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

22 May, 2026

For many people, buying a home is one of the biggest financial commitments that they will make. But

What can you afford? We strongly recommend that you sit down with a professional adviser to ascertain what you can afford, based on your current financial situation. As well as your deposit and monthl

19 May, 2025

The cost of moving home in England has jumped 10.9% over the past year, according to new research fr

The average mover now faces a total bill of £51,826, with a 15% mortgage deposit costing £43,585, making up the largest share. However, changes to Stamp Duty relief thresholds have also driven costs

9 May, 2025

Around 11% of divorcees haven’t remove their ex-partner from their Will, risking their estate goin

L&G also says a tenth of divorcees have not updated who should receive their life insurance payout. Meanwhile, only a small number take out new cover after divorce, with 4% buying critical illness