Homebuyers are facing major delays in securing mortgages as lenders' processing times continue to rise. Brokers say a spike in demand for property driven by the stamp duty holiday, combined with lenders' reduced processing capacity, means that the waiting time between applications and mortgage offers has more than doubled. Private Finance said the timeframe has jumped from an average of two weeks to four to six weeks to secure an agreement. John Charcol noted that lenders offering mortgages for buyers with 10% and 15% deposits are under most pressure, as many have exited the sector, so those still offering such loans face a disproportionate volume of requests.
The Daily Telegraph (09/10/2020)