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