How long are the lenders taking to process mortgage applications?
Many banks and building societies are producing fast mortgage offers when applications are submitted through brokers like Trinity Financial.
Lenders typically state on their websites how long they are taking to produce mortgage offers, and most are working efficiently.
Some mortgage lenders are actually producing mortgage offers within a couple of hours, provided the applicant has a clear credit history, straightforward finances and a larger deposit.
Aaron Strutt, product director at Trinity Financial, says: "While many of the mortgage applications our brokers submit are for borrowers with relatively straightforward finances, many of our clients have more complex incomes.
"We typically get mortgages agreed with the lender's London-based business development managers if we speak to someone buying an unusual property or with income from multiple sources. This way, we do everything possible to get a prompt mortgage offer."
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Lender |
Current service standards |
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HSBC for Intermediaries |
The bank is taking two days to assess applications for employed and self-employed borrowers. It takes one day to assess supporting documents and four days to respond to broker messages. |
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Santander for Intermediaries |
It takes seven days on average to produce a mortgage offer for residential and buy-to-let applications. |
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Virgin for Intermediaries |
The bank takes an average of two days to assess an application and to instruct the valuation. It then takes another two days for document processing. |
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Nationwide for Intermediaries
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The society takes an average of two days to produce a mortgage offer. This rises to three days if the initial decision, in principle, refers for additional checks. Applications to offer take between eight days and 13 if they are directed and require further checks. |
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NatWest for Intermediaries |
NatWest offers 41% of its mortgages within seven days, and 29% offered within eight to 14 days. It takes an average of nearly 11 minutes to answer the phone. |
Source: Mortgage lender websites
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The information contained within was correct at the time of publication but is subject to change.
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