prepared with all necessary documents it makes the process much quicker. Generally, lenders will try to push this decision through quickly to ensure that those involved (buyers, agents and vendors) aren’t left waiting for too long.

If a valuation of the property was made in a previously failed application, the agent may not be satisfied with this until the new mortgage application is formally offered, as it can call into question your ability to afford the property.

The mortgage valuation can be managed by your advisor (often because they can push things through faster, and bump valuations up in the queue), but generally it’s down to the lender and their current turnaround times.

If time is really of the essence and you need to know how long it will take for a lender to make a decision, then speed of processing can be favoured over rate, sacrificing the best deal for the quickest lender – if that is your preference.

Fast matching process

If getting a mortgage quote as soon as possible is a high priority fill in our enquiry form.

We understand that time is of the essence, so we’ll act quickly to match you with an expert mortgage broker who has whole-of-market access, meaning that they can find the best deals to fit your circumstances.

Speak with an advisor for a fast mortgage quote

Whatever your circumstances, don’t let a mortgage hold you back. The experts we can match you with are able to find great tailored deals and keep on top of your application, even after you’ve sent it off.

To get started, call us on 0808 189 2301 or make an enquiry.

We aim to get back to you as soon as possible.

Ask a quick question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects.

Ask us a question and we'll get the best expert to help.

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About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

Read more about Pete

Pete Mugleston

Mortgage Advisor, MD

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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms who are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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