how long does an underwriter take to approve a mortgage uk

How long does it take for a mortgage underwriter in the UK to agree to your loan?

Getting a mortgage can be an exciting yet stressful process. One of the most stressful parts is waiting for the underwriter to look over your application and say yes. So how long does it really take for an underwriter to approve your mortgage in the UK? In this detailed guide, we’ll go over the main factors that affect the underwriting timeline, the best ways to speed up the approval process, and what to do if you get turned down.

What Does a Mortgage Underwriter Do?

The person at the lender who looks over your mortgage application and decides if you can get the loan is called the underwriter. Their main job is to figure out how risky it is to lend money to you by looking at your credit score, income, assets, debts, and other financial information.

The underwriter will verify that all documentation provided is accurate and meets the lender’s requirements. They’ll also appraise the property you want to purchase and ensure the loan amount appropriately reflects the value. Their approval is essential for your mortgage loan to proceed.

How Long Does Mortgage Underwriting Take?

There is no one-size-fits-all timeline for underwriting. It can range from just a few days for exceptionally strong straightforward applications to several weeks for complex situations requiring extensive review.

Here are some of the key factors impacting how long underwriting takes:

• Your Personal Financial Profile – Applications from borrowers with pristine credit, high incomes, and minimal debts get greenlit fastest. Red flags like late payments, defaults, or a high debt-to-income ratio lead to longer processing.

• Type of Income: People who are salaried and have pay stubs are approved faster than people who are self-employed and need to show tax returns from multiple years.

• Down Payment Amount – Larger down payments signalling lower loan-to-value ratios speed up approvals.

• Documentation Submission – Quick submission of all required paperwork prevents delays versus missing documents trickling in over weeks.

• Mortgage Product Type – Conventional mortgages have faster timelines than specialized products like buy-to-let or right-to-buy mortgages.

• Lender Workloads – Some lenders simply have more resources and can turn requests around faster than others.

While each case differs, you can expect most clean-cut mortgage applications to get approved within 1-2 weeks in the UK. Complex cases often get resolved within 3-4 weeks.

How to Expedite Mortgage Underwriting Approval

Here are some tips to help your underwriting go smoothly and quickly:

• Start preparing documentation like bank statements, tax returns, and pay stubs well in advance of your application.

• Ensure all paperwork submitted is complete, accurate, and consistent. Even small discrepancies can raise red flags and cause delays.

• Provide prompt clarification or additional documents whenever requested by your underwriter. Unresponsiveness stalls approvals.

• Maintain open communication with your mortgage advisor throughout the process for guidance.

• Avoid applying for new credit during underwriting as it may impact your credit score negatively.

• Select conventional mortgage products that get assessed quicker than specialized offerings requiring extra diligence.

• Ask your advisor if rapid underwriting programs are available to shorten timelines.

What if My Mortgage Gets Declined?

It can be disheartening if your mortgage gets rejected by the underwriter. But take heart – with expert help, you can often overcome this hurdle:

• Find out the exact reason for rejection – credit score too low or insufficient income? Your advisor can get these details from the underwriter.

• If it’s due to credit, order your reports and start repairing any errors immediately.

• For income issues, discuss adding a co-signer to supplement your earnings.

• Consider alternative mortgage products like sub-prime or right-to-buy tailored to your situation.

• An experienced broker can recommend customised solutions to help you qualify upon reapplication.

Bottom Line

While waiting for underwriting approval can feel agonizing, you can take steps to expedite the process where possible. Most clean applications get cleared within 1-3 weeks in the UK. Discuss your unique scenario with a mortgage specialist to get a more accurate timeline estimate. If you do hit a rejection, don’t lose hope. With expert guidance, you can often find alternative paths to mortgage approval.