Lenders and process times

[Kai1981]

While I'd never pick a mortgage lender solely on this point, just out of interest, I'd be interested to know if any lenders have been faster at processing mortgage applications than others during the pandemic?

Not sure. I used Nationwide as they are my existing lender. They took about 6 weeks to process from in principle approval to confirmed offer which is what they told me. My buyer used Barclays and they have been a nightmare - very slow.

I used HSBC around 4weeks ago. Took 6 days.

Halifax, took 2 days. My mortgage broker did DIP and application at the same time, they did a desktop valuation. I think some of it depends on LTV

We applied to Barclays through a broker, application went in on amonday afternoon and the offer came in Wednesday morning. That was in October

Don't touch Clydesdale with a bargepole - 4 months! And it was a fairly straightforward application with 60% LTV...

Platform took 8 weeks. Fairly straightforward, 80% LTV first-time buyers.

Halifax for me, application submitted late Friday afternoon, desktop valuation and offer on the Monday with a 20% deposit

Wow these are faster than I'd thought for a pandemic (not Clydesdale though)! Thanks.

NatWest were within a week for us

Just want to check are people talking about the full confirmed mortgage offer or the in principle offer? My in principle was in a few days but the full application took the 6 weeks I described. It needed to go to the underwriters.

Ours really was a week. We were already NatWest customers so that may have made a difference. Our AIP was as simple as filling a form in online. We had our proper application phone call on the Monday and I think on Wed or Thurs had an email to say it was approved when the valuation was. Then on the Friday we got the ‘we’ve got some good news for you’ email with the full offer.

Our application with HSBC took 2 weeks or so I think (this was pre-pandemic though).

We have friends whose mortgage offer fell through last minute, they applied with Barclays on their mortgage broker's advice and had an offer within 48 hours.

@vickyp0llard

Platform took 8 weeks. Fairly straightforward, 80% LTV first-time buyers.

This is our bank. We were porting and it took over 3 months, about 52 working days. Straight forward 60% LTV. We have since learnt that they seem to go at a reasonable rate for new business but if porting, they seem to drag it out as they already have you and if you leave you pay the ERC, they win either way. But I will say one thing, they had great rates at the time we ported late last year.

About 2 weeks with Halifax and a week of that was getting the valuation sorted (new build with 60% LTV.)

Good to know, these seem fast to me!

Halifax
Not Nationwide

We used Barclays and they’ve been super quick, 2 days From application to offer. Two purchases have fallen through and each time they’ve issued an offer for the new property within 2 days. I think a lot depends on LTV as we have a 50% deposit they have done desktop valuations each time.

Hi. Has anyone any experience of turnaround times at the moment for RBS?

An update to say Nationwide turned it around in less than a week! Thanks for the help.

My friend just had his turned around in 3 days with First Direct.

I spoke to Nationwide other day (who are my bank anyway and will be carryin on with ) and they said they wouldn'te expect more than a week in my cirucmstances.