How Long Does A Mortgage Take?

How long for a mortgage?

Buying a home can be a tricky business, and bringing all the different processes and documents together can be a logistical nightmare. You want to get your mortgage advice, deal, lender and agreement decided as soon as possible so you don’t miss out. A lot to do, but don’t panic, just breathe. GIGLY is here to help. We aim to make the whole process of getting a mortgage as straightforward and easy as possible, so as a starter, here are a few notes on how long the process usually takes and what you can do to speed things up.

First Things First…

Sign up to GIGLY (it takes less than five minutes). We can gather all your details and book you in to speak with one of our top mortgage advisors over the phone at a later date. We’ll work around your schedule so you can sit down and talk with the advisor at a time that suits you.

Telephone Consultation

You’ll need around 30 minutes for your telephone appointment with our mortgage advisor. This is so that they can gather all your details and preferences for your mortgage. Within a couple of hours they can have a Decision/Agreement in Principle (DIP/AIP) ready for your review.

Please note that a credit check will also be conducted at this point

Before the appointment, you’ll need to make sure your finances are in order and you can find all the information you need if required. In order to assess your reliability as a borrower and how much you can borrow, lenders will want to know what your monthly outgoings are. This might include spend on your car, credit card, store cards, loan payments etc – please have all this information available for your appointment with your advisor to keen things running quickly and smoothly.

If everything goes to plan, you’ll have your Decision in Principle – nice one! The next step is all up to you. Go out there and find your dream home!

Over to You

Once you’ve picked out the house of your dreams, we need to convert your Agreement in Principle to a full mortgage application. For that to happen we need you to provide some more documents. The documents you need will depend on your type of work. Don’t worry though, your advisor will have explained and emailed you a list of what you will need but if you’re ever in doubt, we have a handy list available. The quicker you get these documents to us, the quicker we can get your mortgage to you!

Almost There…

With all your documents to hand, we will submit them to the lender for review. If they are happy, they will arrange a valuation of the property you are buying. This is usually done within a few days but can sometimes take a little longer. After the lender has reviewed the valuation and is satisfied with it, they should be able to approve your application and formally offer you a mortgage.

If you have all your documents and you send them to us promptly we can usually get your mortgage approved within a couple of weeks however complex cases can take longer.

And Relax

You have your mortgage offer and you can now conclude the purchase of your new home. Time for some bubbly – you’ve earned it!

Top Tips For Fast Results

  1. Have all the documents you’ll need handy and send them through to us ASAP.
  2. It’s a good idea to make a list of all your financial outgoings as well as your income so that your advisor knows you’ll find the mortgage affordable.
  3. Keep an eye on your credit score before you begin your mortgage application, missed payments could reduce your chance of approval.


Photo by Brian Hurh on Unsplash