Can I get an instant decision on a mortgage?

In a word, no. You cannot get an instant decision on your mortgage application - and that's actually a good thing!

Why mortgage decisions take time

When you apply for a homeowner loan or mortgage, banks need to be careful. They're likely lending you a large amount of money to buy your home. This means they need to check everything very carefully before they say yes.

Think about it like this: if you were going to lend your friend thousands of pounds, wouldn't you want to make sure they could pay you back?

What mortgage lenders look at

Mortgage lenders look at many things when you apply:

• Your income - how much money you earn
• Your outgoings - what you spend each month, and how much is left over
• Your debt to income ratio – your debt payments compared to income
• Your job - if you have steady work
• Your credit history - how well you've paid back money in the past
• Value of property – how much the property is worth in case you missed payments and the lender needed to recover their losses

Lenders want to make sure you are financially responsible, and able to pay for your mortgage payments. If you can't make these payments, you might lose your home, which is called repossession.

The mortgage application process

Each mortgage provider works differently. The time it takes to get a decision depends on the lender and your own situation.

All lenders will ask about your finances - what comes in and what goes out. This helps them see if you can afford your monthly payments based on your other bills.

Want to improve your chances? Look at your budget before you apply! Can you cut back on some spending?

Documents you need to prepare

Most mortgage companies will ask to see your bank statements from the last three months. This shows them how you spend your money and how much you have left each month.

They may also ask for:

• Proof of your job and income
• A P60 from your employer
• Utility bills
• Details of any benefits you get
• Information about other loans or credit cards you have

If you work for yourself, you'll need to show tax returns and business accounts from the last few years.

Start collecting these papers early! This will help your mortgage application go more smoothly and quickly.

Before you apply

Before you apply for a mortgage, try to pay off as many loans and credit cards as you can. Lenders count these payments when they figure out how much money you have left each month. This affects how much they will lend you.

Also, check your credit score. This is like a report card that shows how well you've paid back money in the past. Lenders look at this closely to see how responsible you’ve been at managing previous credit.

Any missed or late payments stay on your record for six years. These can hurt your chances of getting a mortgage.

You should check your credit history regularly with the three UK credit agencies (Experian, Equifax and TransUnion) to make sure all the information is correct. You can also do this for free with companies like CredAbility.

Key points about mortgage decision making

• Mortgage approvals take time because lenders need to be careful
• Prepare your financial documents before applying
• Work on improving your credit score for better chances of approval
• Pay off other debts if possible
• Be patient - this big decision is worth waiting for!

Remember, getting a mortgage is one of the biggest financial steps you'll take. It's worth taking the time to get it right!