High net worth lender Butterfield Mortgages found that these delays were increasingly creating problems for borrowers. Its survey found that more than half of all mortgage borrowers complained about the process taking too long, with almost seven out of 10 (69%) saying the process was unduly stressful.
The issue of borrowers ‘losing’ mortgage deals has become particularly acute of late, with many lenders withdrawing rates, or increasing prices with little notice.
Brokers have complained about rates offered in the morning being unavailable later that afternoon. This they say is creating problems when it comes to managing client expectations, with customers either rushed to make a decision, or risk losing a mortgage deal with the replacement deal being more expensive. Delays due to incorrect paperwork, or lenders failing to make a decision quickly on more complex cases can lead to borrowers missing out on rates.
Butterfield Mortgages is the UK arm of the offshore private bank, Butterfield Bank. The survey was conducted among 700 borrowers.
Speaking about the survey results, Butterfield Mortgages chief executive Alpa Bhakta says: “The research has uncovered concerns among mortgage customers with the levels of efficient and customer care they are receiving from lenders, which should serve as a clear call to action for mortgage providers across the UK.”