Trussle, an online broker, is making its Mortgage Speed Promise because it said approval times had slowed down ‘dramatically’ since the pandemic, making it difficult to get a timely decision from a lender.
It said while approval times had picked up recently, there was still a disparity between the number of days lenders could take to complete the process.
Indeed, according to the broker’s figures, Halifax took three days whilst other high street lenders could take 15 days or more. This, explained Trussle, could leave buyers facing ‘considerable periods of uncertainty’.
To deliver on its pledge Trussle said it would only work with the UK’s fastest lenders. At launch, nine lenders would be part of the promise including Halifax, HSBC, Barclays and Clydesdale.
It said it was actively working with a wide range of lenders to improve their approval times and include them in the Speed Promise at a later date.
Ian Larkin, CEO of Trussle, said: “Buying a new home should be an exciting time, and so it’s such a shame that it’s considered one of the most stressful processes in life.
“Trussle was created to make mortgage applications easier and now we want to give our customers the certainty they desperately need at a very early stage in the process.
“By using technology and automation to cut out needless hassle, we can give our customers decisions in days not weeks, without compromising on service, to hopefully bring some of that excitement back to buying a home.”
I require a mortgage. Yet not sure where to start. Please help
Thank you for your question. It’s a minefield, isn’t it? Are you a first-time buyer, a home mover or are you looking to remortgage? We can certainly try and point you in the right direction.