Barclays pull some fixed rates to manage demand for its mortgages
Earlier this week Barclays for Intermediaries pulled a selection of its two and five-year fixed-rate mortgages to "ensure it can efficiently process business", while Clydesdale Bank is taking an average of 27 days from the submission of an application to produce the offer.
Aaron Strutt, product director at Trinity Financial, says: "If you are planning to get a mortgage, it is worth knowing many of the lenders are particularly busy at the moment. If you are in a hurry to secure finance, we can typically still produce faster mortgage offers through lenders like Halifax for Intermediaries.
"Our administration staff are finding the lenders have longer hold times on the phones. They are regularly waiting over an hour to check on the progress of applications but they are working hard to get mortgage offers issued as quickly as possible.
"Some lenders have backlogs booking in property valuations, although if the application is deemed a lower risk, it may qualify for a speedy desktop valuation where a computer system works out how much the property is worth."
|
Mortgage lender |
Average time to produce a mortgage offer via brokers |
|
Clydesdale Bank |
27 days |
|
NatWest for Intermediaries |
13% of cases offering with seven days. 24% of cases are offered within 8 - 14 days. |
|
HSBC for Intermediaries |
10 working days to assess an application. |
|
Santander for Intermediaries |
17 working days for residential mortgages and 16 for buy-to-let. |
|
Virgin Money for Intermediaries |
13 working days |
Source: Mortgage lender websites
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