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Barclays pull some fixed rates to manage demand for its mortgages

Aaron Strutt Image
Some lenders are taking longer than others to issue mortgage offers as the industry continues to experience a busy period.

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." 

Average mortgage lender service standards:

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

Call Trinity Financial on 020 7016 0790 to secure a faster mortgage offer or book a consultation 

As seen in
sunday times telegraph financial times bbc news the express the times
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