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Need a quick mortgage turnaround? Maybe you’ve just had an offer accepted, your last application was declined, or your remortgage deadline is coming up fast. The good news is, lenders can move surprisingly quickly these days — and with the right approach, you can too. In this guide, we’ll show you how to speed up the process and get things moving fast. As whole-of-market brokers, we usually have same-day availability to chat and help you get started. Let’s get stuck in.
Securing a fast mortgage approval
A quick mortgage approval gives you a clear edge. It helps you secure your dream home before other buyers, saves time, reduces stress, and strengthens your position when negotiating. There are two main stages — getting an Agreement in Principle, which can often be secured instantly or within a couple of days, and the full mortgage application once you’ve found a property, which typically takes 1–2 weeks but can sometimes mover
How quickly can you get a mortgage approved?
Typically, the timeframe for mortgage approval can range from 10 days to 2 weeks, but it’s important to note that it can vary. Several factors contribute to the speed of approval, including:
- Lender Policies and Workload: Different lenders have varying processes and workloads, which can impact the approval timeline. Some lenders may have more streamlined processes or prioritise quick approvals, while others might take longer due to a higher volume of applications.
- Document Preparation: The speed at which you gather and provide the necessary documents to your lender significantly affects the approval timeline. Being well-prepared and submitting all required documentation promptly can expedite the process.
- Property Valuation: The time taken for a property valuation can also impact the overall approval timeline. Appraisal schedules and the availability of qualified appraisers in your area can influence how quickly this step is completed.
- Communication and Responsiveness: Effective communication with your lender, promptly responding to their requests for additional information or clarifications, and addressing any concerns can help speed up the approval process.
Mortgage applications that involve adverse credit or specialist lenders, as well as complex cases, may take longer than the typical timeframe mentioned earlier. In such situations, the approval process can often range from 2 to 3 weeks.
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These cases require additional assessment and due diligence by the lender to evaluate the associated risks. Factors such as credit history, previous financial difficulties, self-employment, or non-standard property types can contribute to the complexity of the application.
How to speed up your mortgage approval
Here are some effective strategies to speed up your mortgage approval process:
- Check Lender Service Level Agreements (SLAs): Consult with your mortgage broker to understand the current service level agreements of different lenders. This will give you an idea of the expected turnaround times for different mortgage lenders.
- Choose Lenders with Quick Turnaround: Research and identify lenders known for their quick approval process. Your mortgage broker can provide insights into lenders who prioritise fast approvals and have efficient systems in place.
- Obtain an Agreement in Principle (AIP) in Advance: Get an AIP from your chosen lender before starting your property search. This preliminary assessment provides an indication of how much you can borrow and demonstrates your seriousness to sellers, potentially expediting the offer acceptance process.
- Organise Your Documents: Gather and organise all the necessary documents required for the mortgage application process. This includes income verification, bank statements, tax returns, identification, proof of deposit and any other supporting documentation. Having these documents readily available will save time when submitting your application.
- Assess Mortgage Broker Capacity: Before applying, discuss with your mortgage broker their workload and capacity. Ensure they have the resources and availability to give your application the attention it needs. A well-prepared and responsive broker can help speed up the approval process.
- Respond Promptly to Queries and Document Requests: If the lender or underwriter requests additional information or documentation, respond as soon as possible. Delays in providing requested information can slow down the approval process. Stay in regular communication with your mortgage broker to ensure timely responses.
By following these steps and maintaining effective communication with your mortgage broker and lender, you can help expedite your mortgage approval process and increase your chances of a quick turnaround.
What Can Cause Delays on a Mortgage
One of the most common causes of delay in the mortgage process is the property valuation. Even when a lender can underwrite a case within a few days, the valuation often slows things down.
Valuations usually take around a week, but the timing depends on how quickly the surveyor can gain access through third parties such as estate agents, tenants, or vendors. Once complete, there can still be delays while waiting for the valuation report — particularly for non-standard properties or homes needing further investigation, such as damp reports or structural engineer assessments.
However, valuations aren’t the only culprit. Other common delays include:
- Missing or delayed documents, such as payslips, bank statements, or ID.
- Incorrect or incomplete information keyed into the application, for example, undisclosed credit commitments or inaccurate income details.
- Chasing third parties, such as solicitors, developers, or estate agents, to provide updates or confirm details.
- Additional checks triggered by the lender’s underwriters if something on the credit file or bank statements needs clarification.
Even a small error can cause a case to be paused while it’s corrected — which is why attention to detail is crucial.
Which lenders have the fastest approval times?
While turnaround times can vary depending on individual circumstances, several lenders are generally known for their relatively quick mortgage approval process. Here are some examples:
- Halifax: Halifax is often recognised for its efficient mortgage approval process, with a reputation for quick turnarounds.
- Barclays: Barclays is another lender known for its streamlined mortgage application process and prompt approvals.
- NatWest: NatWest is often praised for its efficient service and timely mortgage approvals, making it a popular choice for borrowers seeking a quick turnaround.
- HSBC: HSBC is known to offer a smooth and efficient mortgage application process, often resulting in relatively fast approvals.
Remember that these observations are based on general trends and may not apply to every situation.
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The Property Valuation
The process also involves a mortgage valuation, carried out by the lender and arranged with the estate agent or property owner. This can be either a physical inspection or a desktop (AVM) assessment. Desktop valuations are usually quicker, as they don’t rely on third parties. Having a larger deposit and lower loan-to-value (LTV) can increase your chances of qualifying for one. While some lenders assess cases within a few days, it’s often the valuation that causes delays — so this step can make a real difference to how fast things move.
Do self-employed mortgages take longer than employed mortgages?
Yes, generally, self-employed mortgage applications can sometimes take longer than employed mortgage applications. This is because they may require additional documentation, such as projections from an accountant, and the underwriting process for business accounts can be more time-consuming compared to verifying payslips for employed individuals.
Mortgage turnaround times (Service level agreements)
Checking a mortgage lender’s timescales for various stages of the application process can be done by visiting their intermediaries’ websites. Lenders often provide information on their websites regarding the average times it takes to assess documents, instruct valuations, and complete the application to offer turnaround.
By reviewing this information, you can get a clear understanding of the lender’s efficiency and expected timelines. This allows you to make an informed decision when choosing a lender and helps you set realistic expectations regarding the speed of your mortgage application and approval.
What is the quickest time to get a mortgage offer?
The typical time frame for receiving a mortgage offer is around 10 days to 2 weeks. However, it is indeed possible to get a mortgage offer on the same day as the application, although this is less common.
Certain lenders offer expedited processes that involve instant desktop valuations and quick income verification, allowing them to provide an offer within 24 hours. It’s important to note that this swift turnaround time occurs in approximately 5% to 10% of cases, but it is indeed possible. Halifax is known for frequently issuing offers within a week, especially when they conduct a rapid valuation.
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How Strive Can Help
Ultimately, the speed of your mortgage approval comes down to three key factors — the lender, you as the client, and your mortgage broker. A good broker can make all the difference, guiding you through each stage, chasing lenders where needed, and helping avoid unnecessary delays.
At Strive, we’re independent, proactive brokers who know how to get things moving. Whether you’ve just had an offer accepted or need a quick remortgage turnaround, we can help you move forward with confidence. Get in touch today and let’s get things moving.
Jamie Elvin
Jamie is an expert in all things mortgages, and our most experienced broker. Connect with Jamie and get started to see how Strive Mortgages can help you.
