How long does mortgage approval take?

One of the most frequent questions we get asked is how long does mortgage approval take? 

The good news is that the process is often quicker than people expect, and you can receive approval on your mortgage application in one or two weeks.

However, it pays to take note of the caveat that comes with that speed. In no uncertain terms, you need to be prepared!

This is where we come in. We work with our clients to make sure every requirement is met in their mortgage application.

Begin with a mortgage calculator to know your borrowing capacity

Our mortgage calculators are designed to give you an estimate of what a bank would be prepared to lend to you. 

We have a mortgage calculator for every type of mortgage on our website.

Our advice is to start your mortgage application process here. Use one of our calculators to get a good idea of lending power.

We work with our clients right from the very beginning of their mortgage journey. 

Once you have a figure from one of our mortgage calculators, we will advise you on the next steps we’ll help you take to ensure you qualify for a mortgage. We also discuss with you the different deals you may be able to avail of with Ireland’s nine lenders.

Your deposit is your mortgage application superpower

Don’t ever underestimate the power you have in your pocket with a deposit. Your mortgage application journey will be made smoother and quicker if you can demonstrate consistent savings.

Many of our clients ask how they can save for a mortgage. It’s a smart question to ask and one that will pay dividends for you.

We’re not ignoring the many challenges people are facing financially. However, we’d be remiss if we didn’t highlight just how important a deposit is.

With the government’s Help To Buy scheme, you can gain some help in coming up with your mortgage. Up until December 2020, the HTB scheme has been increased from 5% to 10% up to €30,000.

Even with the Help To Buy scheme though we’d still encourage you to save towards a deposit.

Firstly, having extra cash available will be taken into account as banks calculate how much they are willing to lend you. This may make the difference between you getting a mortgage for a home of your dreams or not quite getting the amount you need.

Secondly, being able to show a savings habit goes a long way to reassuring lenders that you’re a good credit risk for a mortgage. This means that your mortgage application will be approved quicker.

Get your paperwork in order

Start getting your paperwork in order right at the beginning of your mortgage application process.

You can download our mortgage application checklist to keep track of your documents. 

Lenders are extremely thorough when they evaluate your mortgage application. You want to make sure that you make their job as easy as possible by providing all the documentation they request.

In general, the list of documents you need to provide are:

  • Your passport
  • Utility bill 
  • Payslips
  • Your Employment Detail Summary from Revenue (previously your P60)
  • Bank account statements
  • Loan and mortgage statements
  • Credit card statements
  • Credit union statements

Be prepared to ensure a favourable response

While mortgage approval might just take a few weeks, the process to put together a robust mortgage application starts months before.

Contact us today to help you secure the property of your dreams. We work hand-in-hand with our clients to reduce the stress associated with mortgages. Our step by step process empowers our clients - and leads to happy home owners!

Claire Mason

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Let's have a chat about how we can help you to have your mortgage approved

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