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By Pete Mugleston   Mortgage Advisor

Last updated: 23rd August 2018 *

Fast mortgages

Sometimes you just need a mortgage NOW. It may have been because you've been declined by a lender at the last minute, maybe you're buying at auction or a repossessed property with a deadline, or simply because you've had an offer accepted and want to move into the property ASAP. Whatever the reason, make an enquiry or give us a call and an advisor will get cracking for you right away.

  • Quick mortgage approval
  • Fast track mortgage applications
  • Express service levels
  • Experienced brokers for adverse credit / self-employed / other hard-to-place mortgages

Often people need a fast mortgage because a deal they thought was approved has fallen through at the 11th hour. Other times it’s because conditions of the purchase force buyers to complete within a set timeframe and they need finance quickly, for example an auction purchase or repossession. Whatever the reason, if you need a mortgage approved immediately then get help from one of the dedicated brokers we work with that deals in these scenarios every day.

Quick mortgage applications

You can get a quick decision in principle within a matter of minutes, for more complex cases where there has been a history of adverse credit or for self-employed applications, it may take longer to find the right lender. However there are brokers on hand that offer an express mortgage service for those that need to minimise mortgage application time so their purchase goes ahead smoothly, brokers that know they need to prioritise your enquiry for a speedy resolution.

“So how long to process a mortgage application?”

A quick mortgage approval will come in 2 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, as well as keying property information and of course a valuation report - all of which costs time and money, and would be pointless if the lender was never going to be happy with the customers credit history.

1 - Fast decision in principle

Typically if you enquire at say 11am, a broker would have been back to you within the hour, completed a full fact find and requested your documents, compiled the research for the best deal and found you the best lender, got the decision in principle by 2pm (3 hours), and if successful made the full application on your behalf by the end of the day.

2 - Fast mortgage offer

From there (depending on the lender) you may even have the valuation instructed the same day, with a view to be carried out that week. Fast mortgage approval with the quicker lenders has been known to fly through, getting from initial enquiry to mortgage offer formally approved post-valuation, within 5 working days. Often times this is lengthier for complex cases where underwriters need to full assess the case manually, but if you a prepared with all necessary documents it makes the process so much quicker for you advisor.

Generally the urgency is to put the vendors and agents mind at ease that the purchase can proceed, so once a decision in principle is approved, a full application made, and a valuation instruction issued, this is enough to settle any nerves.

If a valuation was made in a previously failed application, then the agent may not be satisfied until the mortgage is formally offered as it can indicate finance is not viable and call into question your ability to buy the property at all – time to mortgage valuation can be managed by your advisor (often an adviser can kick and scream things through faster, and bump valuations up in the queue!) but generally you will be at the mercy of the lender and their current turnaround times, some are far quicker than others. If time is really of the essence and you need a fast full mortgage offer, and need to know how long for a mortgage decision, then speed of processing can be favoured over rate, sacrificing the best deal for the quickest lender – if that is your preference.[/three_fourth]

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Red carpet service

If getting a mortgage as soon as possible is a high priority for you when you make an enquiry, we will know from the information put into the express mortgage enquiry form (above). We will identify this information right away and ensure that your enquiry is forwarded on to an adviser with a great deal of experience and the right market knowledge of all the lenders and ther criteria to give you the best chance of being accepted with a suitable lender first time around and quickly.

What is a fast track mortgage?

Fast track mortgages are pretty much what they say on the tin. They are designed to enable the most credit worthy to obtain a mortgage with relatively few underwriting checks, thus making the process of application to formal offer much quicker.

They have gotten a bit of a stigma in recent years since the abolition of self-cert mortgages, because of abuse and fraud by many who couldn’t prove their income rushing an application through without being asked for evidence. 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 is 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 as these factors flag up on automated systems as more risky and instantly require a higher level of underwriting.

This doesn’t mean just because you are self-employed or have adverse credit that you can’t get a mortgage agreed quickly, 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.

Quick mortgage quote

To get an instant mortgage quote make an enquiry, ask us a quick question here, or to speak to an advisor give us a call.

Updated: 23rd August 2018
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FCA disclaimer

*Based on our research, the content contained in this article is accurate as of 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 info 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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