Getting a Quick Mortgage Approval

In this article, we’ll explain how to keep your mortgage application moving and whether you might be eligible for a fast-track mortgage that can be approved within a couple of weeks.

How quickly can you get a mortgage approved?

In reality, anywhere between 2 and 3 weeks would be considered fast. The average timescale is typically between 30 and 40 days for a ‘clean’ mortgage application. For a more complex one, this timescale can be pushed up to 6 to 8 weeks. 

In general, fast-track mortgages tend to be reserved for applicants who fit the following profiles:

• Low loan-to-income requirements (e.g. you only want to borrow 3-4 times your income)
• A low loan-to-value/high deposit
• A good credit rating
• Buying a home with standard construction
• You have a solid employment history and uncomplicated income

In contrast, a history of bad credit, a low or inconsistent income, a high loan-to-value, or a property with non-standard construction can all add to the time it takes to process your application.

You can do several things to speed up the approval process for a mortgage application – preparing all your documentation beforehand would certainly be one. But above all, the following three areas will be key. The quicker you can get these tasks done, the sooner you’ll get your mortgage approved:

Choosing a lender

Some people simply go to their existing bank to request a mortgage, which is the approach that takes the least time but is also the least likely to result in finding the best deal. Others shop around extensively online and compare rates themselves.

A time-saving approach that’s also likely to save you money is working with a broker. They’ll compare all the deals for you and might have access to products you won’t find online. You can find a broker here.

Getting an agreement in principle

A mortgage agreement, in principle, is offered by a lender based on some basic details you’ve provided, including your income, and with most lenders, a soft credit check to confirm your creditworthiness. Based on those details, you’ll get a quick mortgage pre-approval, which lets you know how much you could borrow.

If you meet the lender’s criteria, you can usually get a response instantly (or within 24 hours). You don’t yet need to know which property you’re buying at this stage. However, it’s not guaranteed they’ll approve your mortgage application.

Appointing a solicitor and arranging a valuation

A solicitor’s role in the house-buying process is to carry out all the necessary conveyancing and searches required, along with all other legalities (transfer of title deeds, stamp duty payments if applicable, etc.). 

Your lender will also arrange for their own valuation, which is required so they can confirm the surveyor’s valuation matches theirs. The valuation report can take up to two weeks to come back so, the earlier this is requested, the better.

Getting your mortgage offer

After you’ve made an offer on a property, you’ll need to go through the entire application process with your chosen lender. You’ll be asked to provide more personal details, and they’ll conduct a full credit check, also known as a hard search.

Usually, this takes between two and six weeks, but these timings aren’t set in stone.

Tips for getting your mortgage approved quicker

Remember, one key aspect of getting a mortgage approved quickly is having an excellent credit history. So, one major task you can tick off your list early on is to download your credit reports. If there’s anything recorded on them that shouldn’t be there, you can take steps to have it removed so as not to delay your application further down the line.

In addition, the following is a list of other tips you can check to help your application move more swiftly through the process:

• Get proof of your deposit ready
• Authority to proceed through a government scheme (if you’re using one)
• You’re registered on the electoral roll at your current address
• The name on your application exactly matches your passport and other documents
• You’ve included copies of your three most recent bank statements
• You’ve included copies of your three most recent payslips and these match the income you’ve stated in your application
• All your other supporting documents are ready to go
• You’ve closed any old, inactive bank accounts
• You haven’t applied for a new line of credit in the last three months (including utilities and phone contracts)
• You haven’t had a payday loan in the last 1-2 years.

If you’re unsure about any aspect of the mortgage approval process – don’t worry! This is where we can help. If you make an enquiry we can arrange for a mortgage broker we work with who has experience successfully arranging fast-track mortgage approvals to contact you.

Working with a mortgage broker will help you to avoid any pitfalls which could cause unnecessary delays. For example, they can either complete the paperwork for you or check the answers you’ve provided to ensure there are no errors. They’ll also tell you exactly which documents a mortgage provider might want to see, so you don’t need to wait for the lender to ask.

Which lenders have the fastest approval times?

According to the most recent data (from 2022), Paragon Mortgages are the quickest to approve a mortgage application in the UK (10 days), followed by Halifax (15 days) and then the Post Office (16 days). 

Halifax, Barclays, and HSBC are also typically cited as among the quickest to approve mortgages, but much depends on your application and finding the best lender. For example, if you have a history of bad credit, knowing which lender will consider your credit issues most favourably could ensure that your application is processed much faster.

It makes more sense to focus on what you can do to speed up the process (such as gathering your documents together and speaking to a broker) rather than which lender has the fastest average approval time. Instead, choose the lender who can offer you the best deal.

How long does a mortgage application take through a broker?

There’s no way to say how long your application will take, but working with a broker can help speed up the process at the first stage (choosing a lender) and the final stage (getting a mortgage offer).

During the first stage, they’ll typically be able to find the right lender for you faster than you could yourself, as they have access to the whole of the market and the appropriate training to hunt down the best deal.

At the final stage, they’ll help you gather the right paperwork, correctly fill out the application, and advise on quick fixes to improve your credit score, which can all help you get approved quicker.

Speak to a mortgage broker to accelerate your application

If you’re trying to get a mortgage as quickly as possible, finding the right broker also needs to be a quick and easy process. We can help with our free broker-matching service.

All you need to do is provide a few details about yourself, and we’ll schedule a chat to kickstart your application. You can begin right now: just call us on 0330 818 7026 or enquire online.