In this brief guide we are going to answer the question “how long does it take to get a mortgage offer after valuation”.

How long does it take to get a mortgage offer after valuation?

Different mortgage lenders will have different timescales in which it will take them to offer a mortgage offer after they have done a mortgage valuation. Most mortgage lenders will provide a mortgage offer within 5 working days of the valuation being carried out.

If you are worried about how long it takes to get a mortgage offer after a valuation then you may want to use a mortgage broker who could advise you in your particular case.

Use a Mortgage broker

You may want to consider using an independent mortgage broker to get a mortgage.

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 easier as more estate agents and sellers may take you seriously or it will 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.

Does valuation mean mortgage is approved?

No, a valuation does not always mean a mortgage is approved. A mortgage valuation could be seen as a part of the mortgage evaluation process by the mortgage lender and hence not an actual indication that they are willing to offer you a mortgage.

What happens after mortgage offer is issued?

After a mortgage offer is issued the mortgage lender will wait for you to exchange documents and request the completion funds through your conveyancer. Once this is received you will then complete your mortgage.

Do you get a mortgage offer before valuation?

Most mortgage lenders will not offer you a mortgage offer before a valuation as they will want to know the value of the property on which they are lending on.

In this brief guide we answered the question “how long does it take to get a mortgage offer after valuation”.

If you have any questions or comments please let us know.

John Bate

John has 22 years of experience in financial services. This spans across financial research, financial services (As a qualified mortgage broker and underwriter), financial trading and sales at global investment banks. While working as a publishing research analyst, he covered European bank credit and advised institutional clients on investment strategies at both JP Morgan and Societe Generale. John has passed all three levels of the CFA (Chartered Financial Analyst) programme.