Are mortgage applications taking excessively long atm?

eddidaz

Our mortgage advisor is saying current mortgage underwriting with lenders is taking much longer than normal and any offer is typically taking 4 to 5 weeks to come out at the moment.

Contrast with our estate agents are saying that's bs, he's lazy and we should use their advisor for a £500 fee so we don't jeopordise our offer.

I get that the market has gone a bit nuts so everywhere is extra busy, compounded by Covid impacting on resources. We're wary to apply directly because we have complicated self-employed/freelance/furlough income that might trip us up.

haras_n0sirrah

Yes
All lenders are delayed across the board. Typical underwriter queues are two weeks plus 
The estate agent is talking rubbish 

MovingForwards

Your adviser is right, the EA is BSing you and also gets a referral fee from their own broker each time a mortgage goes through with them.

You only need to read the posts on MSE where people are saying about how long it takes.

Anyone S/E should be using a broker because lenders are very strict about their criteria due to covid and S/E are jumping through a load of hoops to get a mortgage offer.

motherofcats

As per usual EA is full of it. My mortgage offer took almost a month and that was quick compared to many who post on here. Due to the amount of people applying for mortgages, furloughed mortgage staff, sickness ect mortgages are taking longer to be underwritten at the moment. 

wazza07

We went direct with Santander (so no broker) and had to wait 3 weeks for a mortgage appointment via the phone. It was approved there and then (subject to valuation) once we had the phone call. They are incredibly busy at the moment. 

Thrugelmir

Covid has caused fundamental change to many aspects of life. Not least that working in the large open plan offices is a non starter.