By Chris Ringham 15 Jun, 2019 0 Comments

How Long Does It Take For A First-Time Buyer To Get A Mortgage?

How Long Does It Take For A First-Time Buyer To Get A Mortgage?

Buying your first home is a process full of both delight and trepidation. Viewing properties and making choices about where you want to live can be a lot of fun, but none of this will be any good if you haven't arranged your mortgage. The time it takes to get a mortgage can vary enormously, but there are ways to make things easier for yourself.

Buying your first home? Download our First Time Buyers Guide today!


Your Mortgage Application Process

There are 2 phases to a mortgage application: the agreement in principle and the fully underwritten agreement leading to a mortgage offer. It's a good idea to get an agreement in principle before you start viewing houses. If you do this, you'll know how much the mortgage provider will be willing to lend you based on your income and credit rating. Getting the agreement in principle can be the quickest of the mortgage application process steps if you have the correct documents (usually bank statements, proof of income and proof of identity) with you and you've already chosen the deal you want. With all this in place, you can often have your agreement in less than half an hour. A poor credit rating can slow down the process and you might be refused a mortgage because of this.


Your Mortgage Offer

The next stage in the mortgage application process timeline is to make an offer on a property. You will probably need to show the estate agent or seller your agreement in principle to prove that you can buy the property. At this stage, there will also be more stringent checks on your personal spending habits and finances to make sure you could still pay the mortgage if you should run into difficulties like illness or unemployment.

Your lender will insist that a mortgage valuation survey is carried out on the property to check that it is worth the price you have agreed to. You may find that have to renegotiate with the seller which may delay things. At this point, you may also have to wait for the seller to complete their own moving arrangements which can cause frustratingly long delays over which you have no control.


Speeding Up The Process

The mortgage application process UK-wide can seem a bit arduous but making sure that you have a sound credit rating and evidence of a steady income before you get started will help to speed it up.

For help and advice with mortgages offers, Bowsers Solicitors are here to help. Get in touch today.

Image Source: Pixabay

First Time Buyer's Guide

6 Easy Ways First Time Buyers Can Improve Their Credit Score

By Chris Ringham 23 Aug, 2019 0 Comments

If you are looking to get on the housing ladder, having a good credit score rating can be a fundamental factor in securing a financial agreement ...

Continue reading

How Long Does A Decree Nisi Take Once Applied For?

By Chris Ringham 26 Jul, 2019 0 Comments

Although divorce is something that you hope never to go through, it cannot always be avoided. The problem for many people is that, if it does...

Continue reading

Should I Negotiate My Commercial Lease Renewal?

By Chris Ringham 25 Jul, 2019 0 Comments

Tenants of commercial properties often face turbulent times around their lease expiry date. Indeed, it is common practice for landlords to propose...

Continue reading

Fixed Rate VS. Variable Interest Rate Mortgages

By Chris Ringham 24 Jul, 2019 0 Comments

When you're browsing different types of mortgages, you've doubtless come up against many different kinds. The answer to the question "what are the...

Continue reading

Discrimination In The Workplace: 4 Steps To Taking Legal Action

By Chris Ringham 22 Jul, 2019 0 Comments

Feeling discriminated against in the workplace can be an overwhelming and unpleasant experience for employees and, left unchecked, can lead to...

Continue reading

Can I Get A Divorce Without My Spouse's Consent?

By Chris Ringham 21 Jul, 2019 0 Comments

There is no doubt that divorce is one of the most monumental things that some of us will experience in our lives. However, it can be the only...

Continue reading

Subscribe Here!

the-conveyancing-process-explained-guide

Recent Posts

New call-to-action