April 2024

How Long After Mortgage Offer To Completion In April 2024

The mortgage application timeline can vary depending on your dream home and the stage of the mortgage process you are in.

It’s important, especially if you’re a first time buyer, that you get the right mortgage and that you have the right information to approach the housing market, mortgage offers and property purchase. Remember, a mortgage is secured on your home, and if you don’t keep up repayments on your mortgage, your home may be repossessed.

Once your offer has been accepted, your solicitor starts work on the legal aspects of the purchase, which can take around 2-4 weeks.

You arrange a mortgage, which can take another 2-4 weeks.

Once your mortgage has been approved, you can complete on the purchase of your new home – which, again, can take 2-4 weeks.

So in total, from offer to completion, it could be anywhere between 6 and 12 weeks before you actually own the property.

You can listen to an audio recording of this page below.

How do I start a mortgage application?

The first step of the house buying process is to speak to a mortgage adviser, who will help you figure out how much you can afford to borrow, and the best mortgage deal for your needs.

You will then need to fill in a mortgage application form. This can be done online, over the phone or in branch at any number of mortgage lenders registered on the Financial Services Register and regulated by the Financial Conduct Authority.

You will also be required to provide proof of your income (usually payslips and/or P60), proof of your identity (typically a passport or driving licence) and proof of your address (a recent utility bill).

What happens after I’ve applied for a mortgage?

Once your completed application form has been submitted, the mortgage broker will carry out some initial checks. They may then ask you for more information so that they can assess your application in more detail and find a mortgage lender.

They will then make a decision on your mortgage application and let you know if it’s been successful. You will then receive a mortgage in principle or agreement in principle (AIP). This is not the same as a mortgage agreement.

If your application is successful, your mortgage in principle, will be followed by a mortgage offer, which will set out the terms and conditions of your mortgage.

You should read this carefully before deciding whether to accept it. If you’re happy with the offer, you’ll need to sign and return it.

Once they’ve received your signed offer, the lender will carry out some final checks, including an Affordability Assessment. This is to make sure that the mortgage remains affordable for you, even if the interest rate were to rise in the future.

At this point, you’re legally obliged to tell them if there have been any changes to your income or employment status, e.g. you’ve become self employed, purchased new property, or changed your current address.

How long does a mortgage application take?

The time it takes to apply for a mortgage can vary depending on a number of factors. Here is a general timeline of what to expect:

You find a property you wish to purchase and provide your estate agents with an ‘intention to proceed’ letter.
Your solicitor requests the contract pack from the seller’s solicitor.
Your solicitor carries out all the necessary searches.
You submit your mortgage application.
Your lender assesses your application and provides you with a decision in principle.

You provide all the documents to confirm your income, employment and financial circumstances, e.g. bank statements or building society statements
Your lender assesses this documentation and makes a final decision on your mortgage application.
If your application is successful, you receive a mortgage offer.

What happens between a mortgage offer and completion?

The time between a mortgage agreement and the completion of a mortgage deal can vary depending on a variety of factors. Here is a general timeline of what to expect:

Once you have found a house you wish to purchase, your estate agent will ask you to provide them with an ‘intention to proceed’ letter. This is simply a letter confirming your interest and that you are in a position to proceed with the purchase.
The next step is for your solicitor to request the contract pack from the seller’s solicitor. These contracts contain all the legal documentation.
Once your solicitor has received the contract pack, they will carry out all the necessary searches on the house.

What actually is a mortgage offer?

A mortgage offer is a document which confirms the amount of money a lender is willing to lend you to purchase a house.

The mortgage offer will also set out the terms and conditions of the mortgage, including the interest rate, repayment period and any additional fees or charges that may apply, such as Stamp Duty.

You should always read the offer from your mortgage broker carefully before accepting it.

Once you have accepted the mortgage offer, you can proceed to completion.

"The mortgage application timeline can vary depending on your dream home and the stage of the mortgage process you are in."

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How do you make a mortgage offer?

You will need to provide your lenders with various pieces of information in order to make a mortgage offer, including:

Your personal details
Details of which property you intend to purchase
Your income and employment situation (e.g. bank statements)
Your financial situation

Once you have provided all of this information, your lenders will assess your application and make a decision on how much money they are willing to lend you.

What happens after you are issued with a mortgage offer?

Once you have received your mortgage offer, you can proceed to completion. This is the legal process of transferring the ownership from the seller to the buyer.

Your solicitor will request a final search of the property to check for any changes that may have occurred since the initial building survey was carried out.

You will need to pay the deposit, which is usually 10% of the price and deal with other fees such as Stamp Duty.

The completion date is agreed and all of the necessary paperwork is signed.

On the completion date, the remaining balance of the purchase price (less any deposit paid) is paid to the seller, and you become the new owner.

Finally, your mortgage broker will register their mortgage against the property at HM Land Registry.

How long does a mortgage offer last?

Usually, you can expect to receive a mortgage offer valid for 6-12 months, although this can vary depending on your lenders and the circumstances of your application.

You will need to provide your lenders with updated information if there are any changes to your income, employment or financial circumstances during this period.

In the case that you do not proceed with the purchase of the property within the validity period offered by your mortgage lenders and your mortgage offer expires, you will need to reapply for a mortgage.

Although most property purchases should be complete within this time, banks and building societies may also give mortgage offer extensions to buyers affected by events outside their control.

When should you expect to receive your mortgage offer?

This will depend on your individual circumstances, but you should usually receive your mortgage offer within 2-6 weeks of submitting your application.

Your mortgage broker may ask for additional information or documentation during this time, which could cause unexpected delays in the process.

How do I know if my mortgage will be approved?

Once you have provided your lender with all of the necessary information, they will assess your application and decide whether or not to give your mortgage approval.

They will take into account a number of factors when making this decision, including:

Your credit score and a credit check
Your income and employment situation
The property valuation of the house you wish to purchase
The amount of deposit you have available
Your financial situation
Whether you’re a first time buyer

If you have a good credit score and a stable income, you are more likely to be approved for a mortgage.

It is also important to remember that each lender has its own criteria for approving mortgage applications. This means that in the circumstances that one lender rejects your application, another may still approve it.

How long does it take to get a mortgage if I’ve got a poor credit history?

If you have a poor credit history, it is likely to take longer to get a mortgage as your application will require a more in-depth assessment.

Your lender will want to see evidence of how you have managed your finances in the past, and they may ask for additional information or documentation.

If you are looking for a mortgage and have a poor credit score, it is advisable to speak to a mortgage lender who can help you find a suitable lender.

I’ve accepted the offer – what next?

Once you have accepted the offer, your lender will carry out a mortgage valuation survey of the property to ensure it is worth the amount you have agreed to pay for it. Most surveyors will then produce a report within a couple of weeks.

They will also assess the risks involved in lending you the money for the property purchase.

If everything goes as expected, you should receive your mortgage offer within 2-6 weeks.

Your conveyancing solicitor will then prepare the necessary paperwork to exchange contracts and complete.

What’s the difference between exchanging contracts and completion?

is legally binding. Completion is when the seller is paid the remaining balance of the purchase and you become the new owner.

In most cases, exchanging contracts and completion will take place on the same day.

However, it is sometimes possible to agree on a date for completion before exchange takes place. This is known as ‘forward completions’.

A forward completion can be useful if you need to move out of your current property before you can move into your new one. It can also be used to tie in with other moving dates, such as the end of tenancy contracts.

After I get an offer, how long does completion take?

The average time between getting an offer and completion can vary depending on a number of factors, but it is usually between 2-6 weeks.

It is important to remember that your formal mortgage offer is only valid for a certain period of time. Therefore, it is important to make sure the sale completes within this time frame.

Once you have accepted the offer, your lender will carry out a valuation of the property to make sure it is worth the amount you have agreed to pay for it.

Other factors that could impact this include the existence of a property chain or if, due to personal circumstances, the seller’s onward purchase falls through.

When is the best day to complete?

The best day to complete will depend on your individual circumstances.

If you are buying a property with a mortgage, you will need to have the funds available to

pay the deposit on the completion day.

If you are selling a property, you will need to make sure that any outstanding mortgage payments have been paid off and that you have arranged for utilities and other services to be transferred into your name.

You might also want to consider whether there are any special dates or events that could impact your ability to move in on the day of completion.

For example, if you have children who go to school, you may want to complete during the summer so that they can start the new school year in their new home.

What happens when you complete?

On the day of completion, your solicitor or conveyancer will arrange for the remaining balance of the purchase price to be paid to the seller.

They will also transfer the ownership into your name and notify the relevant authorities, such as HM Land Registry.

Once this has been done, you will be the new owner and can start to move in.

Why might getting a mortgage offer take longer than you expected?

There are a number of reasons why receiving a mortgage offer might take longer than you expected.

Your lender will want to ensure that you can afford the repayments, and they will also assess the risks involved in lending you the money to purchase the property.

If you have a poor credit history, it is likely to take longer to get a mortgage as your application will require a more in-depth assessment.

Your lender will want to see evidence of how you have managed your finances in the past, and they may ask for additional information or documentation.

Completion may take longer if you don’t have immediate access to deposit money.

What can I do to accelerate my application?

There are a number of things you can do to help speed up your mortgage application:

Ensure you have all the required documentation ready before you apply
Choose a lender who offers a fast turnaround time
Use a mortgage broker who can help you find a suitable lender
Speak to your solicitor or conveyancer to see if they can fast track the mortgage application process.

How long it takes from offer to completion can vary.

Of course, this is just a general guide and timeline – every house purchase is different, and for first time buyers, there may be delays along the way that are out of your control. For example, if the seller is also buying a property, they may be waiting on the sale of their own home to complete before they can complete on yours.

It’s always best to speak to your estate agent, solicitor and mortgage lender to get an idea of how long the house buying process might take in your specific case. They will be able to give you a more accurate timeline based on their experience.

Frequently Asked Questions

What happens when you complete?

On the day of completion, your solicitor or conveyancer will arrange for the remaining balance of the purchase price to be paid to the seller. They will also transfer the ownership into your name and notify the relevant authorities, such as HM Land Registry. Once this has been done, you will be the new owner and can start to move in.

After I get an offer, how long does completion take?