Mortgage in principle how long

The Sun has spoken to plenty of first time buyers who have dished out tips on how they've got a mortgage in principle as part of our My First Home series. While some lenders may carry out a soft credit check when providing a mortgage in principle, this will not impact on your credit score. Equally, at a time when houses are in high demand, a mortgage in principle can be particularly helpful. This was the case recently, for example, in the run-up to the end of the stamp duty holiday on June 30, when property prices rocketed, and homes got snapped up within days of being put onto the market.

If you leave a lengthy period between getting a mortgage in principle and making a formal mortgage application, you could find that interest rates have changed — or that you could find a more competitive deal elsewhere.

This is where the lender starts looking at your income, expenses and personal information in more detail. You can use the settings below to accept all cookies which we recommend to give you the best experience or to enable specific categories of cookies as explained below. Find out more by reading our Cookie Policy. How long does it take to get a mortgage?

Share this guide. Compare first time buyer mortgages Compare a huge range of first time buyer mortgages on our comparison tables. First time buyer mortgages. The time it takes to get a mortgage will depend on a number of factors: Having a good credit rating Having a reliable and steady income The outcome of the mortgage valuation survey If you are buying a home from someone who is waiting to move into their new home first.

In this guide. How long does a mortgage application take? How long does it take to get a mortgage agreement in principle? Completing the mortgage application How long does it take for a mortgage to be approved? How long does it take to get a mortgage offer after valuation? Can you speed up the mortgage application timeline? How long does a mortgage offer last? Your cookie preferences We use cookies and similar technologies.

Essential Performance Marketing Functionality Social. You might be able to get an AiP even if you know you've had some money problems in the past. Depending on your circumstances, we might need to speak to you before we offer you an AiP. Find out why it's a good idea to understand the mortgage lending rules we have to follow. Just remember that if you apply for a mortgage, we'll ask you detailed questions about your credit history.

So it may affect our decision to lend if you have. We may also share your information with our trusted third parties for these purposes.

You can read more detailed information on how and why we use your information , including the rights in relation to your personal data, and our legal grounds for using it. We do this to assess creditworthiness and product suitability, check your identity, manage your account, trace and recover debts and prevent criminal activity. These agencies may in turn share your personal information with other organisations.

Too many hard credit checks can have an adverse effect on your overall credit score. If you have a bad credit profile, this will likely have a negative impact on the mortgage deals that are available to you.

For more information, or for support with getting a mortgage in principle, contact John Charcol on There are many reasons for why your mortgage in principle could be rejected. Some reasons include:.