How long does a mortgage application take with Bank of Scotland

In this brief blog, we are going to answer the question “ how long does a Bank of Scotland mortgage application take “ and what you can do to reduce that time.

How long does a Bank of Scotland mortgage application take?

A Bank of Scotland mortgage application can take as much as 3 weeks to process but some Bank of Scotland mortgage applications can take as little as one week. The time it takes for a Bank of Scotland mortgage application will heavily depend on the type of mortgage and the specific circumstances of the borrower.

A Bank of Scotland mortgage application could also take as little as 24 hours. It all depends on the type of Bank of Scotland mortgage and the strength of the Bank of Scotland mortgage application which is made.

If you use a mortgage broker who has some experience of dealing with Bank of Scotland and making Bank of Scotland mortgage applications then the Bank of Scotland mortgage application may take shorter than usual as the mortgage broker may know what sort of documents Bank of Scotland may require, how to prepare the Bank of Scotland mortgage application, if you are likely to be accepted for a Bank of Scotland mortgage and may even be able to give you a guide on how long a Bank of Scotland mortgage application takes based on their own experience.

A broker who has experience with making Bank of Scotland mortgage applications may also have working relationships with underwriters from Bank of Scotland and hence be able to chase up your Bank of Scotland mortgage application as well as get more concrete guides on how long your Bank of Scotland mortgage application should take.

How to reduce how long a Bank of Scotland mortgage application takes

A reasonable way to reduce how long a Bank of Scotland mortgage application may take is to ensure you have prepared your application in the most efficient way and provided all supporting documents necessary.

You must also ensure you are applying for the right mortgage as applying for a mortgage which you are not suited for will only increase how long your Bank of Scotland mortgage application will take. This means you should only apply to a Bank of Scotland mortgage which you are likely to be eligible for based on the Bank of Scotland mortgage product criteria.

If you are unsure you can do this on your own then you can contact Bank of Scotland mortgages to help you or contact a mortgage broker who has some experience of dealing with Bank of Scotland mortgages.

How long does a mortgage application take to be approved UK?

In the Uk, a mortgage application can take on average between 18 and 40 days to be approved but this all depends on the circumstances of the borrower, the strength of their mortgage application, the type of mortgage they are applying for, the complexity of the mortgage application and the average speed of the mortgage lender. As mentioned previously, a Bank of Scotland mortgage application can take about 3 weeks on average to process and be approved. 

What is a valuation for a mortgage application?

 A valuation for a mortgage application is what mortgage lenders will do before or after they give you a mortgage offer. A valuation for a mortgage allows the mortgage lender to get an independent assessment of the value of the home they are lending to.

This ensures that the property is worth as much as you say it is and that the loan to value they are offering you is at the right property value. It also ensures that the security(home) they have given you a mortgage on is a worthy asset which they can repossess and sell if they had to.

A valuation for a mortgage can either be done in person or over the desktop. This is referred to as a desktop valuation. 

Processes such as a mortgage valuation can increase how long a Bank of Scotland mortgage application will take if it is done before a mortgage offer is produced.

How long does it take between a mortgage valuation and offer?

The time it takes between a mortgage valuation and a mortgage offer will differ from one mortgage lender to another but most mortgage lenders will look to provide a mortgage offer or decision within 48 hours after the mortgage valuation.

How quick does a mortgage application take?

The time it can take for a mortgage application will differ from one mortgage lender to another. The time a mortgage application takes will differ based on the strength of the mortgage application, the complexity of the mortgage application, the circumstances of the borrower, the type of mortgage and the average processing time of the mortgage lender.

A mortgage application can take from between 18 to 40 days to process on average.

As mentioned before a Bank of Scotland mortgage application will take on average 3 weeks to process.

Contacting Bank of Scotland mortgages

If you are worried about how long your Bank of Scotland mortgage application may take then you may want to contact Bank of Scotland and get an estimate of their current mortgage application processing times.

If you are also unsure you will be able to put your Bank of Scotland mortgage application together then you may want to go in branch or call Bank of Scotland on the telephone for them to assist you with your Bank of Scotland mortgage application.

You can reach the Bank of Scotland mortgages division on 0345 850 3705.

Alternatively, call their mortgage line on 0345 850 3705 (lines open 8am to 8pm Monday to Friday, 9am to 4pm Saturday) or visit your nearest branch and arrange to speak to a Bank of Scotland mortgage Adviser.

Use a mortgage broker for your mortgage in principle

You may want to use an independent mortgage broker to help you get a mortgage on your new home.

Mortgage brokers are important as they can access mortgage products from across the whole of the market in some cases.

This could be over 11,000 mortgage products. This may have some advantages rather than going directly to a mortgage lender.

A mortgage broker will look to understand your financial circumstances and then provide recommendations on which mortgage products may be suitable for you based on your mortgage affordability.

After giving you these mortgage recommendations, most mortgage brokers will seek your consent to apply for a mortgage in principle. 

This will allow you to shop for your home as more estate agents and sellers may take you seriously and it will also give you confidence that your mortgage is indeed a possibility before you make a full mortgage application. 

Once you have found a home you want to buy and are satisfied with the mortgage offer for your mortgage then the mortgage broker will then look to get you a mortgage offer.

This will come with a key facts illustration document which details out the features of your mortgage including how much you will pay per month.

It will also contain information on if there are any limits such as early repayment fees, or annual overpayment limits.

If you are happy with everything you can then go on to secure your mortgage with the help of a conveyancer.

Your conveyancer will manage the legal searches on the property to ensure there aren’t any issues with it.

They will oversee the sales agreement to ensure it is in your best interest, they will manage the transfer of mortgage funds, exchange contracts with the seller or their conveyancer and set a completion date with the seller or their conveyancer.

In this brief guide, we answered the question “How long does a Bank of Scotland mortgage application take “. If you have any questions or comments please let us know below.

If you need financial advice and you live in the UK then you could contact the Money Advice service over the phone or via chat for impartial advice.

You can also contact the debt charity “Step Change” if you are in debt and need help.