A financial advice service is the latest to report delays in house transactions as mortgage applicants experience delays in appointments at banks and building societies.
Charles Derby says Nationwide and Santander have confirmed that potential borrowers could expect interviews to last two-and-a-half hours, pushing back appointments.
Lloyds Bank, Leeds BS, Halifax and Yorkshire BS say interviews will take about two hours, while at HSBC an interview is likely to last 90 minutes. Barclays offers customers an hour-long interview slot, but says this can be shortened or lengthened as necessary.
These banks and building societies stress that these are the average time interviews will last - more complicated applications will take longer says Anna Bartholomew from Charles Derby. Other mortgage experts have confirmed they have already seen cases lasting three hours.
On top of this, the length of time it takes to have a loan approved from the moment you first apply is also likely to increase as bank staff come under strain from the new rules. Some lenders are already reporting delays of up to six weeks says Anna.
Anna goes on to say "Charles Derby have mortgage advisors across the UK who can assist any agents clients to find the mortgages they need without the long queues beginning to form amongst potential home buyers".
%20A%20property%20tale%20for%20our%20times.png)
Comments