In the dynamic UK property market, timing is everything. Securing a mortgage promptly can be the key to landing your dream home or missing out. The mortgage process, known for its complexities and delays, can often feel like an endless hurdle race. However, speed in this context isn’t just about crossing the finish line; it’s about making the journey smooth and swift.
At YesCanDo Money, we recognise the critical importance of timing in the home-buying process. Our mission extends beyond merely securing a mortgage; we are dedicated to matching you with the UK’s best mortgage lenders—focusing on speed and reliability, as revealed by our comprehensive 2023 data. We know that a superior mortgage provider is one that ensures efficiency and seamless navigation through the mortgage process. Our mortgage team is dedicated to accelerating your home-buying journey, supporting you every step of the way. With YesCanDo Money, you’re on a fast-track to homeownership, guided by experts who prioritise your aspirations and streamline the mortgage application approval process.
In 2023, we observed a significant shift in the mortgage landscape, with mortgage lenders’ average approval times notably decreasing—a trend that starkly highlights the evolving dynamics of the UK property market. As we stepped into January 2024, it became evident that this year was setting up to be one of the busiest starts we’ve seen in 15 years, underscoring a robust resurgence in market activity. This uptick is a double-edged sword; while it signals a healthy demand and a vibrant property market, it will also place pressure on mortgage lender service levels. If the momentum continues at this pace, there’s a real risk that service levels could decline, as lenders struggle to keep up with the surge in mortgage applications. This underscores the importance of working with efficient and responsive lenders, a core focus at YesCanDo Money. Our commitment is to navigate these challenges on behalf of our clients, ensuring that their journey to homeownership is as smooth and swift as possible, despite the broader market fluctuations. – Steve Roberts (Founder of YesCanDo Money)
Top 15 Fastest Mortgage Lenders of 2023 – YesCanDo Insights
Our analysis at YesCanDo Money reveals the mortgage leaders in speed and efficiency for mortgage processing in 2023. These mortgage lenders have proved to us that they can produce a fast mortgage offer.
Our 2023 data from all mortgages organised by YesCanDo Money indicates an increase in the speed of mortgage approval. Data showed that on average mortgage application submission to mortgage loan approval typically took around 10 days on new mortgage submissions. When compared to the 14-day average for 2022, it represents an overall time reduction of 40%.
Here are the top 10 best mortgage lenders based on the average number of days mortgage application submission to approval took in 2023 for YesCanDo Money’s mortgages:
1. BM Solutions
- Mortgage Approval Time: 3 Days
- Process and Speed: BM Solutions leads our list with a swift 3-day average approval time through our brokerage, leveraging cutting-edge technology and an efficient online platform for rapid document processing and verification on behalf of our clients.
2. Barclays
- Mortgage Approval Time: 5 Days
- Technology and Customer Care: Barclays mortgages streamline the application process with advanced AI processing and robust support to brokers, achieving a quick 5-day average approval time in our experience.
3. Coventry
- Mortgage Approval Time: 5 Days
- Efficiency in Documentation: In our dealings, Coventry has demonstrated a smooth and fast process with an average 5-day turnaround, thanks to their streamlined approach to document verification, facilitated through an intuitive online portal.
4. Digital
- Mortgage Approval Time: 6 Days
- Innovative Processing: Digital mortgages by Atom Bank distinguish themselves in our portfolio with a 6-day approval average, blending data analytics and human insight to ensure quick and accurate underwriting decisions through our brokerage.
5. Halifax
- Mortgage Approval Time: 7 Days
- Technological Innovations: Our clients have benefited from Halifax mortgages modern approach, which includes an app for real-time application tracking and document uploads, achieving a 7-day average approval time through our mortgage department.
6. Nationwide
- Mortgage Approval Time: 7 Days
- Streamlined Operations: Nationwide mortgages have shown in our experience a 7-day average turnaround, thanks to their efficient processing systems and customer-centric approach that simplifies the application journey through our brokerage’s assistance.
7. Santander
- Mortgage Approval Time: 7 Days
- Responsive Processing: Santander mortgages have been responsive and efficient in our brokerage’s experience, facilitating a swift mortgage approval process with a 7-day average time through effective back-end processing.
8. Leeds
- Mortgage Approval Time: 9 Days
- Personalised Services: Leeds Building Society provides a tailored experience, achieving a 9-day average approval time in dealings through our brokerage by focusing on bespoke underwriting processes that cater to individual client circumstances.
9. TSB
- Mortgage Approval Time: 9 Days
- Efficient Underwriting: TSB mortgages have shown a focus on streamlined and effective underwriting processes in our work with them, ensuring a quick 9-day turnaround for mortgage approvals through our brokerage’s guidance.
10. Skipton
- Mortgage Approval Time: 9 Days
- Digital Efficiency: In our experience, Skipton Building Society mortgages highlight digital efficiency and a customer-friendly online platform, enabling them to maintain a 9-day average for mortgage approvals through our brokerage’s support.
The Importance of Speed in Mortgage Processing
In the quest for homeownership, the speed of mortgage processing is not a mere convenience but a critical factor that can significantly impact the outcome. Swift and efficient mortgage approval processes empower buyers in several ways, making speed an invaluable component in the competitive property landscape.
1. Capitalising on Opportunities: In the UK’s bustling property market, desirable homes rarely stay on the market for long. A speedy mortgage process allows potential buyers to move quickly, making competitive offers that stand out. This agility is especially crucial in hot markets where delays can mean losing out to faster-moving competitors.
2. Reducing Stress: The journey to purchasing a home is often fraught with anxiety and uncertainty. A prolonged mortgage process can heighten these feelings, leaving buyers in a state of limbo. Accelerating the process not only alleviates this stress but also creates a more positive buying experience.
3. Cost Efficiency: Time is money, particularly in property-buying transactions. Delays can lead to various financial drawbacks, including the risk of interest rates rising or the costs associated with extending rental agreements. A faster process mitigates these risks, potentially saving buyers significant amounts of money.
4. Enhanced Planning and Decision Making: Knowing your mortgage is secured swiftly enables better planning. Buyers can make informed decisions about their move, organise logistics with confidence, and manage their finances more effectively, knowing the exact terms of their mortgage early on.
At YesCanDo Money, we’re keenly aware of these factors. Our approach is designed to not only speed up the mortgage process but also to ensure it’s a smooth, clear, and predictable journey for our clients. By prioritising speed, we aim to provide our clients with not just a mortgage, but a clear path to their future homes, making the dream of homeownership a swift reality.
YesCanDo: Your Mortgage Broker for Fast Lenders
In the intricate journey of securing a mortgage, speed and efficiency are paramount. YesCanDo Money understands this, which is why we’ve tailored our services to not only streamline the mortgage process but also ensure that you, the client, can move swiftly and securely towards owning your dream home. Here’s how we assist our clients in navigating the world of fast mortgage lenders:
1. Personalised Expert Guidance: Our team of experienced mortgage advisors is at the heart of our service. They provide tailored guidance, drawing on a deep understanding of the market and the specific speed and efficiency strengths of various mortgage lenders. This bespoke advice means we can quickly align your financial profile with mortgage lenders known for rapid processing, avoiding any mismatch that could cause delays.
2. Rigorous Pre-Application Preparation: Before any application is submitted, we conduct comprehensive pre-application checks. This meticulous review process ensures your documentation is complete and accurate, addressing any potential issues that could slow down your application. It’s our way of making sure your application is positioned for success from the start.
3. Utilising WhatsApp for Speedy Communication: YesCanDo Money embrace technology through the use of WhatsApp for fast and efficient communication with our clients. This approach allows for the quick exchange of information and documents, real-time updates on your application status, and immediate answers to any questions you may have, keeping the process moving smoothly and swiftly.
4. Strong Relationships with Lenders: Our longstanding relationships with a wide array of UK mortgage lenders are key to our ability to expedite the mortgage process. These relationships with the largest mortgage lenders as well as specialist lenders enable us to communicate directly and effectively with lenders, advocating on your behalf and swiftly navigating through any hurdles that may arise during the application process.
5. Continuous Support and Clear Communication: From your initial inquiry to the moment you receive your mortgage approval, we’re with you every step of the way. Our commitment to clear and ongoing communication means you’re always informed about the progress of your application and what to expect next, eliminating uncertainties and making the waiting period less stressful.
6. Post-Approval Guidance: Our support extends beyond obtaining your mortgage. We’re here to advise on subsequent steps, such as liaising with solicitors and managing the exchange process, ensuring a smooth transition to homeownership.
At YesCanDo Money, our approach is centered on leveraging personal expertise, efficient communication tools like WhatsApp, and strong lender relationships to streamline the mortgage application process. By doing so, we not only enhance the speed of mortgage processing for our clients but also provide a personalised, stress-free path to securing their new home.
Tips for Homebuyers Seeking Quick Mortgage Approval
Efficient navigation through the mortgage process from the best mortgage lender crucial for securing your dream home in the UK’s competitive property market. Here are essential steps and advice for expediting your mortgage.
1. Engage a Mortgage Broker: A mortgage broker can be invaluable in speeding up your mortgage approval. Brokers have extensive knowledge of the market and can recommend mortgage providers with the quickest processing times. They also proactively chase lenders on your behalf, ensuring your application keeps moving. Their expertise and relationships can be a significant advantage in securing a speedy approval.
Discover the 5 Best Mortgage Brokers in the UK here >
2. Get Your Documentation in Order: Before applying, gather all necessary documentation, including proof of income (e.g., payslips, tax returns), bank statements, proof of ID, and other relevant financial documents. Having these documents prepared can significantly reduce processing times.
Learn how to prepare for a mortgage application here >
3. Check Your Credit Score: Your credit rating plays a pivotal role in mortgage lending and your mortgage application. Early in the process, check your credit report for accuracy and identify any areas for improvement. Addressing issues or improving your score can enhance your chances of a quick approval.
Gte a FREE credit report with Checkmyfile UK: Enhance Your Credit Score for Mortgage Success
4. Improve Your Debt-to-Income Ratio: Lowering your debt levels can make you a more attractive candidate to lenders. Paying off debts, especially those on high-interest credit cards can improve your debt-to-income ratio, a key factor lenders consider.
Calculate your DTI ratio here with our Debt to Income Ratio Calculator
5. Save for a Larger Deposit: A larger deposit reduces the lender’s risk and may facilitate a quicker approval process. It can also secure better interest rates, reducing the overall cost of your mortgage.
Learn how to raise the money for a mortgage deposit here >
6. Maintain Employment Stability: Lenders look for stable, reliable income when assessing mortgage applications. Avoid changing jobs or making significant career changes during the application process, and steer clear of large purchases or new debts that could affect your financial profile.
7. Consider a Mortgage in Principle: A mortgage in principle signals to sellers that you are a serious buyer with preliminary financing approval, potentially speeding up the property buying process once you find a suitable home.
Get a free Mortgage In Principl here >
8. Keep in Close Contact with Your Mortgage Broker: Effective communication with your mortgage broker can help avoid delays. Use instant messaging services like WhatsApp for quick information exchanges and to stay updated on your application’s progress.
9. Stay Informed About the Market: An understanding of the current property market and mortgage rates can help you make informed, timely decisions. Being aware of the latest lender offers and interest rate trends can influence the speed and success of your mortgage application.
View the Best Mortgage Rates UK here >
By following these tips, including leveraging the expertise of a mortgage broker, you can streamline the compare mortgage lenders including the biggest mortgage lenders to get the perfect combination of the lowest interest rate alongside a speedy mortgage.
Frequently Asked Questions
How fast can you get a mortgage in the UK?
Typically, obtaining a mortgage in the UK can take anywhere from a few weeks to a few months, depending on the lender, the complexity of your financial situation, and how quickly you can provide necessary documentation.
Which mortgage lender is the easiest?
The easiest mortgage lender often varies depending on your credit history, income, and employment status. Lenders that utilise technology for streamlined application processes are generally perceived as easier to work with.
Who is the fastest mortgage lender in the UK?
BM Solutions has been among the fastest mortgage lenders in the UK for YesCanDo Money clients, with approvals as quick as 3 days.
What is the fastest mortgage offer?
The fastest mortgage offer can come from lenders that have efficient online application processes and underwriting, potentially offering pre-approval within a few days.
What's the shortest mortgage you can get in the UK?
The shortest mortgage term commonly available in the UK is 5 years, although this can depend on the lender and the specific mortgage product.
Can you get a mortgage quickly?
Yes, some lenders offer fast-track processes for mortgage applications, especially if you have all the necessary documentation ready and have a straightforward financial situation.
How quickly can a mortgage be approved?
A mortgage can be approved in as little as a few days with some lenders, especially if you apply for a mortgage in principle first, but typically, it takes a few weeks.
What is the easiest type of mortgage to get?
Fixed-rate mortgages are often considered the easiest to qualify for due to their straightforward terms and because they don't require understanding complex interest rate movements.
