At Molo, we aim to take the mortgage approval time down from a few weeks to a few minutes. Through digitising the process, we aim to make the process of purchasing a property significantly quicker than our competitors.
However, this may not always be possible. For example,
- depending on the information available and outcome of the automated decision engine, we may require a manual underwriting review, which is typically handled within 1 working day.
- depending on the property characteristics and accuracy of the automated valuation, we may require a physical valuation on the property. In these cases, we would require the applicant to pay for the physical valuation and wait for the surveyor’s response, typically 5 working days, before progressing the application and providing an outcome.