Clients ‘shocked’ by changes to mortgage application process, say brokers
Increasing numbers of Springtide Capital’s clients have been shocked by the extent of changes to the mortgage application process in the last six years.
Many have reported that they are finding the process much more ‘challenging and time consuming’ than in previous years.
Before 2007 mortgage applications would regularly go through in under 10 working days, however clients now find they will have to wait at least 15 working days and often much longer. This has the result of delaying exchange dates and often jeopardises the entire sale.
This trend is largely attributed to regulatory change and the fact that lenders are now being far more diligent. Compared with fast track applications from 2007 which relied on a credit score alone, lenders will now ‘forensically’ examine all income and expenditure before agreeing to make an offer.
For free independent whole of market mortgage advice in Edinburgh and the Lothian’s contact Integrity IFA on 01316530588 or visit our website to use our free mortgage source and calculator www.integrityifa.com