Borrowers are watching mortgage rates fall as lenders continue to indulge in an unexpected price war.
Aaron Strutt at Trinity Financial, the mortgage broker, told The Times: “Over the past few months most of the mortgage lenders have caught up with their processing backlogs, bringing service standards back in line with market expectations. They have got used to the new regulatory environment, and this is helping to produce faster mortgage offers.
“Brokers are also understanding what the lenders require to get an application offered quickly and efficiently — this is helping the market to run more smoothly.
Woolwich is producing some particularly quick mortgage offers, thanks to revamped computer systems. “Providing all of the documentation is submitted on application and there are no issues with the applicant or their property, it is possible to secure a mortgage offer in as little as four working days.”