In this brief blog, we are going to answer the question “ how long does a Platform mortgage application take “ and what you can do to reduce that time.
How long does a Platform mortgage application take?
A Platform mortgage application can take as much as 3 weeks to process but some Platform mortgage applications can take as little as one week. The time it takes for a Platform mortgage application will heavily depend on the type of mortgage and the specific circumstances of the borrower.
A Platform mortgage application could also take as little as 24 hours. It all depends on the type of Platform mortgage and the strength of the Platform mortgage application which is made.
If you use a mortgage broker who has some experience of dealing with Platform and making Platform mortgage applications then the Platform mortgage application may take shorter than usual as the mortgage broker may know what sort of documents Platform may require, how to prepare the Platform mortgage application, if you are likely to be accepted for a Platform mortgage and may even be able to give you a guide on how long a Platform mortgage application takes based on their own experience.
A mortgage broker who has experience with making Platform mortgage applications may also have working relationships with underwriters from Platform and hence be able to chase up your Platform mortgage application as well as get more concrete guidance on how long your Platform mortgage application should take.
How to reduce how long a Platform mortgage application takes
A reasonable way to reduce how long a Platform 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 Platform mortgage application will take.
This means you should only apply to a Platform mortgage which you are likely to be eligible for based on the Platform mortgage product criteria.
If you are unsure you can do this on your own then you can contact Platform mortgages to help you or contact a mortgage broker who has some experience of dealing with Platform mortgages.
How long does a mortgage application take to be approved in the 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 Platform mortgage application can take about 1 week 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.
some mortgage lenders will carry out a basic mortgage valuation before tney give you an offer and then go on to do a more extensive mortgage valuation check.
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 Platform mortgage application will take if it is done before a mortgage offer is produced and requires extensive inquiries.
How long does it take between 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 Platform mortgage application will take on average 3 weeks to process.
Contacting Platform mortgages
If you are worried about how long your Platform mortgage application may take then you may want to contact Platform and get an estimate of their current mortgage application processing times.
If you are also unsure you will be able to put your Platform mortgage application together then you may want to go in branch or call Platform on the telephone for them to assist you with your Platform mortgage application.
However, Platform mortgages does not deal directly with new customers and you will need to apply through a mortgage broker.
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 Platform mortgage application take “. If you have any questions or comments please let us know below.