Updated: February 21, 2022

How to Get a Mortgage Quickly

Need a fast-track mortgage? Time working against you? Find out everything you need on how to get a mortgage quickly in our in-depth guide!

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We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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No impact on your credit score

Pete Mugleston

Author: Pete Mugleston - Mortgage Expert

Updated: February 21, 2022

There are several reasons why you might need a quick mortgage. Maybe you’re up against another buyer and the seller is prepared to go with whoever gets the quickest mortgage approval. Or it could be that you’ve found a golden investment opportunity at an auction that you’re going to lose without financing in place.

Whatever your reason for applying for a fast mortgage, it’s a fine line between finding a lender that can expedite the mortgage application without you paying an overly inflated interest rate.

In this article we explain the quickest way to get a mortgage, so you don’t miss out on that perfect property or pay more interest than you need to.

Read on to find out more or jump straight to a topic on the menu below…

How quickly can you get a mortgage?

Mortgage approval usually takes around two weeks but it can take a further 1-3 months to reach completion after a mortgage offer. In a worst-case scenario, it can take months from application to completion, though it may only take this long if your case is complex.

Thankfully there are occasions when a fast mortgage (also known as a fast-track mortgage) is possible. By having the right documentation for the application available and seeking the right advice, you can have the keys to your new property in your hand before you know it.

So, when time is of the essence, what is the quickest way to get a mortgage?

Speak to a mortgage expert today

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How to get a fast-track mortgage

Here are the steps to take to increase your chances of being approved for a mortgage quickly…

Step 1: Have your documents ready in advance

Having the correct documents ready before you apply can shave precious time off your mortgage application. You’ll need the following paperwork…

  • Proof of earnings. This will include the last 3 months of pay slips, bank statements, your most recent P60 and/or self-assessment returns (if self-employed)
  • Proof of affordability based on your spending. This includes ALL outgoings, from childcare costs to gym memberships, food to insurance premiums – anything that is an ongoing expense
  • Proof of ID and current address. Even if you are currently renting, it’s really important to register  on the electoral roll

You can find a complete list of the documents you’ll need in our guide to mortgage applications.

Step 2: Make sure your credit report is in the best possible shape

The better your credit rating, the more chance you have of securing the quickest mortgage approval. If you are concerned about your credit rating, there are a number of actions you can take to improve your credit profile. Although, paradoxically, these are steps you need to be aware of well before you apply for a quick mortgage.

  • Don’t apply for ANY credit 3 months before applying for a mortgage (if you have been turned down for a mortgage it’s unlikely you will be approved for another one within 3 months)
  •  Ensure you are using less than 30% of the credit that has been made available to you (everything from credit cards, to store cards to PayPal credit)
  • Avoid payday loans

If you have recently applied for credit, or been turned down, don’t lose hope. While a high street lender may reject your application due to your credit rating, there are specialist lenders who will assess your case differently. For example, they may give extra weighting to other factors, such as the size of your deposit or your income.

Step 3: Speak to a mortgage broker

Speaking to a mortgage broker is the best way to save time on your mortgage application. They’ll know which lenders provide the quickest mortgage approval and will also provide the following time-saving services…

  • Can advise you on what documentation is required, before you apply
  • Know which lenders are most appropriate for your individual borrowing criteria
  • Can search the whole of the mortgage market, including specialist lenders you won’t find on the high street or online
  • Can help you fill out the paperwork, or do it themselves, to ensure there aren’t any mistakes that hold up the application
  • Often have direct access to those making the lending decision, so can quickly provide supporting evidence if required

The fastest way to find the right mortgage broker is by using our free advisor-matching service. We will quickly assess your needs and circumstances to pair you with the mortgage broker who’s best placed to get your a mortgage as quickly as possible.

Make an enquiry to get started.

Getting a fast-track agreement in principle

An agreement in principle (AIP) can be much quicker to secure than a full mortgage offer. If you have the relevant documents ready and approach the right lender, you could have a non-binding AIP on the table within 15 minutes.

A agreement in principle is no guarantee of a mortgage as the lender and their underwriters will need to carry out further eligibility checks before final approval, but having an AIP in place might save you time in the long run, since the lender will already have tentatively agree to let you borrow the money and decided what terms they would offer.

To boost your chances of getting your AIP over the line quickly, speaking to a mortgage broker is recommended. They can make sure you’re introduced to the right lender, first time, which means less legwork shopping around and a much lower chance of rejection.

Save time on your mortgage application with the help of a broker

Finding the right fast-track mortgage is a complex task. To take the stress out of the process we can match you with an independent broker, who is experienced in dealing in cases just like yours. That way they can advise you on the likelihood of being approved for a quick mortgage before entering into credit searches.

Call 0808 189 0463 or make an enquiry and we’ll set up a free, no-obligation chat between you and a broker who specialises in fast-track mortgage applications today.

FAQs

Can I get a fast mortgage if I have bad credit?

The better your credit rating, the more likely you are to be approved for a fast mortgage. However, there are specialist lenders who can be more flexible than the high street banks.

Do I need a large deposit for a quick mortgage approval?

Again, you’re more likely to be approved if you have a sizeable deposit. However, each lender has different lending criteria, so by shopping around you may find a lender which can offer a higher loan-to-value (LTV).

Ask A Quick Question

We know everyone's circumstances are different, that's why we work with mortgage brokers who are experts in all different mortgage subjects. Ask us a question and we'll get the best expert to help.

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Pete Mugleston

Pete Mugleston

Mortgage Expert

About the author

Pete, an expert in all things mortgages, cut his teeth right in the middle of the credit crunch. With plenty of people needing help and few mortgage providers lending, Pete found great success in going the extra mile to find mortgages for people whom many others considered lost causes. The experience he gained, coupled with his love of helping people reach their goals, led him to establish Online Mortgage Advisor, with one clear vision – to help as many customers as possible get the right advice, regardless of need or background.

Pete’s presence in the industry as the ‘go-to’ for specialist finance continues to grow, and he is regularly cited in and writes for both local and national press, as well as trade publications, with a regular column in Mortgage Introducer and being the exclusive mortgage expert for LOVEMoney. Pete also writes for OMA of course!

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FCA Disclaimer

*Based on our research, the content contained in this article is accurate as of the most recent time of writing. Lender criteria and policies change regularly so speak to one of the advisors we work with to confirm the most accurate up to date information. The information on the site is not tailored advice to each individual reader, and as such does not constitute financial advice. All advisors working with us are fully qualified to provide mortgage advice and work only for firms that are authorised and regulated by the Financial Conduct Authority. They will offer any advice specific to you and your needs.

Some types of buy to let mortgages are not regulated by the FCA. Think carefully before securing other debts against your home. As a mortgage is secured against your home, it may be repossessed if you do not keep up with repayments on your mortgage. Equity released from your home will also be secured against it.

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