"Many lenders are seeing record levels of applications as buyers of all kinds attempt to beat the stamp duty deadline, and this is understandably impacting aspects of their service."
The heightened levels of activity seen in the mortgage market have impacted lender service levels and the time taken to respond to queries and applications from advisers. As a result, Mortgage Brain launched the report at the start of October to keep advisers informed on the service levels on offer from different lenders.
The lender service level report is available to anyone through the Covid-19 support hub on Criteria Hub, Mortgage Brain’s criteria-based sourcing solution. The report shows advisers what they can expect from participating lenders, such as the average waiting time for case updates and to talk to the sales team, whether live chat is available, and the typical time to offer.
The details in the report are updated each working day from incorporate information available on individual lender websites as well as information provided exclusively to Mortgage Brain.
Currently details from 35 residential lenders and 38 buy-to-let lenders are included in the service level report.
Neil Wyatt, sales and marketing director at Mortgage Brain, said: “We are delighted to have so many lenders working with us on the lender service levels report. Many lenders are seeing record levels of applications as buyers of all kinds attempt to beat the stamp duty deadline, and this is understandably impacting aspects of their service. By bringing together this information into a single report we are arming advisers with the details they need to manage the expectations of their clients and ensure that cases get over the line in time.
“This transparency doesn’t just support advisers though; it also provides lenders with a boost. The lender service levels report means brokers will be better informed on whether an application is likely to have been reviewed, for example, removing the need to call for an update and so relieving some of the strain. The report is a perfect example of how the various elements of the mortgage market can work together to ensure the process is more efficient and straightforward for all parties.”
