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

21 January, 2025

Home insurance premiums are showing signs of stabilising after a period of significant increases, ac

Premium income for home and motor insurance has been rising sharply in recent years. In 2023 the growth rate was 8.8%, but in 2024 this slowed to an estimated 7.9% and is expected to keep easing in th

16 January, 2025

House prices are expected to stay on a positive trajectory over the course of 2025*.

House prices returned to growth in 2024, with prices increasing by 1.5% in the 12 months to October – an improvement on -1.2% the year before. The average UK house price is £267,000 and is expected

6 January, 2025

If you’re buying a home, home insurance is not the only protection you will need – you should al

Income protection If you are unable to work due to illness or injury, income protection insurance provides a replacement income. This is typically 50% – 65% of your earnings rather than the full