How long are the lenders taking to produce mortgage offers and how much deposit will you need?
Most of the lenders publish their service standards on their website showing how long they are taking on average to produce mortgage offers.
Some of the lenders with swift turnaround times are also offering incredibly cheap rates. If you are in a rush to get a mortgage, there are some lenders that you probably should avoid for a while.
Aaron Strutt, product director at Trinity Financial, says: "We aim to send our clients mortgage applications to the lenders once we have all of the documentation they require. It slows the process by sending information separately as the lenders typically take a few days to open their post and re-assess cases."
| Mortgage lender | Deposit required | Average time to produce a mortgage offer via brokers |
| Barclays for Intermediaries | The bank is offering 10% deposit mortgages again. The maximum loan size has also increased to £10 million. | Six days on average. |
| Bank of Ireland | 10% deposit required and larger mortgage loans available. | 13 working days via Bank of Ireland. The Bespoke team may quicker. |
| Halifax for Intermediaries | 10% deposit required and larger loans available. | Likely to be up to 10 days. Mortgage offers for clients with straightforward situations can be produced in a day. |
| HSBC for Intermediaries | Offering mortgages to borrowers providing they have 10% deposits. Maximum loan size is £10 million. |
Two days on average for employed and self-employed borrowers. 13 days on average for foreign income applications. |
| Metro Bank for Intermediaries | 10% for residential and 25% for buy-to-let. Maximum loan £10 million. | 10 days as standard but can be quicker. |
| NatWest for Intermediaries | Offering purchase and remortgage rates providing you have a 10% deposit. | 20 days for a property purchase and 29 days for a remortgage. |
| Nationwide for Intermediaries | 10% deposit for first-time buyer purchases and 15% for remortgages. | 12 days on average if pass the initial decision in principle, rising to 26 days if the lender has additional questions. |
| Santander for Intermediaries | Purchase applications available to borrowers with a 10% or 15% deposit if you are remortgaging. Maximum loan is £3,000,000. | 24 days for residential and 23 days for buy-to-let. |
| Skipton for Intermediaries |
Residential to those with a 15% deposit. 25% deposit required for buy-to-let. |
13 working days when valuer visits the property, 8.6 days when online valuation tool used. |
| Virgin Money for Intermediaries |
10% deposit for residential cases and 15% deposit for remortgages. The maximum mortgage loan size is £2,000,000. |
16 days on average. |
Source: Mortgage lender websites
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