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Getting in touch with a mortgage adviser is a great way to understand how to complete the application and learn the basics of the process. But how long should a first-time buyer expect to wait for their application to be processed? Express.co.uk spoke to an expert to find out.
How long should a mortgage application take?
The mortgage application can be a quick process if there are no external issues with lending or income levels.
Mortgage expert Kate Burns of KB Mortgage Services advised that in most cases, an application should take between one and two weeks.
She added: “If all the clients supporting documents are provided upfront and attached to the case straight away things can happen pretty quickly.
“It does also depend if the client opts for a more in-depth survey and the surveyors’ availability.”
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What can cause delays?
Anything from the value of the loan to the surveyor’s ability can delay the processing time of a mortgage application from a first-time buyer.
Lack of deposit and unrealistic affordability aims
New data from Mortgage Advice Bureau found that the top reason for delays in first time buyer applications was due to the lack of deposit or unrealistic aims in terms of affordability.
Poor credit scores
Seeking advice on how to boost your credit scores before you apply for a mortgage is a sure-fire way to avoid unnecessary delays to the process.
DON’T MISS:
The best way to make sure your application is not delayed is to be well informed of the process before applying and to be aware of government schemes that can help reduce the mortgage value, just like Natasha and Dean from Peterborough.
Natasha said: “We also took advantage of the Government’s Help to Buy 20 percent equity loan on the property.
“As a result we only needed to mortgage 75 percent of the property’s value, bringing monthly mortgage repayments down significantly.”
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