How Long Does A Mortgage Application Take?

How Long Does a Mortgage Application Take?

by

Mortgagemap

So you put the offer in to buy the property. It’s all been accepted and you have submitted your mortgage application. The estate agent is asking you when the property valuation is going to be carried out and what date you are going to be able to exchange as you are in a chain of houses that all need to complete on the same day.

But you have no idea what s happening as your mortgage broker is useless or worse still you have applied to your own bank or building society for a mortgage and they are not now returning your calls.

Well first of all I’d advise you to have used the professional mortgage brokers at mortgagemap.co.uk as they keep you fully informed of the process every step of the way. But as you are reading this I’m guessing you didn’t and you are desperately searching for answers.

Well OK let s look at the process your application goes through once it reaches the lender.

The procedure is split into important categories which enable each department to concentrate on only their role. Doing it this way enables everyone to become really skilful at their job, thereby making it as slick as possible.

The procedure of setting up your mortgage can look quite complex but they know what they are doing. Though you might not think so sometimes.

They review the content of the mortgage application first spotting and missed info. They will then chase that up from you. They will instruct the valuer.

They usually want to check evidence of earnings, including pay slips etc. Check your identity by way of passport or driving licence and also check you live where you say you do. They might also want to see bank statements and ask your boss for a reference.

Some info is hugely important so hopefully you have filled in the application form very carefully.

There is always a declaration for you to sign on the application that gives the building society the authority to get references etc. These include credit checks, fraud prevention agencies, and your employer.

Only when the checking is complete and the property has been valued will the mortgage offer be sent out to you for checking.

Get your solicitor to have a look at it if you are not sure what it’s all about.

So the complete process takes a minimum of 5 working days but the reality is 2 to 3 weeks.

Speak to one of our expert brokers at mortgagemap.co.uk if you want further information.

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Article Source:

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