how long do you have to be in work to get a mortgage?
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Usually, it's a good idea to have been in your existing job for at least three to six months before applying. The more you can save up to put down as a deposit, the bigger the choice of mortgages that will be available to you.
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On average in the UK, once you've submitted a mortgage application, it takes 4–6 weeks for your lender to approve it. But the more honest answer is: it depends. (Helpful, right?)
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A standard secured loan usually takes several weeks to process. The lender will require a property valuation from your mortgage provider. They'll also need proof of income and expenditure, and proof of ID. There is also a 7-day “reflection” period.
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Most lenders like to see that you've been in your current job for at least three months, and at a minimum, completed any probationary period. The bank may contact your boss to confirm your employment status.
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Generally, lenders require that a bad credit borrower be employed at their current job for at least six months, though one year is preferred. Additionally, lenders need to see that a potential borrower has at least three years of employment history, with no gaps lasting more than 30 days between jobs.
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Conventional and FHA lenders require at least two years of verifiable employment. Income is determined by averaging earnings from those employers. Lenders require a combination of tax returns, tax transcripts, W-2s and recent pay stubs as proof of income.
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Letter of Intent to Show Employment for Mortgage Purposes Mortgage companies require each borrower to disclose at least two years of employment history when refinancing a home. The longer borrowers are employed with the same employer, the more stable the employment is considered.
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It takes about 6 months to buy a house, however this varies from move to move. On average it's 20-90 days to find a house, 15-30 days to receive a mortgage offer, 20-30 days to find a solicitor and exchange contracts then 10-30 days to complete and get the keys.
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In terms of securing a mortgage offer, there's no hard and fast rule over the time it takes, but most of us can expect to wait around a month (between 18-40 days) from application to mortgage offer – provided the process goes smoothly and your application is relatively straight forward.
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That said, the loan-approval process generally takes a minimum of 30 days, something to note if you must have your funds by a particular date. Overall, the process remains less labor-intensive than applying for a mortgage.
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Loan applications normally take two weeks to one month before they get approved from the time of application whether it's done online or through paper processing, provided that you have submitted the complete documents. The loaned amount will come in the form of a check, which will be delivered to your employer.
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Standard mortgage applications need a two-year work history listed. If you've been at your job or within the industry that long, no further questions are needed. If you've got less time at your position than two years, your history comes into play.
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Prepare for the home construction loan mortgage process to take a few weeks longer than a standard mortgage approval (7-10 days) might, dues to the plans, specs and contracts that must be reviewed before it can be approved. Getting pre-approved can help accelerate the process and determine how much home you can afford.
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Each bank and building society will produce an agreement in principle for you if you ask them which is usually the maximum amount the lender would be willing to lend you, based on your income and any debts you may have. It usually takes 24 hours to get a mortgage agreement in principle.
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It will usually take about a week to get your mortgage preapproval after you apply, and you'll spend around 3 months looking at properties. It may take you between 1 – 2 months to negotiate an offer with the seller depending on your local real estate market.
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It takes up to 60 days to get it approved and during that time you are not officially allowed to work, so your employer basically needs to wait for about 3 months before you can start work, which is mostly unacceptable.
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You can usually continue to get housing benefit if you start working at least: 16 hours a week if you're a single parent. 24 hours a week if you're a couple with children - one of you must work at least 16 hours.