Buying a property will likely be the biggest financial commitment of your life, therefore, it’s understandable that you have lots of questions regarding the mortgage process. As a mortgage broker in Manchester, we’ve had the pleasure of helping many different types of buyers; no matter what the applicant’s situation is, we are always asked “how long does mortgage approval take?”.
If you are a first time buyer in Manchester, and you have questions like this, you must get the necessary mortgage advice and speak with an expert. Not every question will have a straightforward answer, however. Most of the time, especially with questions like these, it will depend on the individual’s personal and financial situation.
How long will it take for my mortgage to get approved in Manchester?
If you have no problems with your credit you could find that it takes 2-3 weeks to receive mortgage approval. This timeframe is just an example, it could take longer or less time than this.
Mortgage approvals can take time if you have current or past issues with credit. The mortgage lender will need to search thoroughly through your credit file to determine whether or not you are a reliable applicant who can afford to take out a mortgage. If you have bad credit or past credit issues, the mortgage approval process can take months.
You need to know that there is no set timeframe for when a mortgage is or is not approved, it depends on the mortgage lender and your personal and financial situation.
Why do I have to wait for my mortgage approval in Manchester?
Getting approved for a mortgage is not as simple as it used to be! You will never see mortgages being handed out like they were in pre-credit crunch days.
The process is timely and intricate to gain a complete insight into an applicant’s personal and financial situation. Mortgage lenders need to establish the type of applicant that you are. They look at your credit, income (including occupation), your outgoings (via bank statements) to get an idea of who you are and whether you are going to be able to afford a mortgage.
They need to know who they are lending to and whether they can afford a mortgage on the property in Manchester that they are looking at purchasing. This all takes time. Remember that there are also thousands of applicants, not just you!
Where does mortgage approval fit into the mortgage process in Manchester?
As a mortgage broker in Manchester, our mortgage process involves stages that build you up to your mortgage application. This process is designed to make your mortgage journey stress-free and easy-going; we’ll take care of the mortgage side of things, and you can focus on finding your dream property in Manchester.
Step 1: Free Mortgage Appointment
To get your mortgage process started, book your free mortgage appointment with one of our mortgage advisors in Manchester. You can do this by selecting a date and time online or giving our team a call. We have 7 days a week availability, allowing you to book an appointment around a time that suits you.
During your free mortgage appointment, your mortgage advisor in Manchester will take some information from you to get an understanding of what you are looking to achieve along your mortgage journey. This will roughly take 30-45 minutes.
Step 2: Finding the Perfect Mortgage Deal
Once you have completed your mortgage appointment, your mortgage advisor in Manchester will send you a mortgage agreement in principle (AIP). This document is a “must-have” when it comes to making an offer on a property. You will need one in order to prove to the estate agency that you have been pre-approved by a mortgage lender. At this point in the process, you should begin searching for a property you want to buy, if you have already found your dream property, we can move on to the next step right away!
Once you have had an offer accepted on the property, we will be able to pair this with the perfect mortgage deal. We have a large variety of mortgage lenders on panel, allowing us to access high street and specialist products. The product that your mortgage advisor in Manchester finds will be presented in a mortgage illustration document, outlining everything about the deal that you need to know.
Step 3: Mortgage Application
If you are happy to proceed with our service and the mortgage product we have found you, it is time to prepare your mortgage application.
When preparing your mortgage application, you will need to attach several documents to evidence your affordability for a mortgage. We will help you gather all of these documents and make sure that your application has everything it needs. Once you are ready, we can send off your mortgage application to the mortgage lender.
Step 4: Mortgage Lender Checks
As soon as we send off your mortgage application, everything is now in the mortgage lender’s hands. Just so you know, we will never put you forward for a mortgage product that you will be declined for!
They will look at the documents that you have attached to your mortgage application to verify your mortgage affordability. They will also check your ID and current registered address to make sure that you are who you say that you are, as well as looking at where your deposit has been sourced from.
If you received a gifted deposit they will need to see the last 3 months’ bank statements from the donor and have a gifted deposit form signed.
Step 5: Mortgage Valuation Survey
Not to be confused with a house survey, a mortgage valuation survey is where the lender sends out a property surveyor to determine the true value of the property that you are looking at purchasing. There are different types of property surveys in Manchester, with each one suited to different types of properties. Your mortgage advisor in Manchester will advise accordingly on which type of survey is recommended.
The reason the mortgage lender will want a survey taken out on a property is to determine the true value of the property. If your offer to the seller was above the actual value of the property, you may find that a mortgage lender will not allow you to borrow the amount you are asking for.
Essentially, they aim to ensure that, in case of repossession, they will be able to make their money back by selling your home. Rest assured, as long as you consistently meet your monthly repayments, there’s no need to worry about losing your home.
Step 6: Formal Mortgage Offer
After the mortgage lender has carried out their checks, if all has gone well, you should receive your formal mortgage approval back. Your mortgage advisor in Manchester will be in touch straight away to give you the good news!
From here, we will hand you over to the solicitors for you to exchange contracts and complete the rest of the legalities. Once this is done, you’re ready to go and collect your keys!
Get Mortgage Ready
Whether you are a first time buyer in Manchester, looking at moving home, remortgaging or wanting to invest in a buy to let property, it is important that you are aware of the mortgage process and what is expected and needed throughout.
As a mortgage broker in Manchester, we would always recommend starting your mortgage process up to 6 months in advance. This way, you can get your agreement in principle arranged and begin looking for properties within your budget nice and early. For example, if you were looking at moving home in January, starting your process in the Summer would benefit you more and tie in with your plans.
If you have had an offer accepted or are looking at buying a property in Manchester, now is the time to start your mortgage journey – act now! Book your free mortgage appointment online or by giving our team a call today.
Date Last Edited: November 8, 2024
