A drop in mortgage transaction volumes has seen a “better turnaround” for current clients, brokers have said as they praise the service currently being offered by lenders.
Whenthebanksaysno.co.uk managing director, Emma Jones stated that, following reduced transaction volumes, “there has been an increase in the service delivery from lenders".
She added that clients thinking of remortgaging or purchasing will probably find a better experience than they would have done two years ago.
A similar sentiment was shared by Marlow Mortgages & Protection director, Rachel Marlow, who stated: “The cloud of reduced purchase transactions has a silver lining of improved lender service levels.
“Gone are the days when you'd be on hold for well over an hour or using a live chat facility.
“Having the opportunity to discuss cases with an underwriter directly gives the client the best experience as the result is smaller wait times.”
Blue Fish Mortgage Solutions owner, Ross McMillan, shared this sentiment, arguing that the reduced level of transactions has allowed lenders to get their underwriting and assessment process working much more efficiently and swiftly than before.
However, McMillan pointed out there are lenders which represent exceptions to this, such as those with systems “seemingly still using 1980s technology”.
He added that more complex cases can still take a little time to work through the system but acknowledged that, overall, the better service is “very welcome”.
“The question will be whether this quality of service can be maintained when business levels pick up in future,” he added.
RNR Mortgage Solutions director, Anil Mistry, added: “The service levels provided by lenders are currently exceptional.”
Outlining a recent example, Mistry recounted: “I recently submitted an application with Accord in the morning and, to my surprise, they contacted me just a couple of hours later, requesting additional information.
“Typically, this process would take several days, but their prompt response was truly impressive.”
The Mortgage Co mortgage and protection adviser, Steven Hargreaves, commented: “Long gone are the hours on hold and 20-working day underwriting responses.”
However, Hargreaves caution, while there are fantastic turnaround times from lenders, the same cannot be said about conveyancing solicitors, where delays are “still an issue”.
Hargreaves explained, however, that given the average transaction takes around 17 weeks from start to finish, “I expect conveyancing turnaround times to start improving”.
Thanks to the Newspage community for sharing their thoughts with FTAdviser.
tom.dunstan@ft.com
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