How Long Does a First-Time Buyer Mortgage Application Take?

If you’re a first-time buyer in the UK, one of the most important questions you might have is how long it takes to get a mortgage. While there is no fixed answer, there are several factors that can impact the length of the process. In this blog, we’ll explore the steps involved and how long does a first time buyer mortgage application take. 

Are you looking for first-time buyer mortgage advice? Get in touch with Peak Mortgages today. 

Step 1: Get a Mortgage Agreement in Principle (AIP)

Before you can begin the mortgage application process, you’ll need to obtain a Mortgage Agreement in Principle (AIP) from a lender. This is a document that confirms how much you could borrow based on your income, credit score and other financial details. It’s important to note that an AIP is not a guarantee that you’ll be approved for a mortgage, but it can give you an idea of how much you can afford.

Time Taken: Getting an AIP can take anywhere from a few hours to a few days, depending on the lender.

Step 2: Find a Property

Once you have an AIP, you can start looking for a property that fits your budget. This can take some time as you’ll need to view several properties before making an offer.

Time Taken: The length of this step can vary depending on how quickly you find a property that you like. It can take anywhere from a few days to several weeks.

Step 3: Submit a Mortgage Application

After you’ve found a property and made an offer, you’ll need to submit a formal mortgage application. This involves providing details about your income, employment, credit history and the property you’re purchasing.

Time Taken: It typically takes between 2-4 weeks for a mortgage application to be processed, although it can take longer if there are issues with your credit history or employment status.

Step 4: Valuation and Survey

Once your application has been approved, the lender will arrange for a valuation and survey of the property to ensure it’s worth the amount you’re borrowing.

Time Taken: A valuation and survey typically take around 2-3 weeks to complete.

Step 5: Offer and Completion

Once the valuation and survey have been completed, and the lender is satisfied with the property’s value, you’ll receive a mortgage offer. After you’ve accepted the offer, the final step is to complete the purchase of the property.

Time Taken: The completion process can take up to 4-6 weeks, although it can be quicker if you’re in a chain-free position.

Conclusion

In summary, getting a first-time mortgage in the UK can take anywhere from a few weeks to several months, depending on various factors such as the lender’s processing time, the property search process and completion timescales. It’s important to work with a reputable lender and seek professional advice from a mortgage advisor to ensure that the process is as smooth and stress-free as possible. By doing so, you can increase your chances of getting a mortgage in a timely manner and make your dream of homeownership a reality.

Are you looking for first-time buyer mortgage advice? Get in touch with Peak Mortgages today.