How Long Does Mortgage Approval Take in Newcastle?

Mortgage Approval Advice in Newcastle

If you are a first time buyer in Newcastle, it is likely that you will have a whole load of questions on your mind regarding the mortgage process and how each step works. If you have managed to get your head around the first few stages, you will now start wondering about the final stages such as mortgage approval.

As a mortgage broker in Newcastle, we get frequently get first time buyers asking questions like “what is a mortgage approval” and “how long does a mortgage approval take?”; these types of questions involve an important part of the mortgage process and you will need to know exactly what a mortgage approval is. Within this article, we are going to cover mortgage approvals and how long you should expect to get one once submitting your formal mortgage application.

The Mortgage Application Process

Here, we are going to discuss how the process works and how you would reach a mortgage approval in Newcastle.

Free Mortgage Appointment

The first step of your mortgage process would be to get in touch and book a free mortgage appointment with a mortgage advisor in Newcastle. Once you have a date and time for your free appointment, you are ready to get the ball rolling with your mortgage journey!

During your mortgage appointment, your mortgage advisor in Newcastle will take some information from you to discuss your current mortgage situation and what you are trying to achieve. They will also ask for some personal and financial information to support your income, affordability etc.

Mortgage Advisor Research

Using the details that you have provided, your advisor will be able to go and find the perfect mortgage product for you. They will look for a competitive mortgage product that matches your personal and financial circumstances.

We have a variety of lenders on panel that we are able to search through in order to try and find the best deal for you. We will search through 1000s of mortgage products on your behalf before selecting a product.

Once your mortgage advisor in Newcastle finds you a suitable product, they will feed back and present their recommendation. This deal will be presented in a mortgage illustration, which will outline the whole product. Your advisor will go into the details of the product and cover aspects such as monthly payments, interest rates, how long your term is, etc.

Mortgage Agreement in Principle

You will need a mortgage agreement in principle (AIP) to be able to make any offers on Newcastle properties. As a mortgage broker in Newcastle, we will be able to arrange an AIP for you completely free of charge so that you are in the best position possible when it comes to making an offer on a property.

An agreement in principle just shows that the lender is willing to let you borrow for them based on the personal and financial information that you provided to your mortgage advisor. You will need to provide supporting documents, such as bank statements and source of deposit, once you advance with your mortgage product.

No, an AIP does not guarantee a mortgage; it only helps you through the first few steps of the mortgage process. They roughly last between 30-90 days, therefore, you may need to renew them if you get one prior to looking at houses. This is no issue, as your mortgage broker in Newcastle, we can renew this within 24 hours of it expiring, just get in touch with your mortgage advisor for them to arrange this!

Submitting to The Mortgage Lender

So, you have found a property and have used your AIP to make an offer on it. You also want to continue with us and take the mortgage product that we have offered you. Now, it is time to supply some evidential documents and submit your mortgage application to the lender!

If you do not want to continue with us, unfortunately, we will not be able to offer you the recommendation your advisor initially presented you with.

Mortgage Lender Checks

Once your application has been sent off, the lender will start to carry out checks on your file and the documentation that you have supplied.

They will thoroughly check your bank statements, monthly outgoings, current financial commitments, etc., to be adamant that you can afford the mortgage product that you are looking to take out. They will also need your ID and current address to make sure that you are, who you say you are.

If you were given a gifted deposit, they will also need to check where it can come from and complete an audit trail to support this.

Mortgage Valuation Survey

A mortgage valuation survey will be carried out on the property that you are looking to buy in order to confirm the house is worth what you are paying for it. If you need to, our team will recommend any additional surveys you should have carried out.

If the price of the property is not worth what you are paying for it, the lender may lower the mortgage lending amount they are willing to give to you. In their eyes, they will be lending more than they need to. You have two main choices, you can either try and negotiate with the seller to lower the value of the home, or you can make up the difference with your own money or through a gifted deposit.

Receiving Mortgage Approval

After their checks are complete and everything looks good to go, the lender will let our team know that your application has been approved and successful. Your first time buyer mortgage advisor in Newcastle will be straight in touch to let you know the great news!

From here, it’s off to your solicitor for the exchanging of contracts and the rest of the legal side of things. Now the last step; pick up your keys to your new home!

Get Mortgage Ready in Newcastle!

This is the usual process for a standard mortgage case, although, in some different and complex situations, the steps may differ.

You can get started on your process today! Get in touch by using our free appointment booking system. Tap the enquire online button to get started.

We can’t wait to hear from you soon!


Last edited 24/10/2022

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