Acquiring a property is a significant financial commitment, and it’s natural to have numerous questions about the mortgage process. As seasoned mortgage brokers in Sheffield, we’ve helped a diverse range of buyers, almost all of whom have asked us, “How long does mortgage approval take?”

If you’re a first time buyer in Sheffield with queries like these, seeking expert mortgage advice is of high importance. However, it’s important to note that not every question has a one-size-fits-all answer, especially when it comes to timelines, as they depend on individual circumstances.

How long will it take for my mortgage to get approved in Sheffield?

For those with a clean credit history, mortgage approval could take approximately 2-3 weeks. This timeframe is illustrative and may vary. Issues with current or past credit can extend the approval process considerably.

Lenders meticulously scrutinise credit files to assess the applicant’s reliability and ability to afford a mortgage. If there are credit challenges, approval might take months.

It’s essential to understand that there’s no universal timeframe for mortgage approval; it hinges on the lender’s policies and your unique financial situation.

Why do I have to wait for my mortgage approval in Sheffield?

Mortgage approval today is a more intricate process compared to the pre-credit crunch era. Gone are the days of easily accessible mortgages. The current process involves a thorough examination of an applicant’s personal and financial details.

Lenders analyse credit history, income, including occupation, and outgoings via bank statements to evaluate the applicant’s financial capacity. The goal is to ascertain the type of borrower you are and whether you can comfortably manage a mortgage on a Sheffield property.

Given the volume of applicants, this process naturally takes time.

Where does mortgage approval fit into the mortgage process in Sheffield?

As your mortgage broker in Sheffield, our process is structured to guide you seamlessly through each stage leading up to your mortgage application.

We aim to make your mortgage journey stress-free, allowing you to focus on discovering your ideal Sheffield property while we handle the intricacies of the mortgage process.

Step 1: Free Mortgage Appointment

To initiate your mortgage journey, schedule your complimentary mortgage appointment with one of our experienced mortgage advisors in Sheffield. You can choose a convenient date and time online or contact our team directly.

With availability seven days a week, we provide flexibility for appointments tailored to your schedule. During this free session, lasting approximately 30-45 minutes, your mortgage advisor will gather essential information to understand your goals and guide you along the mortgage process.

Step 2: Finding the Perfect Mortgage Deal

Upon completion of your mortgage appointment, your dedicated mortgage advisor in Sheffield will furnish you with a key document: the mortgage agreement in principle (AIP).

This document becomes essential when making an offer on a property, serving as evidence to the estate agency that you’ve secured pre-approval from a mortgage lender.

With the AIP in hand, you can actively start searching for your desired property. If you’ve already identified your dream home, we can swiftly progress to the next step.

Once you’ve successfully secured an offer on the property, we’ll match it with the ideal mortgage deal from our diverse panel of lenders, encompassing both high street and specialist products.

The details of this chosen mortgage deal will be clearly outlined in a comprehensive mortgage illustration document, ensuring you have a complete understanding of the terms.

Step 3: Mortgage Application

If you’re satisfied with our service and the proposed mortgage product, it’s time to prepare your mortgage application. Your mortgage advisor will help you in gathering the necessary documents to demonstrate your affordability for the mortgage.

Once everything is in order, we’ll submit your application to the mortgage lender.

Step 4: Mortgage Lender Checks

With your mortgage application submitted, the process now rests in the hands of the mortgage lender. It’s important to note that we never recommend a mortgage product that’s likely to be declined.

The lender will scrutinise your attached documents to verify your affordability, check your identification, and confirm your current registered address. If you’ve received a gifted deposit, the lender may require the last three months’ bank statements from the donor and a signed gifted deposit form.

Step 5: Mortgage Valuation Survey

Distinguishing itself from a house survey, a mortgage valuation survey is conducted by a property surveyor sent by the lender to assess the property’s true value.

Different types of property surveys are available, and your mortgage advisor in Sheffield will guide you on the most suitable one for your property type. The survey aims to establish the actual value of the property, ensuring that your requested mortgage aligns with the property’s true worth.

Step 5: Formal Mortgage Offer

Following the lender’s checks, successful applicants will receive formal mortgage approval. Your mortgage advisor in Sheffield will promptly convey this positive news.

At this point, the process transitions to solicitors for the exchange of contracts and completion of remaining legalities, bringing you one step closer to collecting your keys.

Get Mortgage Ready

Whether you’re a first time buyer in Sheffield, looking to move home, remortgage in Sheffield, or venture into buy to let properties, understanding the mortgage process is important. As your trusted mortgage broker in Sheffield, we recommend initiating the process up to six months in advance.

This proactive approach allows for the arrangement of an agreement in principle and early property exploration within your budget. If you’re considering a property purchase in Sheffield, seize the opportunity to start your mortgage journey now.

Book your free mortgage appointment online or by contacting our team today.

Date Last Edited: November 24, 2023