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How long are the lenders taking to produce mortgage offers?

Aaron Strutt Image
Most of the biggest mortgage lenders are incredibly busy at the moment and they are taking longer than normal to produce mortgage offers. 
 

Some lenders can produce speedy mortgage offers, often in a matter of days, especially when you have a good credit score and their systems categorise you as low risk. Although this really does depend on the lender. 

Aaron Strutt, product director at Trinity Financial, says: "HSBC and Halifax are pretty quick, while lenders like Virgin Money, Nationwide and Barclays are struggling. It helps when the bank or building society uses a "desktop" valuation, so a valuer does not need to visit the property."

Lender 

Current service standards 

HSBC for Intermediaries

The bank is taking four days to assess applications for employed borrowers and six working days for the self-employed. It is taking two days to assess supporting documents and six days to respond to broker messages. 

Santander for Intermediaries 

It is taking nine days on average to produce a mortgage offer for a residential mortgage and twelve for a buy-to-let offer. These figures are likely to get worse over the coming days.

Virgin for Intermediaries 

The bank is taking an average of eight days to assess an application and to instruct the valuation. It then takes 16 days for document processing. 

Nationwide for Intermediaries 

 

The society is extremely busy at the moment taking an average of 24 days to produce a mortgage offer. This rises to 26 days if the initial decision in principle refers for additional checks. 

NatWest for Intermediaries

NatWest offers 32% of its mortgages within 8 to 14 days and 9% offered within 7 days. It is taking an average of nearly 40 minutes to answer the phone.

Source: Mortgage lender websites

Call Trinity Financial on 020 7016 0790 to secure a fast mortgage offer or book a consultation 
As seen in
sunday times telegraph financial times bbc news the express the times
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