MORTGAGE HELP DESK UK

Mortgage Help For Those Seeking A Mortgage Quote To Best Suit Their Circumstances

When should I apply for a mortgage? How long does it take to get a from a decision in principal to a full offer from the mortgage lender ?

When should I apply for a mortgage?

If you have not yet found a suitable property, but you would like to know how much a lender would be willing to lend, you should consider applying for an agreement in principal. An 'agreement in principle' is an agreement from a lender that has looked at your case and it falls within there criteria. They can then offer you in principle that they will lend you a specified sum for a property purchase (as long as any property you buy is satisfactory and that you are able to verify the information you have declared).Thus, obtaining an agreement in principle can be an way of gaining the confidence to know that you really can afford to buy a property, and also that you have no reason to be concerned about your credit worthiness.For this reason the 'agreement in principle' is an important part of our service ,and very popular with our customers, many of whom have obtained one just as they are starting to look at property. It is common for vendors to ask if you have an agreement in principle.

When you have found a suitable property and had your offer accepted by the seller, you should make a full mortgage application, where you fill out a comprehensive form, which includes details such as your personal details, details about the property, and your solicitor etc.

Back to Top

How long does it take to get a from a decision in principal to a full offer from the mortgage lender?

There is no standard answer and the time taken will vary considerably from case to case. However, from experience we have come up with the following approximate timing goals. Assuming that your application is sent online (add three or four extra days if sent by post):

1. By the second day of submitting your full application the lender should have started processing the case;
2. After apprroximately five days they should have instructed the valuation;
3. Within seven days we should have the result of the valuation;
4. After fifteen days the lender should have completed their assessments of your provided income and ID, if the valuation is satisfactory, you will receive your Offer by this stage.
5. Post-offer the time to exchange and complete can vary a by a great deal, but as a rule of thumb a reasonable target for exchanging would be four weeks after the date of applying and completing six weeks after you first applied

Back to Top