Who Are The Fastest Mortgage Lenders Right Now?


With the Chancellor stating there will be no extension to the stamp duty holiday, which will end on 31st March 2021, many prospective buyers are now weighing up their options.

While it would be nice to receive the financial saving associated with the stamp duty holiday, many buyers are facing up to the fear of not being able to arrange a mortgage in time.

The mortgage sector is under considerable pressure

There is considerable activity in the property market, and this means mortgages are in high demand. The mortgage sector has already faced considerable pressure in 2020, and it is understandable there is a backlog in dealing with applications.

Therefore, studies which indicate the areas where homeowners can buy a home in good time, and which mortgage lenders are faster than others, will be of benefit.

Trussle is an online company in the property sector, and they have looked into this area.

When it comes to the areas where property deals are concluded faster, the following locations have been highlighted as places where you can buy a home quickly:

  • West Midlands
  • The South-West
  • The North-East

With the median number of days of starting a mortgage application to completing the deal taking around 115 days, the 6th of December 2020 is the date people should consider if they are looking to buy property at a reduced cost.

Of course, the backlog in the market has caused problems and some industry experts point to an increase of 50% in the average time from mortgage submission to approval when compared to the 2019 figures.

Trussle have also highlighted the differences in time taken for mortgage approval for certain types of property. For flats, the average time for completion is 120 days while for semi-detached properties, it takes an average of 108 days for the purchase to be completed.

What mortgage lender act fastest?

When it comes to mortgage lenders who approve new mortgage submissions in the shortest amount of time, the results are as follows:

  1. Barclays, found to take an average of 10 days
  2. Halifax, found to take an average of 14.5 days
  3. BM Solutions, found to take an average of 17 days
  4. Coventry Building Society, found to take an average of 18 days
  5. HSBC, found to take an average of 19 days

In 2019, and up until June of this year, the average time taken was 10 days.

Miles Robinson is the Head of mortgages at Trussle, and he said: “The stamp duty holiday deadline is looming, which is understandably causing concern. There are delays across the market and we are urging buyers not to delay their mortgage application if they want to take advantage of the stamp duty holiday before the holiday ends on the 31 March next year. We hope that this guidance provides helpful timelines for those in different regions across the UK.”

Miles also said; “We must also advise that those looking to buy a new home should make sure they budget enough to pay the stamp duty land tax, just in case the purchase does not complete before the deadline. If a buyer were to pull out after they’ve already exchanged, sellers may be in a position to sue for consequential loss at this point, and buyers may lose their deposits. This is going to cause a lot of stress and uncertainty for customers over the coming months, and we’re urging all buyers to take the necessary preparations.”

While there are new challenges to overcome in the housing market, people shouldn’t consider arranging a mortgage to be an impossible task. However, it is vital people accept help and assistance from professionals in the field. If you are keen to arrange a mortgage, speak to a mortgage broker or experienced adviser and make sure you are fully equipped to make an informed decision.

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