Found Your Dream Home? You may have to wait 87 days before you can move reveals new data
You’ve found your dream property, your offer’s been accepted, now what? Many UK homebuyers, especially excited first-time buyers, often believe getting the keys is just around the corner. However, new data from Mojo Mortgages reveals a different reality.
While data reveals it takes on average just over 2 weeks (18 days) to go from mortgage submission to an offer being accepted, the wait the average UK homebuyer faces following this is staggering. Mojo Mortgages data reveals UK homebuyers face an average wait of 87 days (nearly 3 months!) from receiving a mortgage offer from their lender to completion on their mortgage. This significant period is often consumed by essential conveyancing, legal checks, and administrative processes.
“Securing an offer is a huge milestone, but our data shows that the finish line for UK homebuyers is often much further away than they anticipate due to the intricate conveyancing and legal checks required,” says John Fraser-Tucker, Head of Mortgages at Mojo Mortgages. “This lengthy process can be a significant source of stress and uncertainty for aspiring homeowners. Whilst mortgage brokers can help speed up the conveyancing process by proactively managing paperwork and communication, buyers need to be prepared for this timeline.”
So just how long will it take you to get from mortgage offer to completion in the UK? Mojo Mortgages data reveals this can vary widely depending on where you are based in the UK, so we have broken it down by region to give people a better estimated timeframe when planning their home purchase journey.
Average Days from Offer to Completion Across the UK
Mojo Mortgages data shows the discrepancy between different regions in the UK when it comes to the home purchase timeline. The data reveals that, in London, the average number of days it takes homebuyers to complete from the offer stage on a mortgage is 94 days, followed by the residents in the North West at an average of 93 days (cities such as Liverpool and Manchester) and East of England at 91 days on average (cities such as Cambridge and Norwich).
