How to Get a Mortgage Fast

Let’s be honest, nobody likes waiting. Getting something done quickly feels great, and in the age of Amazon Prime and fast-food delivery, we’ve grown accustomed to getting what we want, when we want it.

There’s lots of reasons why you might need a quick turnaround on your mortgage. Maybe you require a quick sale, or your estate agent is inundated with offers and you need to provide your paperwork quickly.

Whatever the reason is, it’s important to not rush. There’s a distinct difference between getting a mortgage quickly and getting a rushed mortgage! Our team at The Mortgage Heroes have put together our top tips for getting a good mortgage fast.

How Quickly Can I Get a Mortgage?

While we wish we could give you a definite answer here, the truth is that it matters on a bunch of different factors. It’s not unusual for us to get a mortgage in principle in a matter of hours, but it can also take days, or even weeks – the only way for us to know is to start the process and assess your unique situation.

Are There Downsides to Getting a Quick Mortgage?

As with most things in life, doing anything quickly often means sacrificing something. This isn’t necessarily the case with mortgages, but if you want a mortgage really quick, then you’re limiting the lenders that are available to you. As a result, there’s a chance you’ll only be able to choose from the higher mortgage rates that are available on a quick turnaround. This isn’t always the case, though, it all depends on what lenders are available at the time you’re looking, and just how quickly you need your mortgage.

Top Tips for Getting a Mortgage Fast

There’s a bunch of stuff that you can do to improve your chances when looking to get a fast turnaround on your mortgage. Some of these tips can be implemented pretty quickly, while others will require a little more time.

The Bigger the Deposit, the Better

While many mortgages require, at a minimum, 5%, that doesn’t mean that you can’t overshoot this percentage! Generally speaking, a larger deposit provides two main benefits:

  • It means you have to borrow significantly less, reducing the risk for the lender.
  • You prove that you’re good with money – a large deposit means that you’ve been able to save for an extended period.

So while this might not be a one-size-fits-all solution, if you do happen to have some extra money squirreled away, it might be worth considering adding it to your deposit to help grease the wheels.

Understand Your Credit History

You can now very easily (and for free) access your credit score online. It might be obvious that having a good credit score is, well, good. It proves to lenders that you can be trusted with money that you borrow, and that you’ll be able to pay what you owe back in a timely manner.

It’s important that you understand why your score is as high (or as low) as it is. If you’re relying on credit cards, or have a variety of unpaid loans looming over you, then this can adversely affect your credit history. Have a look through your accounts and make sure that you fully understand your outgoings and other aspects of your finances that might bring your credit score down.

Improve Your Credit Score

This can be easier said than done (and often takes a fair bit of time), but the sooner you start working on improving your credit score, the better. Some of the easiest ways to improve your credit score are:

  • Register to vote – this one’s super easy to do and takes very little time at all. Being on the electoral register can help improve your credit score as it becomes far easier to verify who you are. If your identity can be verified, you’re considered more stable.
  • Use your credit card carefully – you should avoid using your credit card extensively, as overreliance on credit often means that you’re struggling with money (even if that’s not true, it’s how it appears, which is the most important thing).
  • Check your credit report for mistakes – sometimes, mistakes are made on your credit report that can negatively impact your score. Take the time to double check and make sure that there’s nothing on there that’s incorrect (such as open accounts that are actually closed, etc.).
  • Only apply for credit when you need to – any application will leave a mark on your credit history. If you’re considering applying for a new credit card, make sure to use an eligibility checker beforehand to avoid impacting your score.
  • Ensure you pay your bills on time – the easiest way to do this is to set up direct debits, taking the onus away from you remembering.

Choose a Logical House

While you can get mortgages to live practically anywhere, if you’re looking to get a quick deal, you’ll want to choose a house that’s reasonably basic. A standard two-bed terrace is going to be much easier (and quicker) for lenders to sort and assess than a biodome home along the Devon coast!

The houses that you’re looking to buy should be relatively standard and affordable for you, this will help the lender to risk assess and get everything in order in a timely manner.

Have Your Up-to-Date Records on Hand

Having everything ready to go as soon as you get started is invaluable. It takes two to tango – getting a quick turnaround on your mortgage application relies on both parties shifting into high gear simultaneously. Make sure you’ve got all of your financial records on hand when applying for your mortgage. The sooner that you can hand these over, the faster the response will be.

Super-Fast Mortgages with The Mortgage Heroes

Applying for a mortgage can be an overwhelming process at the best of times, but looking for a fast mortgage can be far more stressful. In this situation, what you need is a Mortgage Hero!

We support people from all backgrounds to find the right mortgage or remortgage. Our heroes are available 7 days a week, get in touch with us today to find out how you could have your mortgage in principle in a matter of hours – now that’s a superpower!

We can help you find a mortgage. Contact a mortgage hero today.

01275 405 050

Heroes available 7 days a week!

Your home may be repossessed if you do not keep up repayments on your mortgage.