Last Updated on 20th August 2020
Homebuyers are sometimes unable to wait and simply need an instant mortgage. Reasons for needing a quick mortgage can vary, but it’s usually because:
- The property seller requires a quick sale
- You’ve been declined a mortgage late on in the homebuying process
- The estate agent has received multiple offers and you need to provide your paperwork fast
- You’re buying a property at auction and need to meet a deadline
- You need to vacate your current property by a certain date
The reasons above are the most common for needing a fast mortgage, however there may be other reasons. Our advisors specialise in securing mortgages where time simply isn’t on the buyer’s side.
You can speak to our advisors who can get started on finding you the right mortgage immediately. More importantly, our advisors also have access to lenders with very fast turnaround times.
How can I do a quick mortgage application?
Mortgage applications can be done faster than usual. That said, the length of time it takes to do an application ultimately depends on the lender and how fast a buyer can provide their required documentation. The speed in which a mortgage application can be completed also depends on the buyer’s circumstances. For instance, if you have ‘straightforward’ circumstances, such as a clean credit file, sufficient proof of affordability and no large debt, then the mortgage process should be smooth sailing.
Borrowers with clean-cut applications usually have a number of lenders available to them. This is a great position to be in, as mortgage applications can be turned around at lightning speeds.
Applications can be delayed, especially if you have adverse credit or you’re self-employed. Other reasons, such as having no credit score or having been recently declined a mortgage may also cause applications to hit a few bumps. Some lenders may not be willing to lend, so finding the right lender with the right mortgage can take some time. Nonetheless, it doesn’t mean to say that it’s impossible to get a quick mortgage under these circumstances.
Our advisors can also fast-track your mortgage to ensure it meets your expectations. Mortgage brokers will always prioritise their client’s cases. We also have a dedicated team solely focused on fast-tracking mortgages.
How long does it take to complete a mortgage?
To understand the length of time it takes to complete a mortgage, it’s first important to learn about how the process works. Mortgages are generally split into three main stages, which are:
- Decision in principle/mortgage application
- Mortgage survey
- Formal mortgage offer
Getting a decision a principle – fast!
A decision in principle is provided after an advisor has completed an initial fact find. A fact-find is carried out to establish the buyer’s borrowing needs. This also helps the advisor in finding the right lender based on the buyer’s circumstances.
A decision in principle is not a formal mortgage offer, although it will outline the amount a lender is likely to lend. A decision in principle is also a useful document to have, especially if estate agents need to see some proof of a mortgage. This can literally be the difference in having an offer accepted or declined. Estate agents are perhaps more likely to take your offer seriously if you have a decision in principle.
If you’ve made an offer on a property and require a decision in principle, speak to an advisor. A decision in principle can typically be made in less than an hour. Often enough they can even be turned around within minutes.
You can learn more about getting an online decision in principle here.
A full application is submitted once you’ve had an offer accepted on a property. Processing an application can take a little longer as it involves submitting your documents to the lender in addition to the property details. Lenders will then make an assessment of your circumstances in relation to the property you wish to buy. Once the lender is satisfied with your circumstances, a mortgage survey will follow.
How long does a mortgage survey take?
Mortgage surveys can vary in the time they take. The speed in which the survey is carried out largely depends on the:
- Lender and their nominated surveyor
- Volume of mortgages that the lender is involved with at that particular time
- Access for the surveyor to carry out the mortgage survey
- Turnaround time from completing the survey report
Some mortgage surveys can be instructed on the same day and carried out a day or two later. On average, a survey is usually booked no more than a week after the application. Surveys may be delayed, especially if the surveyors have high volumes of work at that particular time.
Other delays can be caused by access issues to the property. Maybe the surveyor needs to collect keys from an estate agent or perhaps the vendor is on holiday and can’t provide access. Without access, a surveyor simply can’t carry out a mortgage survey.
Each lender is different, but advisors understand that certain lenders simply process applications faster than others. As a result, it makes sense for advisors to approach lenders who are able to meet your specific time requirements.
In some circumstances, lenders may not even carry out a mortgage survey. This is rare but generally happens on mortgages with a very small LTV (loan to value).
When will I get my mortgage offer?
A mortgage will formally be offered once a mortgage survey has been carried out. A formal mortgage offer is generally made around 24-72 hours after the survey, although it can take longer.
There are a number of reasons a mortgage offer can be delayed. Underwriters may be consulted to check applications if they fall short of the lender’s criteria or if something isn’t quite right. Advisors can of course push underwriters and provide any additional documents to support the application. Nonetheless, the lender is ultimately in control of how fast a mortgage is offered.
Fast mortgage lenders
If you need a fast mortgage lender, simply make an enquiry and our advisors will check to see if you meet their criteria. Simply let our advisors know how fast you need a mortgage and they’ll get started straight away.
Having your documents to hand can also help in a faster mortgage approval. Collating information such as the property type, address and value may also help move things along.