How to Get a Mortgage Quickly

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?

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.