A few weeks back, I blogged about worries over delays due to new regulations called the Mortgage Market Review (MMR). The MMR stresses affordability of mortgage products, and makes it harder to sell a mortgage without advice. Well, the delays are starting.
Lenders are beginning to see their transaction times stretch. Some are worried that they might even have clients lose out on properties.
Mortgage Strategy puts it:
“Most lenders leave offers open for three to six months, so if delays push completion dates beyond this then the whole process would have to start again.”
Some are seeing delays in the legal side, with conveyance taking longer than expected. Others are waiting longer for surveys and valuations to be completed.
The biggest impact, though, is to in-house lending. With the MMR’s stricter guidelines and putting an effective block on advice-free mortgages, they are taking more time per customer, and it’s starting to stack up.
Here at Limetree, we are in constant contact with lenders, solicitors and surveyors. We make sure we know if any are starting to slow down. We don’t expect our own advice to take longer, because we already work to understand our clients’ needs before we go to the market. That’s not new for us.
Want to find out more about how we can help you with your mortgage? Let’s talk, and don’t expect a long delay from us!