Lenders speed up mortgage processing

Mortgage lenders are making efforts to speed up their Application to Offer process*.

According to a survey that explores the use of technology during the mortgage journey, all types of lenders have reduced the time it takes to process an application this year. High street lenders are the most efficient (10 days), with larger societies following closely behind (11 days). Smaller regional lenders have cut down their time down to 19 days, having been at 25 in 2022. Meanwhile, challengers and specialist lenders now take an average of 28 days. When lenders were asked how satisfied they were with their levels of automation, 94% scored themselves with a 3 or 4 out of 5 – up from 78% of respondents last year.

Your home may be repossessed if you do not keep up repayments on your mortgage

*finova, 2024

©[@fizkes] via Canva.com

26 November, 2024

More news

18 December, 2024

Life insurance is essential protection, so it’s important that you get the most suitable cover for

Don’t delay – get it now Premiums are calculated based on a range of factors, including your age, general health, and smoking habits. So, the younger you are, the cheaper your premiums are lik

16 December, 2024

Property experts predict a surge in transactions early in 2025 ahead of Stamp Duty changes in April.

In the 2022 mini-budget Stamp Duty thresholds were increased, so in the last two years homebuyers have paid a reduced amount of tax. However, in the Autumn Budget 2024, Chancellor Rachel Reeves confir

11 December, 2024

A concerning report has revealed that three in 10 young homeowners are going without life insurance*

An estimated 1.7 million mortgage holders aged 18-40 have not safeguarded their family’s financial future. If they were to die, their loved ones could be left to cover the cost of the mortgage thems