Buying a property for sale in the Mumbles area can be a lengthy process simply because the procedure involves many factors. One of those factors is understanding how long it may take to get a mortgage.
If you are looking at houses for sale in the Mumbles, knowing how long it will take to get a mortgage is important. Belvoir Mumbles are trusted experts within the local property market. If you are ready to make the move, or find houses for sale in Mumbles, get in touch with our team of Belvoir Mumbles estate agents.
How Long Does it Take to Get a Mortgage in Principle?
You can get a mortgage in principle in a matter of minutes, and this will allow you to start viewing properties in the Mumbles area within your budget and put in an offer on a property.
It’s important to note that a mortgage in principle shouldn’t be taken as gospel. There are no guarantees that you’ll be offered that mortgage when it comes to the full application. However, it does give you a good indication of what you should be able to borrow based on some general information you provide.
The mortgage in principle can be obtained quickly because it doesn’t look into your finances in great detail. It’s just a rough overview. Until you have your formal mortgage offer, you cannot fully rely on the mortgage in principle, as a formal mortgage offer will dig much deeper into your finances.
How Can I Speed the Process up?
The key to getting your mortgage offer in a timely fashion is preparation. Lenders will need lots of information from you and will require evidence to support your application.
Typically, this will include:
- Valid ID to prove your identity. A passport is ideal.
- Proof of address. A utility bill or council tax bill is sufficient.
- 3 months of bank statements. This is so lenders can assess your spending habits and how much you can afford to pay each month.
- 3 to 6 months of payslips. This is to prove your monthly income and factor in any contractual overtime or bonuses too.
- Proof of your deposit. A bank statement showing the funds in your account will be needed.
- Details of the property you are buying.
- Details of the estate agent you are buying the property through.
- Details of your solicitor or conveyancer who will be handling the transaction.
What Can Slow the Application Down?
When looking to buy a house in Mumbles, if you’re unable to provide any of the information required in a timely manner, this can be a factor in slowing your mortgage application down. Therefore, before you start the process it’s wise to have as much information to hand as possible.
Additionally, your credit history can play a part in how quickly the process is completed. Generally speaking, the more complex your history, the longer the mortgage process will take.
What Happens After the Mortgage Application has Been Submitted?
The lender will arrange to have a property valuation carried out. This is simply to determine if the price of the property is fair and if it’s suitable for a mortgage. It’s important not to confuse the lender’s property valuation with a survey. A survey is carried out separately and paid for by you, as the buyer.
Most lenders will require a survey to be carried out as a condition of offering a mortgage. You can pay for a full buildings survey or a homebuyer’s report.
The homebuyer’s report looks at the property in more detail than the lender’s valuation. It takes into account any current and potential issues with the property. If the report is satisfactory then it’s likely that a lender will approve a mortgage application without the need for a full buildings survey.
The full buildings survey is a more detailed survey of a property than the homebuyer’s report. It looks at structural safety, maintenance costs and repair costs. It’s more expensive than a homebuyer’s report and it may be carried out immediately or following a homebuyer’s report that has raised concerns.
Once the lender has received the survey, they’ll be in a position to make a formal mortgage offer on a house for sale in Mumbles.
How Long Does It Take to Receive the Offer?
Once the lender has completed their checks and is satisfied with the survey carried out, you can expect to receive a formal mortgage offer in as little as a few days. No more than 2 to 3 weeks.
There’s no hard and fast rule as to how long it will take. However, as a general rule of thumb you can expect to wait around 18 to 40 days before receiving a formal mortgage offer.
How Long Does a Mortgage Offer Last?
A mortgage offer will typically last for up to 6 months. Some lenders may put a completion deadline on the offer instead of a fixed time limit. However, it’s dependent on the individual lender.
If the transaction isn’t completed in time, then you can contact the lender to get an extension on the offer. This will ensure that you avoid having to start the whole process again from scratch.
Belvoir Mumbles are your local property experts in the Mumbles area.
Call us on 01792 361656 or email mumbles@belvoir.co.uk to chat with a member of our friendly and experienced Belvoir Mumbles team.
