Which lender has the fastest approval times?

The average amount of time it takes to get a mortgage approved has increased from just eight days in January this year to 22 days in November, according to research from Trussle.

Related topics:  Mortgages
Rozi Jones
18th December 2020
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"The strains of adapting processes during the pandemic coupled with increased demand have seen many wait times extend to unprecedented levels."

HSBC is currently the fastest mortgage lender, with a median approval time of just 10 days for mortgages. Previously, Barclays had been the fastest lender with an average approval time of 10 days during September 2020, but processing times have now risen to 19 days.

The average mortgage approval time for HSBC has been reduced from 19 days in September to only 10 in November.

Following HSBC, BM Solutions was the second fastest lender, with a median approval time of 13 days, followed by Halifax and Accord at 14 days.

Miles Robinson, head of mortgages at Trussle, commented: “2020 has been a tough year for everyone and lenders are certainly not immune from the pressure. The strains of adapting processes during the pandemic coupled with increased demand have seen many wait times extend to unprecedented levels.

Mortgage approval times are extremely important to the wider process of purchasing a property. And as many race to beat the stamp duty deadline, securing a mortgage is quickly becoming imperative to saving up to £15,000.

While it’s understandable for lenders to be under increased pressure, it’s encouraging to see HSBC bucking the trend and we’re hopeful that things will start to return to normality as we head into 2021 and the hopeful era of Covid vaccination.”

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