How Fast Can You Get A Mortgage?

If you’re in a position where you’ve already found your dream home, or want to buy an auctioned property, it’s likely you’ll be looking to find the quickest form of finance available to avoid missing out.

We look at how quickly it’s possible to arrange a mortgage, how to go about it, and what fast-track home finance options are available.

How quickly can you get approved for a mortgage?

It’s possible to get a mortgage approved in as little as two to three weeks, although on average, it’s more likely to take between four and eight weeks, depending on your circumstances. Typically, the more straightforward the mortgage application, the quicker it can be processed, whereas those applicants with complex circumstances may take longer.

Fast-track mortgages

You may have heard ‘fast-track mortgages’ referred to, but it’s important to understand that this is not a specific type of mortgage, it’s just a term used to describe quick approval of standard mortgages.

Fast mortgage approval is usually available to:

• People taking out a mortgage with the bank that a reliable and solid employment income is paid into, making it easy to verify

• People buying a property that is suitable for a desktop valuation (also known as an AVM - automated valuation model) - this would typically exclude older properties and those with non-standard construction

• People with a large deposit available, especially if the LTV (loan-to-value) of your loan will be 70% LTV or less

• People with a strong credit rating

If you have a complex income type, such as self-employed income, a small deposit, bad credit, or are looking to purchase a non-standard construction property, such as a listed building, mortgage approval is likely to take longer.

That said, even if you have a slightly more complex application, using a mortgage broker can certainly speed up the process. They can both ensure you approach a lender who is most open to your circumstances, and provide advice to help you progress your application to the offer stage more swiftly.

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Do bad credit mortgages take longer to secure?

Yes, they usually do, as the underwriter checks required are more complex and lengthy for this type of application. As fast-track mortgages tend to be available to those with strong credit files, applicants with poor credit may struggle to achieve quick home loan approval.

However, there may be other options available to you, such as a bridging loan. Not all bridging lenders assess credit history, which can mean they are easier to qualify for. However, keep in mind that bridging finance is a short-term loan, and won’t be suitable for all applicants. We can help you decide if this is a viable option for you.

Ways to speed up a mortgage application

If you’re looking to get fast mortgage approval, preparation is key. Here are some key factors that can help speed up your mortgage application:

• Have a recent copy of your credit file available - you can get a free search of your credit record online and ensure there are no nasty surprises that could impact your application. Doing this in advance of your property search would be optimum, as this allows time to apply for any potential errors held on your file to be corrected (usually 3-6 weeks)

• Have your documentation ready - this includes 3-6 payslips or relevant income evidence for at least a year, your 3 most recent bank statements, proof of identity and proof of deposit

• Apply with thw right lender - using a broker to help you find the most suitable lender for your circumstances is the simplest way to do this

• Enlist the help of a mortgage broker - one with experience of successfully arranging fast-track mortgages, like ourselves will be most helpful. We can set you on the right path with the most appropriate lender, and help you to avoid any delays along the way

If you’re looking to get your application off the ground quickly, you can compare the latest rates on the market for free using our whole-of-market mortgage sourcing tool below. You can use this tool to choose the deal you want and enquire about it with one of our brokers.

How quickly can you refinance?

Remortgaging is often a quicker process than taking out a purchase mortgage, especially if you’re simply doing a product transfer with your existing lender. While the average remortgage takes about 4 weeks, it’s possible to do so within a few days in certain circumstances.

Similarly to standard mortgage applications, those applicants with strong credit history, reliable income and a good level of equity (rather than deposit) will usually be able to complete the process more quickly. It can be helpful to have a recent property valuation available when you apply.

How quickly can you get a second mortgage?

Second mortgages can usually be approved on your existing property in between five days and four weeks, depending on your circumstances. Those with substantial equity and straightforward application will typically achieve this the most quickly.

If you’re looking for a second home mortgage to buy another property in addition to your existing home, it’s likely to take a little longer. Although you may be able to use the equity from an existing property as a deposit, you’ll need to prove that you can easily afford to repay both mortgages.

Fast-track your mortgage application today

No matter why you need a mortgage, if you need to secure finance quickly, you’ve come to the right place. At Money Helpdesk, we have access to the entire market, and can quickly match you with the right lender for your circumstances. We may even have suitable deals for you that are not available directly to the public.

Other applicants looking for a fast mortgage approval love our:

• Free initial consultation with an experienced broker

• Quick mortgage in principle approval

• Free mortgage-sourcing tool

• 5-star rated service across Google and TrustPilot

Ready to get your mortgage application started as quickly as possible? Get started here to begin a free, no-obligation chat with a broker who can help.